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<Research>JPM Continues to View KNOWLEDGE ATLAS, MINIMAX-W as Structural Beneficiaries of CN AI Adoption Cycle, Reiterates Overweight
Recommend 24 Positive 40 Negative 16 |
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JP Morgan issued a report maintaining that KNOWLEDGE ATLAS (02513.HK) and MINIMAX-W (00100.HK) are structural beneficiaries of China’s AI adoption cycle, bolstered by strong API demand, improving monetization capabilities, and the domestic enterprise-level AI workload expansion still being at an early stage. Under a bullish outlook, the two companies currently offer different ways to capture this theme. KNOWLEDGE ATLAS has a clearer monetization framework and a more measurable execution path toward achieving an ARR of approximately USD1 billion by year-end, given high transparency in API pricing and code adoption. MINIMAX-W, meanwhile, has greater upside in its ARR. The broker noted that key fundamental risks for the sector include business model positioning, competitive dynamics, pricing discipline, the technological capability gap between China and the US, and the ability to convert usage growth into ARR. As long as these conditions remain favorable, technically driven pullbacks should be used to add exposure. Should conditions deteriorate, the broker will take a more cautious view. JP Morgan assigned an Overweight rating to KNOWLEDGE ATLAS (02513.HK) and MINIMAX-W (00100.HK), with TP at HKD950 and HKD1,100, respectively. Auto-translated by AI AASTOCKS Financial News |
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