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<Research> JPM Raises KNOWLEDGE ATLAS (02513.HK) TP to HKD1,400, Downgrades MINIMAX-W (00100.HK) to Neutral, Cuts TP to HKD400
Recommend 38 Positive 56 Negative 49 |
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JPMorgan issued a research report analyzing China’s large AI model sector. The bank noted that as monetization pathways for large models converge toward enterprise workflows, API consumption, coding and intelligent agents, investors will increasingly focus on models’ practical capabilities, task completion rates and pricing power. Against the backdrop of AI adoption demand still exceeding inference computing supply, developers that rapidly retreat from premium pricing may signal that improvements in model capability have yet to gain market recognition. Within the sector, the bank is relatively more positive on KNOWLEDGE ATLAS (02513.HK) but has lowered its investment rating on MINIMAX-W (00100.HK). JPM reiterated its Overweight rating on KNOWLEDGE ATLAS. The bank is encouraged by the company’s “Price Maker” behavior, as it managed to double its API pricing this year while sustaining continued business volume growth, validating market recognition of the value of its large models. JPM raised its revenue forecasts for KNOWLEDGE ATLAS for fiscal years 2026 to 2030 by 26% to 42%, and narrowed its adjusted net loss forecasts. It sharply lifted the TP from HKD950 to HKD1,400. In contrast, JPM downgraded MINIMAX-W from Overweight to Neutral and slashed its TP from HKD1,100 to HKD400. The move followed MINIMAX-W’s pricing of its newly launched M3 model on June 8 at twice the price of the previous-generation M2.7 model, only to permanently cut the price by 50% one week later, effectively reverting to a level comparable to M2.7. This suggests reduced visibility of its leadership position in large models. To reflect the negative impact of price cuts on margins, JPM lowered its revenue forecasts for fiscal years 2028 to 2030 by 5% to 21% and widened its adjusted net loss forecasts for fiscal years 2026 to 2028. (ad/u) Auto-translated by AI This article was automatically translated by AI, the original language 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. More Details
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