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2026-06-26 10:27:43 HSBC Global Investment Research published a report stating that KNOWLEDGE ATLAS (02513.HK)'s large model GLM-5.2 has improved long coding task capabilities compared with GLM-5.1. Its context window has expanded to 1 million tokens, with long coding capability now comparable to Claude Opus 4.7, while the computing cost per token has been reduced by 2.9 times versus GLM-5.1. The broker previously considered the company癒礎s guidance of achieving an annualized recurring revenue (ARR) run rate of USD1 billion by December 2026 to be overly aggressive. However, given that the GLM model癒礎s ranking in the Artificial Analysis Intelligence Index (AAII) has rebounded to sixth place, inference compatibility with domestic chips has partly alleviated concerns over chip shortages, and the proposed A-share listing together with a potential Hong Kong share placement could ease cash flow constraints, the broker raised its ARR forecast for December 2026 from USD340 million to USD1 billion to align with the company癒礎s guidance. HSBC Global Investment Research significantly raised its Non-IFRS earnings forecasts for KNOWLEDGE ATLAS for FY2026-FY2028 and now expects the company to break even in 2028, earlier than its previous forecast of 2029. Nevertheless, the broker remains cautious about risks including market competition (such as the recent restructuring and fundraising by Moonshot AI and DeepSeek), potential price cuts by OpenAI, and share lock-up expiries in July 2026 and January 2027. After updating its earnings forecasts and adjusting the weighted average cost of capital (WACC) based on the latest equity beta, the broker substantially increased its TP from HKD920 to HKD1,900 and maintained its Hold rating. (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |