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<Research>Guotai Haitong Securities Adjusts BIDU-SW (09888.HK) TP to $176, Rating Overweight
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BIDU-SW (09888.HK) leveraged its self-developed AI model to enhance and empower multiple businesses, Guotai Haitong Securities issued a research report saying.

Its deep thinking model Wenxin X1.1 demonstrated a 34.8% improvement in factual accuracy, a 12.5% increase in instruction following and a 9.6% boost in agent capabilities compared to the X1 version. Its overall benchmark performance is on par with GPT-5 and Gemini 2.5 Pro.

Furthermore, Apollo Go also accelerated its overseas business expansion. The broker raised its 2025-2027 revenue forecasts for BIDU-SW to RMB130.7 billion/ RMB138.5 billion/ RMB149.2 billion each, and revised its adjusted net profit forecasts to RMB17.6 billion/ RMB20.2 billion/ RMB29.8 billion.

Based on the SOTP valuation method, the broker adjusted its target price for BIDU-SW to $176, with rating kept at Overweight.
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