CICC: Maintains KNOWLEDGE ATLAS (02513) outperform industry rating, raises target price to HKD 900.

Zhongjin released a research report stating that due to the accelerated iteration and continuous leading position of the KNOWLEDGE ATLAS (02513) model, as well as downstream demand release, the 26/27 revenue forecast was raised by 72%/93% to 3/7.1 billion yuan. The industry outperformance rating is maintained, and the target price was raised by 13% to 900 Hong Kong dollars, with a corresponding 50 times P/S for 2027 (switching valuation to 2027 due to relatively clear visibility of revenue in 2027). There is a 30% upside potential from the current stock price, with the current trading P/S of 38 times for 2027. Zhongjin's main points are as follows: The 25-year performance of KNOWLEDGE ATLAS meets expectations, with ARR exceeding expectations as of March 26 The company announced its 2025 performance: revenue of 724 million yuan, a year-on-year growth of 132%, which aligns with the expectations of Zhongjin and the market. The company disclosed that as of March 26, the MaaS API ARR had reached 1.7 billion yuan (250 million US dollars), a 60-fold year-on-year growth. Due to the improvement in intelligent level of the model and downstream demand volume, the growth momentum of API ARR in 26 is significantly higher than that of Zhongjin and the market. Downstream demand volume drives substantial growth in MaaS API revenue and profit margin exceeding expectations In 2025, API revenue was 190 million yuan, a year-on-year growth of 293%; according to the company's disclosure, the API ARR grew 60 times year-on-year to 1.7 billion yuan as of March 26. At the same time, the gross profit margin of MaaS API in 2025 reached 18.9%, a fivefold increase compared to 3.3% in 2024, achieving a significant improvement in API Token profit level. Agentic AI shows a trend of certainty, enhancing productivity and accelerating penetration In 2025, enterprise intelligent body business revenue was 165 million yuan, a year-on-year growth of 249%; enterprise general large model revenue was 366 million yuan, a year-on-year growth of 70%; since the beginning of 2026, the OpenClaw application has emerged, and in March, the company launched Claw Plan, with over 400,000 subscribed users in 20 days. The base model continues to iterate, with improved capabilities driving simultaneous increase in quantity and price Since the beginning of 2026, the company has continuously released the GLM-5, GLM-5-Turbo, and GLM-5.1 iterations, with core capabilities such as Coding & Reasoning & Agent maintaining a leading position globally. API call pricing has also increased by 83% since the end of 25, but demand for top models downstream remains strong, and the company's bargaining power is gradually being reflected. Risk warning: Model iteration and downstream demand may not meet expectations.