Core Viewpoint - Jianyin International has raised the target price for Baidu Group-SW (09888) by 64% from HKD 97.25 to HKD 159.49, and for Baidu (BIDU.US) by 64% from USD 100 to USD 164, maintaining an "Outperform" rating [1] Financial Performance Expectations - Jianyin International expects Baidu's Q3 FY2025 performance to align closely with its own expectations and the consensus among institutions [1] - The growth in Baidu's cloud business is robust at 22% year-on-year, and non-advertising business has grown by 27%, which offsets the impact of the ongoing transformation in GenAI search business [1] - The profit forecasts for Baidu for the years 2027-2028 remain largely unchanged according to Jianyin International [1]

Core Viewpoint - Jianyin International has raised the target price for Baidu Group-SW (09888) by 64% from HKD 97.25 to HKD 159.49, and for Baidu (BIDU.US) by 64% from USD 100 to USD 164, maintaining an "Outperform" rating [1] Financial Performance - Jianyin International expects Baidu's Q3 FY2025 performance to align with its expectations and institutional consensus [1] - The robust growth of Baidu's cloud business at 22% year-over-year and a 27% growth in non-advertising business partially offsets the impact of the ongoing transformation in GenAI search business [1] - The profit forecast for Baidu for 2027-2028 remains largely unchanged according to Jianyin International [1]