HTSC International: Raises Price Target for Tencent Music (02513.HK) to 2,300 Hong Kong Dollars, Not Worried about Zero-Sum Competition

According to the Securities Times APP, Haitong International published a research report stating that Zhipu (02513.HK) has recently experienced accelerated growth in Annual Recurring Revenue (ARR), further proving its core capabilities and model iteration performance. Haitong International has raised Zhipu's target price from 1,200 Hong Kong dollars to 2,300 Hong Kong dollars, equivalent to a forecasted P/S ratio of 30 times in 2027, and reiterated an "outperform the market" rating.