JP Morgan: Kimi K3 resets the frontier model valuation and maintains a "hold" rating for KNOWLEDGE ATLAS (02513).

J.P. Morgan released a research report stating that after the launch of Kimi K3 on the dark side of the moon, they are maintaining a "buy" rating for KNOWLEDGE ATLAS (02513), changing the stock narrative from "continuous leader in domestic models" to "one of the leading AI laboratories in China". However, the adjustments made to the ARR forecast are limited: KNOWLEDGE ATLAS GLM-5.2 still ranks among the top models in China, with GLM-5.3 and a new 2T+ flagship model expected to be released in the coming months. Therefore, the bank still expects KNOWLEDGE ATLAS to maintain its leading position in the next model cycle, which is enough to support the continuous expansion of ARR in the current market where computational power is limited. Following a recent valuation downgrade, the bank believes that the market has largely reflected lower valuation multiples and has been overly pessimistic about the commercial trajectory of KNOWLEDGE ATLAS.