大摩:智谱上调年底ARR指引至30亿美元 重申“增持”评级

智通财经
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【大摩:智谱上调年底ARR指引至30亿美元 重申“增持”评级】摩根士丹利发布研报称,智谱截至9月中旬年化经常性收入已达18亿美元,并将年底ARR指引由24亿美元上调至30亿美元,重申“增持”评级,目标价1,800港元。该行指出,管理层框架显示约50亿美元融资可支持约9.4万颗GPU,其中约40%用于训练、约60%用于推理;约5.6万颗推理GPU意味理论年收入上限约410亿元人民币,尚未考虑利用率与实际定价兑现,理论推理毛利率最高可达约80%。算力瓶颈缓解有望打开下一阶段增长,云端合作亦可改善资本效率及全球分销,收入分成料自10月起贡献。在研发端,训练部分的分配可支持四年累计约人民币30亿元的年化训练支出,足以支撑多次GLM-5.3级别或更大规模的训练。

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