《大行》麦格理对百度评级升至「跑赢大市」目标价大幅上调至 171 元

Macquarie report indicates that Baidu (09888.HK) is shifting towards more diversified revenue sources, with positive option value from artificial intelligence cloud and autonomous driving. The firm also noted that Baidu's core search business may still face pressure as Baidu transitions from traditional search to generative search, but the market has fully anticipated its downward trend.

The firm has lowered Baidu's adjusted net profit forecasts for the next two years by 23% and 8%, reflecting the deleveraging effect brought about by the decline in the core search business, while upgrading the investment rating from "Neutral" to "Outperform." The target price has been significantly raised from 96 yuan to 171 yuan, with the chip design department potentially contributing one-third of Baidu's valuation (estimated at a 20 times sales multiple)