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<Research>JPM Hikes ZHIPU (02513.HK) TP to HKD950 on Strong API Demand
Recommend 14 Positive 21 Negative 15 |
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JPMorgan’s research report raised the TP for ZHIPU (02513.HK) from HKD800 to HKD950, while maintaining an Overweight rating, to reflect strong demand for its open platform API. The broker noted that API platform ARR proliferated to USD250 million as of end-March this year, representing a 6.4x spike YTD and a 60x leap over the past 12 months. Meanwhile, token prices climbed 83% YTD, with demand still accelerating. The broker believed the company’s recent growth is one of the clearest signals that it is being driven by genuine model competitiveness and higher-value workloads. JPMorgan was optimistic that the company will continue to see solid uptrend in model iteration, token demand and API pricing. It raised its revenue forecasts for ZHIPU for 2026-30 by 46-78% and expected the company to achieve profitability in 2029. Auto-translated by AI AASTOCKS Financial News |
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