Jefferies giảm giá mục tiêu của Zhipu AI xuống còn 1.183,79 HKD do nghi ngờ về tính bền vững của hướng dẫn

The Huoxing Finance report stated that on September 7, Jefferies issued a report indicating that Zhipu's guidance of $2.4 billion in annual recurring revenue by end-2026 exceeded expectations, but its sustainability is questionable due to a high base in August, uneven growth in computing power supply, high customer concentration, and low switching costs. The report noted that although Zhipu's cloud business gross margin improved in the first half of 2026, it may decline in the second half due to the launch of new domestic GPU clusters and the resumption of the Coding Plan, leading to a reduction in the target price from HK$1,299.8 to HK$1,183.79, with a "Hold" rating maintained. The bank raised Zhipu's revenue forecasts for 2026 to 2029 by 37% to 119%, reflecting accelerated growth in the cloud segment, and lowered its net loss forecasts by 14% to 21%. In the sum-of-the-parts valuation, the multiple for the cloud segment was reduced from 50x 2026 forecasted annual recurring revenue to 30x to better align with overseas peers. The bank still believes the Chinese large language model industry is overly crowded and, relative to independent AI labs, prefers full-stack cloud service platforms with advantages in computing power, data, and monetization, such as Alibaba (09988.HK) and ByteDance.