Lyon: Initiate coverage of Smart Map (02513.HK) with a "hold" rating and a target price of 1,500 Hong Kong dollars.

According to the Securities Times APP, a research report released by Lyon stated that it has initiated coverage on Zhipu (02513.HK) with a "hold" rating, citing the high valuation (estimated market sales rate of 57 times for the fiscal year 2027) as the reason, with a target price of 1,500 Hong Kong dollars. The report pointed out that Zhipu AI is China's leading basic model laboratory, successfully converting cutting-edge research into token-based corporate revenue. With the strong support of talent reserves, corporate clients, and data flywheels, it is expected to be in a favorable position in capturing the value of AI model layers in the next decade.