JP Morgan raised its price target on Zhipu AI (02513.HK) to HKD1,400 from HKD950
and reiterated an overweight rating in a sector note on Chinese large AI models.
The bank said monetization is shifting to enterprise workflows, API consumption,
code generation and agents, and that investors will increasingly focus on model
capability, task completion rates and pricing power. JP Morgan flagged Zhipu's
pricing-power evidence—doubling API prices this year while maintaining volume
growth—then raised its revenue forecasts for FY2026–FY2030 by 26–42% and cut its
adjusted net-loss estimates.
