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KNOWLEDGE ATLAS (02513.HK) Once Surges 40% as JPM Raises TP to HKD1,800
2026-06-22 10:04:58 KNOWLEDGE ATLAS (02513.HK) opened 0.29% higher today and once surged 42% to a record high of HKD2,980 after listing. It is now trading at HKD2,424, up 15.76%, with turnover of 1.7511 million shares, involving HKD4.407 billion. JPM released a research report last Thursday, adopting a more positive stance on KNOWLEDGE ATLAS (02513.HK) following the launch of the GLM-5.2 model and its pricing update. The broker noted that compared with GLM-5.1, GLM-5.2 eliminated lower pricing tiers and unified all usage under higher rates, lifting blended pricing, with its API price 13% higher than the blended price of GLM-5.1. As GLM-5.2 remains part of the GLM-5 model family with 744 billion total parameters and 40 billion active parameters, its performance enhancement is mainly driven by reinforcement learning and post-training optimization. This enables the company to achieve higher effective pricing while keeping the model cost base broadly stable. JPM believes the large-model pricing market is showing signs of divergence. Pricing for mature intelligent products continues to decline due to widespread capability adoption and improved inference costs, with DeepSeek as a representative example, persistently lowering market clearing prices and pressuring routine and price-sensitive workloads. However, newly unlocked frontier capabilities that improve task completion rates, reduce retries and enable high-value applications such as coding, intelligent agents and enterprise workflow automation can still command premium pricing. GLM-5.2 serves as a useful test case of pricing power. If demand for its APIs and workflows remains resilient after effective price increases, it would further validate the company癒礎s ability to translate model iteration into incremental profit and high-quality revenue growth. In the short term, the broker said investors should monitor demand resilience for GLM-5.2, model iteration progress of peers such as Kimi K3 and DeepSeek V4.1, and the expected launch of GLM-5.5 in August. JPM stated that given GLM-5.2癒礎s enhanced capabilities and higher blended pricing, it has raised its revenue forecasts for KNOWLEDGE ATLAS. The broker narrowed its 2026 adjusted LPS forecast from RMB8.59 to RMB8.29 and its 2027 adjusted LPS forecast from RMB8.65 to RMB7.45. It reiterated its Overweight rating on KNOWLEDGE ATLAS and lifted the TP from HKD1,400 to HKD1,800, based on a discounted 30x 2030 projected PE ratio. (ad/u)~ 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. | |