JPMorgan Chase raised the target price for ZHIPU from HKD800 to HKD950 while maintaining an Overweight rating due to strong demand for its open platform API, which has led to a significant increase in revenue. The bank noted a surge in API platform revenue to USD250 million, a 6.4x increase year-to-date and a 60x rise over the past year. They are optimistic about continued growth in model iteration, token demand, and API pricing, and have raised revenue forecasts for 2026 to 2030, expecting the company to achieve profitability by 2029.
