摩根大通上调智谱目标价至1400港元

Odaily reported that摩根大通（JPMorgan）has released a research report analyzing China's AI large model industry. The bank指出，as the monetization path for large models converges towards enterprise workflows, API consumption, code, and intelligent agents, investors will increasingly focus on the model's actual capabilities, task completion rate, and pricing power. In a context where AI adoption demand still outpaces the supply of inference computing power, if developers quickly retreat from premium pricing, it reflects that the market has not recognized their model capability improvements.

Within the sector, the bank is relatively bullish on Zhipu AI (02513.HK), reiterating its "overweight" rating. The bank favors Zhipu AI's pricing power behavior, noting that its ability to double API prices this year while maintaining sustained business volume growth fully validates the market's recognition of the value of its large model.

The bank has raised its revenue forecast for Zhipu AI for the fiscal years 2026 to 2030 by 26% to 42%, and lowered its adjusted net loss forecast. Consequently, it has significantly raised the target price from HK$950 to HK$1,400. (Jinshi)