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<Research>CICC: Lower-than-expected BIDU-SW (09888.HK) Core Ad Rev. Estimated w/ TP $96, Rating Kept at Outperform
CICC released a research report expecting BIDU-SW (09888.HK)(BIDU.US)'s 2Q25 revenue to drop 3.8% YoY to RMB32.7 billion. Of which, BIDU-SW's core revenue is estimated to d...
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<Research>CICC: Lower-than-expected BIDU-SW (09888.HK) Core Ad Rev. Estimated w/ TP $96, Rating Kept at Outperform
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CICC released a research report expecting BIDU-SW (09888.HK)  +0.400 (+0.467%)    Short selling $305.37M; Ratio 40.810%   (BIDU.US)      's 2Q25 revenue to drop 3.8% YoY to RMB32.7 billion. Of which, BIDU-SW's core revenue is estimated to decrease by 3.8% YoY to RMB25.7 billion.

Due to the lower-than-expected core advertising revenue, CICC lowered its 2025/ 2026 revenue forecasts for BIDU-SW by 1%/ 2% to RMB131.3 billion/ RMB132.2 billion, and reduced its 2025/ 2026 non-GAAP net profit forecasts by 16%/ 8% to RMB18.2 billion/ RMB21.8 billion each, with rating kept at Outperform.

Related NewsM Stanley: BIDU-SW (09888.HK), Uber (UBER.US) Deploy Autonomous Vehicles Globally, Aligning with Asset-light Strategy
Considering the valuation boost in some segments, CICC maintained its target prices for BIDU-SW's US stock/ H-shares at US$99.1/ $96, corresponding to a 14x/ 11x non-GAAP PE ratios for 2025/ 2026 based on a SOTP valuation method, offering an upside potential of 6%/ 8% for its US stock/ H-shares, respectively.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-18 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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