Going into Baidu's (BIDU +1.3%
) April 24 Q1 report, SA's Jiang Zhang thinks investors should pay attention
to its mobile search business. Unlike PC search, where Baidu dominates
the local market, it only has a 35% share of Chinese mobile search, and faces stiff competition from Tencent (TCEHY.PK
) and Easou. With China now claiming over 356M mobile Web users, mobile success could be crucial to justifying Baidu's lofty valuation.