JP Morgan raises Zhipu AI target price to HK$1,400

According to Odaily, JPMorgan has released a research report analyzing China's AI large model industry. The bank points out that as the monetization path of large models converges towards enterprise workflows, API consumption, code, and intelligent agents, investors will increasingly focus on the model's actual capabilities, task completion rates, and pricing power. Against the backdrop where demand for AI adoption still exceeds the supply of inference computing power, a developer quickly retreating from premium pricing indicates that improvements in its model capabilities have not received market recognition.

Within the sector, the bank has a relatively favorable view of Zhipu AI (02513.HK), reiterating an "overweight" rating. The bank is optimistic about the pricing power demonstrated by Zhipu AI, noting that its ability to double API prices this year while maintaining sustained business growth fully validates the market's recognition of the value of its large models.

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, significantly increasing the target price from HK$950 to HK$1,400. (Jin Shi)