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2026-09-04 15:43:16 HSBC Global Investment Research issued a report stating that Z.AI (02513.HK) is pre-training a larger-parameter model and plans to launch it later in 2026, with the pace of model iteration set to accelerate further. Its model portfolio includes flagship models specializing in complex and long-cycle tasks, as well as lower-priced and faster flash versions. The broker believes demand remains strong and has even exceeded the existing computing capacity available for servicing clients, making the guidance for annual recurring revenue of USD2.4 billion by December conservative. Token pricing still has considerable room for upward adjustment compared with US peers. The base input and output pricing of GLM-5.3 is only equivalent to 18% to 28% of Claude Opus 5, while enterprise clients have shown strong willingness to pay for improved intelligence capabilities. API gross margin improved significantly YoY, but remains under pressure from rising GPU rental costs. The broker maintained its Hold rating and TP of HKD1,375 on Z.AI (02513.HK), citing intensifying competition in the large language model market. (ha/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. | |