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2026-10-16 11:13:49 CLSA published a report stating that Z.AI (02513.HK) has maintained high-quality and continuously expanding enterprise business operations in Asian markets outside China. The broker's survey on enterprise adoption of large language models (LLMs) in Asia (excluding China) showed that Z.AI has built a high-quality and steadily expanding enterprise client base outside China. Well-funded clients showed strong spending intentions on GLM models for 2027, indicating relatively high switching costs and deep model integration. At the same time, the customer base adopting Chinese models is expanding, providing ample room for higher penetration rates, while benefiting from distribution partnerships with established cloud service providers (CSPs). The ramp-up in Z.AI's cloud revenue remains a key area to watch. CLSA reiterated its TP at HKD1,907 and maintained its Outperform rating. The broker noted that enterprise adoption of Z.AI models in the survey was only 1.8%, while another 5.1% of respondents planned to start using GLM within the next 6 to 12 months. If such intentions materialize, the client base could nearly quadruple. Momentum was strongest among the six ASEAN countries, where planned adoption reached 6.8%. Among existing clients, 55% expected their information technology budgets to increase by more than 20% by 2027, 82% planned to increase spending on GLM, 77% believed switching models would involve moderate to significant costs, and 82% had already further trained or fine-tuned proprietary models based on GLM. (ha/ad)~ 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. | |