Guolian Securities: Smart Pulse (02513.HK) GLM5.2 may enter the top three in the world, maintaining a "buy" rating.

According to the Securities Times APP, Guolian Minsheng Securities released a research report stating that they maintain their "recommended" rating for Zhipu (02513.HK). They predict that the company will achieve revenues of 2.9 billion, 7.5 billion, and 20.6 billion yuan from 2026 to 2028. Based on the closing price on June 17, 2026, the company's PS valuations for 2026 to 2028 are 220 times, 85 times, and 31 times, respectively. The company has long adhered to the strategic positioning of "base model + platform + ecosystem." The GLM series model has consistently ranked at the forefront of global Coding rankings, maintaining its leading position in intelligent upper limits. The GLM model itself has already formed certain barriers; as the GLM penetrates deeply into scenarios such as Coding and Agent, the consumption of paid Token has achieved exponential growth. At the same time, the company's continuous optimization of the inference side may lead to an increase in gross profit margin levels, and the progress in commercialization is impressive.