Goldman Sachs: Upgrades Zhipu (02513.HK) to "Buy" with a target price of HK$1,560

Zhito Finance APP has learned that Goldman Sachs released a research report stating that it has upgraded Zhipu's rating from "Neutral" to "Buy" and revised its DCF-based 12-month target price to HK$1,560. The reasons for the upgrade include: a clearer monetization paththe bank has raised its end-2026E ARR forecast to US$3.2 billion (previously forecast at US$2.7 billion), driven by strong token demand and new commercial terms reached with Chinese and global hyperscalers since October; expansion of computing infrastructure/strengthening of the balance sheet to drive scale expansion; better inference gross margins achieved through cost efficiency; and continued progress in harness/Co-Work products.