JPMorgan has issued a research report announcing an increase in the target price for Knowledge Atlas (02513) from HK$800 to HK$950, while maintaining an "Overweight" rating. The revision reflects robust demand for its open platform API. The bank noted that API platform annual recurring revenue surged to $250 million by the end of March this year, marking a 6.4-fold increase since the start of the year and a 60-fold rise over the past 12 months. Additionally, token prices have climbed 83% year-to-date, with demand continuing to accelerate. JPMorgan views the company's recent growth as one of the clearest indicators of genuine model competitiveness and higher-value workloads. The firm is optimistic about Knowledge Atlas's steady upward trends in model iteration, token demand, and API pricing. It has raised revenue forecasts for 2026 to 2030 by 46% to 78% and expects the company to achieve profitability by 2029.
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