---
title: "Daiwa Securities reiterates \"Buy\" rating on Baidu, optimistic about the spin-off of Kunlun Chip bringing revaluation opportunities"
description: "Daiwa reiterated its \"Buy\" rating on Baidu, believing that the spin-off of Kunlun Chip will bring revaluation opportunities. The report pointed out that Baidu's revenue in the fourth quarter of last y"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277547720.md"
published_at: "2026-03-03T01:44:02.000Z"
---

# Daiwa Securities reiterates "Buy" rating on Baidu, optimistic about the spin-off of Kunlun Chip bringing revaluation opportunities

> Daiwa reiterated its "Buy" rating on Baidu, believing that the spin-off of Kunlun Chip will bring revaluation opportunities. The report pointed out that Baidu's revenue in the fourth quarter of last year met expectations, and earnings exceeded expectations, mainly due to cost control. The implied equity value of Kunlun Chip is already equivalent to half of Baidu's market value and is expected to become a short-term catalyst. Although Baidu's cloud business growth has slowed, subscription revenue from AI high-performance computing facilities increased by 143% year-on-year. The target price was raised from 171 yuan to 175 yuan

Daiwa published a research report stating that Baidu-SW (09888.HK) had revenue in line with expectations in the fourth quarter of last year, while its profit performance exceeded expectations, mainly benefiting from cost control leading to improved gross margins. Management revealed that the plan to spin off Kunlun Chip is still in progress, and Daiwa believes it will become a short-term catalyst for valuation. According to their calculations, the implied equity value of Kunlun Chip per share is already equivalent to about half of Baidu's latest market value, anticipating a significant revaluation opportunity.

Daiwa pointed out that Baidu's cloud business growth has slowed, but the revenue structure continues to improve. Last quarter, subscription-based revenue from AI high-performance computing facilities grew by 143% year-on-year, indicating enhanced profitability. They reiterated a "Buy" rating, raising the target price from 171 yuan to 175 yuan

### Related Stocks

- [09888.HK - BIDU-SW](https://longbridge.com/en/quote/09888.HK.md)
- [BIDU.US - Baidu](https://longbridge.com/en/quote/BIDU.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.