GLMS SEC has issued a research report maintaining a 'Recommend' rating for KNOWLEDGE ATLAS (ASX: 02513). The firm projects the company's revenue to reach 29, 75, and 206 billion yuan for the years 2026 to 2028, respectively.

Based on the closing price as of June 17, 2026, the corresponding price-to-sales (PS) valuations for 2026-2028 are estimated at 220, 85, and 31 times.

Strategic Positioning and Competitive Edge

The company has consistently adhered to its strategic positioning of "foundation model + platform + ecosystem." Its GLM series of models have consistently ranked at the top of global coding leaderboards, maintaining a leading edge in AI capability. The GLM model itself already constitutes a significant competitive barrier.

Commercialization Momentum

As GLM achieves deeper penetration into meta-scenarios such as coding and AI agents, the consumption of paid tokens has experienced exponential growth. Concurrently, through continuous optimization on the inference side, the company's gross margin level is expected to improve, indicating a notably impressive pace of commercialization.