智谱配售落地，摩根大通再度上调智谱目标价

Odaily reported that JPMorgan has raised the target price for Zhipu (02513.HK) by 20%, marking the second time within a week that the bank has increased its target price for this Chinese large-model company, following an upward revision last Tuesday. The bank stated that the company's latest fundraising plan will drive revenue growth. Analysts, including Olivia Xu, wrote in a research report that the new funds raised from this $4 billion stock placement could alleviate bottlenecks in computing power service supply while supporting subsequent model training investments.

JPMorgan stated that the newly added inference computing power resources are expected to translate into Annual Recurring Revenue (ARR) within 12 months. JPMorgan raised its target price for Zhipu from HK$2,000 to HK$2,400; just last Tuesday, it had raised the target price from HK$1,800 to HK$2,000. Additionally, JPMorgan simultaneously lowered its target price for MiniMax (00100.HK). The company's share lock-up period expired last week, and it launched a fundraising plan, leading to equity dilution effects from the placement, thus prompting the downward revision. Following last week's target price cut, the bank has now further lowered the target price from HK$300 to HK$240. (Jin Shi)