UBS Initiates Coverage on KNOWLEDGE ATLAS with Buy Rating and HK$1,160 Target

Deep News04-21

UBS has issued a research report initiating coverage on mainland large language model developer KNOWLEDGE ATLAS (02513) with a "Buy" rating and a target price of HK$1,160. The bank highlighted KNOWLEDGE ATLAS's strong track record in enhancing model intelligence, particularly in coding capabilities. It suggested that as enterprise AI demand reaches a tipping point around early 2026, the company could achieve a commercial breakthrough, noting its strategy is similar to that of US AI firm Anthropic.

UBS stated that KNOWLEDGE ATLAS's GLM-5.1 model achieves approximately 8 hours in long-term task completion time (human equivalent), ranking first among global open-source models and narrowing the gap with Anthropic. The bank expressed optimism about its significant market potential, as improvements in model intelligence could expand use cases from developer-centric coding to a broader range of knowledge workers and enterprises. KNOWLEDGE ATLAS's Annual Recurring Revenue (ARR) surged 6.4 times, from $39 million in December 2025 to $250 million by March 2026.

The bank forecasts that KNOWLEDGE ATLAS will achieve a revenue compound annual growth rate (CAGR) of 231% from 2025 to 2027, driven by significant expansion of its open platform and sustained rapid growth in on-premises deployments.

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