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《大行》中金升智譜(02513.HK)目標價至900元 API年度經常性收入大超預期
中金發表報告指,智譜(02513.HK)2025年業績符合該行預期,2025年業績收入7.24億元人民幣(下同),按年增長132%,經調整淨虧損31.8億元,2025年業績符合該行及市場預期。公司披露截至2026年3月,MaaS(模型即服務)的API ARR(應用程式編程介面的年度經常性收入)已達到17億元,按年增長60倍。由於模型智能水平提升+下游需求放量...
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《大行》中金升智譜(02513.HK)目標價至900元 API年度經常性收入大超預期
Recommend
13
Positive
27
Negative
27
 
 

中金發表報告指,智譜(02513.HK)  +221.500 (+31.939%)    Short selling $455.92M; Ratio 10.306%   2025年業績符合該行預期,2025年業績收入7.24億元人民幣(下同),按年增長132%,經調整淨虧損31.8億元,2025年業績符合該行及市場預期。

公司披露截至2026年3月,MaaS(模型即服務)的API ARR(應用程式編程介面的年度經常性收入)已達到17億元,按年增長60倍。由於模型智能水平提升+下游需求放量,2026年API ARR增長態勢大超該行及市場預期。

由於智譜模型加速叠代持續領跑,以及下游需求釋放,該行上調2026年及2027年收入72%及93%至30億及71億元,由於公司API(毛利率處於爬坡階段)收入佔比提升,下調2026年及2027年淨利潤5%及14%至46億及52億元。

該行維持智譜「跑贏行業」評級,由於公司ARR大超預期,綜合考慮盈利預測調整和估值中樞,上調目標價13%至900港元,相當預測2027年市銷率50倍。(ha/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-01 16:25.)

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