CICC: Raises target price on IntelliBrain to 900 Hong Kong dollars, Agentic AI demand increases significantly, March API ARR greatly exceeds expectations.

China Gold Research Report, maintaining a "outperforming the industry" rating for Smart Spectrum, considering profit forecast adjustments and valuation center, raising the target price by 13% to HK$900, corresponding to a 50x P/S ratio in 2027. The report pointed out that Smart Spectrum's performance in 2025 met expectations, with revenue of 724 million yuan, a year-on-year increase of 132%. Among them, the revenue side and profit margin of the MaaS API grew significantly better than expected, with revenue increasing by 293% year-on-year to 190 million yuan, and the gross profit margin increasing by 5 times to 18.9%. API Token profits level significantly increased. As of March 2026, MaaS API ARR has reached 1.7 billion yuan, a year-on-year increase of 60 times. Due to the improvement in the level of intelligent models and the increase in downstream demand, the growth trend of API ARR in 2026 far exceeds both China Gold's and market expectations. Additionally, Agentic AI is showing a trend of certainty, improving productivity and accelerating penetration. In 2025, revenue from enterprise intelligent body business was 165 million yuan, a year-on-year increase of 249%; revenue from enterprise-level general large models was 366 million yuan, a year-on-year increase of 70%. Since the beginning of 2026, the company has continuously released multiple iterations of GLM-5, GLM-5-Turbo, and GLM-5.1, with core capabilities such as Coding & Reasoning & Agent maintaining a leading position globally. API call pricing also increased by 83% compared to the end of 2025, but downstream demand for top models remained strong, gradually reflecting the company's bargaining power.