光大證券：維持百度集團-SW“買入” 評級 雲計算、智能駕駛、自研芯片打開估值空間
Everbright Securities maintains a "Buy" rating on Baidu Group-SW, believing that the three major businesses of cloud computing, intelligent driving, and self-developed chips will open up valuation space. It is expected that the operating revenue for 2025-2027 will be adjusted to 130.8/139.9/148.3 billion yuan, and the Non-GAAP net profit attributable to the parent company is forecasted to be adjusted to 18.2/20.5/23.0 billion yuan. The report points out that Baidu has signed a strategic cooperation agreement with China Merchants Group to promote the application of AI technology in multiple fields. Recently, Baidu's stock price has risen by 35.1%, indicating the market's reassessment of its AI ecosystem value
According to the Zhitong Finance APP, Everbright Securities released a research report stating that considering the recovery in advertising demand, Luobo Kuai Pao and Kunlun Core are expected to exceed expectations in contributing to performance growth. They have raised the revenue forecast for Baidu Group-SW (09888) for 2025-2027 to RMB 130.8 billion / 139.9 billion / 148.3 billion (an increase of +1.3% / +2.9% / +3.0% compared to the previous forecast) and raised the Non-GAAP net profit forecast for the parent company to RMB 18.2 billion / 20.5 billion / 23.0 billion (an increase of +1.5% / +3.3% / +3.3% compared to the previous forecast). The current price corresponds to a PE of 18x / 16x / 14x, maintaining a "Buy" rating.
The report states that on September 15, 2025, Baidu signed a strategic cooperation framework agreement with China Merchants Group to collaborate in areas such as large models, cloud computing, and other cutting-edge AI technologies in the fields of scientific and technological innovation, transportation logistics, comprehensive finance, and real estate parks. From September 5 to September 17, 2025, Baidu's Hong Kong stock price rose by 35.1%, and its AI commercialization and ecological value, including Kunlun Core, Robotaxi, and digital humans, are gradually being re-evaluated by the market.
The firm pointed out that Baidu's net cash flow remains at a healthy level to support long-term investments in AI strategy. Luobo Kuai Pao has achieved breakeven in the Wuhan area, validating its business model, with a rapid increase in order quantity and smooth overseas expansion; Kunlun chip shipments exceeded expectations, and the self-developed large model + computing platform + self-developed chip form a soft and hard synergy, enhancing the cost-effectiveness of training and inference, jointly building an AI ecological barrier. The firm continues to be optimistic about Baidu's AI ecological value, with cloud computing, intelligent driving, and self-developed chips opening up valuation space
