Everbright Securities: Maintains "Buy" rating on Baidu Group-SW, as cloud computing, intelligent driving, and self-developed chips open up valuation space

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