JPMorgan Raises Zhipu AI Target Price to HKD 1,400

JPMorgan released a research report analyzing China’s large AI model industry. The bank noted that as monetization pathways for large models converge toward enterprise workflows, API consumption, code, and agents, investors will increasingly prioritize models’ actual capabilities, task completion rates, and pricing power. Amid continued demand for AI adoption exceeding available inference computing supply, developers that quickly retreat from premium pricing signals that their model improvements have not been recognized by the market. The bank maintains a relatively positive view on Zhipu (02513.HK) and reiterates an “Overweight” rating. It highlights Zhipu AI’s pricing behavior, noting that despite doubling its API prices this year, the company has sustained consistent business growth—strongly validating market recognition of its large model value. JPMorgan has raised its revenue forecasts for Zhipu AI for fiscal years 2026 to 2030 by 26% to 42%, lowered its adjusted net loss projections, and significantly increased its target price from HK$950 to HK$1,400. (Jinshi)