Core Viewpoint - Haitong International initiates coverage on Zhihu with an "outperform" rating, projecting a target price of HKD 14.8 based on a price-to-sales ratio of 1.2 times for the fiscal year 2025 [1] Group 1: Financial Projections - The firm forecasts Zhihu's total revenue for Q4 2025 to be RMB 640 million and for the entire fiscal year 2025 to reach RMB 2.75 billion [1] - The management has committed to continuous shareholder returns, having repurchased USD 66.5 million worth of shares in the first nine months of 2025 [1] Group 2: Business Strategy and Opportunities - The integration of generative AI in various scenarios such as Q&A expansion, personalized recommendations, and advertising creativity is expected to enhance both content supply and commercial conversion efficiency [1] - The company is well-positioned in the Q&A community, benefiting from the large model dividend and ample cash reserves [1]
大行评级丨海通国际：首予知乎H股目标价14.8港元及“优于大市”评级