CICC: Maintaining Outperform Rating on Baidu Group-SW, Target Price of HKD 96

CICC released a research report stating that it maintains its revenue and non-GAAP net profit forecast for Baidu Group for 2025 and 2026. It also maintains an outperform rating, with a target price of $99 for US stocks and $96 for Hong Kong stocks, based on the SOTP valuation method corresponding to a non-GAAP P/E ratio of 11 times/10 times for 2025/2026 in both US and Hong Kong stocks. On April 25th, the bank was invited to attend the Create2025 Baidu AI Developer Conference, where management announced the latest progress of the Wenxin Model and released new AI tools for developers.