KNOWLEDGE ATLAS (02513) saw its gains continue to widen during the morning session, with its share price rising 15.47% to HKD 61.2. The turnover reached HKD 608 million.
Recently, Haitong International released a research report announcing its first coverage of KNOWLEDGE ATLAS (02513) and MINIMAX (00100), assigning both an "Outperform" rating. The target prices set were HKD 860 and HKD 1,400, respectively. The target price for KNOWLEDGE ATLAS implies a projected 2028 price-to-sales ratio of 70 times.
Competition in the technology model landscape is evolving rapidly, with some observers noting the pace may even be too fast, as evidenced by frequent shifts in model rankings even on a quarterly basis. Despite this, the report pointed out that compared to the initial wave of numerous LLM startups emerging after the advent of ChatGPT, current market participants are on much more solid footing. The institution believes that a more predictable competitive environment will enhance the chances for MiniMax and KNOWLEDGE ATLAS to continue thriving and potentially become part of the "endgame" in the AI era.
The report advises investors to look beyond quarterly ranking charts and instead focus on the foundational factors behind the current success of KNOWLEDGE ATLAS and MiniMax, including their pace of innovation and the continuous development of practical applications. Both companies have demonstrated an ability to iterate their model versions at an accelerated pace, and the application of various model capabilities is becoming increasingly evident. This is reflected in KNOWLEDGE ATLAS's recent price increase for its coding products and MiniMax's sustained leading position on the OpenRouter usage rankings.
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