Core Viewpoint - The report from CICC is optimistic about Zhiyu (02513) due to its foundational model capability iteration and realization in the Coding scenario, positioning it against leading overseas large model companies. The company is given an "outperform" rating with a target price of HKD 688, indicating a 42% upside potential from the current trading level [1][5]. Group 1: Company Overview - Zhiyu was established in 2019, focusing on the GLM series foundational models, enhancing core capabilities in Coding, reasoning, and Agentic models. The latest model, GLM-5, has achieved state-of-the-art (SOTA) performance in multiple benchmark scores and has received widespread acclaim from both domestic and international users [6]. Group 2: Revenue Growth Potential - The company is expected to achieve a revenue CAGR of over 130% from 2023 to 2027, driven by its MaaS platform that outputs model capabilities. API revenue is projected to become the main growth engine, with an estimated annual recurring revenue (ARR) related to APIs nearing 600 million yuan by early 2026, reflecting a several-fold increase compared to the same period last year [7]. Group 3: Market Opportunity - The total addressable market (TAM) for AI Coding is estimated to reach one trillion yuan, with Zhiyu having a leading advantage in this space. The company focuses on refining the Coding scenario, boasting low hallucination rates, high stability, and strong reasoning and tool usage capabilities. This positions Zhiyu to lead in the Coding scenario and extend into more enterprise applications. Revenue projections for Zhiyu from 2025 to 2028 are estimated at 720 million, 1.75 billion, 3.67 billion, and 7.67 billion yuan, respectively, with a CAGR of 120% [8].
中金：予智谱跑赢行业评级 目标价688港元