小摩:Kimi K3重置前沿模型估值 维持智谱(02513.HK)“增持”评级

智通财经
Jul 22
【小摩:Kimi K3重置前沿模型估值 维持智谱(02513.HK)“增持”评级】智通财经APP获悉,摩根大通发布研报称,在月之暗面发布Kimi K3后,维持对智谱(02513.HK)的“增持”评级,将智谱的股票叙事从“持续的国产模型领导者”转变为“中国前沿AI实验室之一”。不过,该行对ARR预测的调整有限:智谱GLM-5.2目前仍位于中国顶级前沿模型之列,同时GLM-5.3以及全新2T+旗舰模型预计在未来几个月发布。因此,该行仍预期智谱将在下一轮模型周期中保持国内领先地位,这足以在当前算力受限市场中支撑ARR持续扩张。在近期估值下调后,该行认为市场已在很大程度上反映较低的估值倍数,对智谱的商业化轨迹过度悲观。

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