UBS: Initiates Coverage of KNOWLEDGE ATLAS (02513) with a "Buy" Rating and a Price Target of HKD 1,160

UBS released a research report stating that it has initiated coverage on mainland large-scale model developer KNOWLEDGE ATLAS (02513) with a "buy" rating and a target price of HK $1,160. The bank pointed out that KNOWLEDGE ATLAS has a good track record in enhancing model intelligence, especially in coding capabilities. With enterprise AI demand expected to reach a turning point in early 2026, there may be a breakthrough in commercialization. Its strategy is similar to that of the American AI company Anthropic. UBS stated that KNOWLEDGE ATLAS's GLM-5.1 model achieves a completion time of about 8 hours (human equivalent) for long-term tasks, ranking first among global open source models and narrowing the gap with Anthropic. The bank is optimistic about its significant market potential, as the improvement in model intelligence can expand use cases from developer-centric coding to a wider range of knowledge workers and enterprises. KNOWLEDGE ATLAS's Annual Recurrent Revenue (ARR) increased from $39 million in December 2025 to $250 million in March 2026, a 6.4-fold increase. The bank predicts that with significant expansion of open platforms and continued rapid growth in local deployments, KNOWLEDGE ATLAS's revenue Compound Annual Growth Rate (CAGR) from 2025 to 2027 will reach 231%.