Guolian Minsheng Securities: KNOWLEDGE ATLAS (02513) GLM5.2 may enter the top three globally, maintaining a "buy" rating.

Guolian Minsheng Securities released a research report stating that it maintains a "buy" rating for KNOWLEDGE ATLAS (02513), and predicts that the company will achieve revenues of 2.9 billion, 7.5 billion, and 20.6 billion RMB in 2026-2028. Calculated based on the closing price on June 17, 2026, the company's PS valuation for 2026-2028 will be 220 times, 85 times, and 31 times, respectively. The company has long adhered to the strategic positioning of "base model + platform + ecosystem," and its GLM series model has consistently ranked at the top of global Coding charts, maintaining a leading position in intelligent upper bounds. As GLM penetrates deeply into scenarios such as Coding and Agent, the consumption of paid tokens has seen exponential growth. Meanwhile, the company's continuous optimization of the reasoning side is expected to improve gross margin levels, showing promising progress in commercialization. Guolian Minsheng Securities' main points are as follows: Event Recently, the company announced the launch of its latest flagship model GLM-5.2, which provides up to 1 million characters in context and continues to lead in long-term tasks; it will follow the MIT agreement for open-source, and is expected to increase the commercial application call volume of the company's open platform and API business. GLM-5.2 could become a top 3 Coding model worldwide, and ZCODE 3 will be deeply compatible with GLM-5.2 GLM-5.2 is the most powerful open-source model in KNOWLEDGE ATLAS to date, supporting truly usable 1 million characters in context and continuing to lead in long-term tasks. GLM-5.2's Coding performance is outstanding, as evidenced by its performance on the global Code Arena evaluation system where it ranked first among all available models globally. Meanwhile, the company has updated ZCODE 3.0, an Agentic Development Environment (ADE) for Long Horizon Tasks, focusing on the self-developed ZCode Agent capability to allow complex development tasks to be completed in the same context. Fable 5 is banned, the "non-proliferation" of the AGI era is taking shape, and China should seize the opportunity for development. Anthropic's latest models Fable 5 and Mythos 5 are restricted for use by foreign entities: Anthropic announced that the U.S. government has issued an export control order under the guise of national security, requiring the suspension of all access to the artificial intelligence models Fable 5 and Mythos 5 for foreign entities, including Anthropic employees who are foreign citizens. The actual effect of this order is that Anthropic must immediately disable Fable 5 and Mythos 5 for all customers to ensure compliance, while access to all other Anthropic models will not be affected. The company believes that at this time, with the full opening of GLM-5.2, the launch of the API, and the MIT open-source, KNOWLEDGE ATLAS is well-positioned to meet the demand for domestically developed cutting-edge models from developers and corporate clients. Risk warning: Commercialization of large models may fall short of expectations, and market competition may intensify.