CMB International: Raising the target price of Smart Spectrum (02513) to HK$1985 to maintain a “buy” rating

The Zhitong Finance App learned that CMB International released a research report saying that Zhi Spectrum (02513)'s annualized recurring revenue growth trajectory is steady and the prospects are strong, and the company's disclosure of the number of new users and participation levels further strengthened the bank's positive views. Driven by stronger annualized recurring revenue growth, the bank raised its 2025-2028 CAGR forecast from 199% to 275%, and raised the target price from HK$1503.9 to HK$1985, maintaining a “buy” rating. The bank believes that the company has achieved an effective balance between the pace of model iteration, the level of intelligence and the cost of a single task, and is expected to maintain Pareto's leading position in the big language model industry and provide plenty of room for long-term monetization.

According to the research report, Smart Spectrum completed 6 GLM iterations within 11 months, and the intelligence index rose from 32 to 60; the number of registered users on the MaaS platform increased by 144% to 7.4 million, active users on paid days increased by 603%, and the number of token calls increased by more than 40 times since the beginning of the year. At the same time, the average sales price of the API increased by about 101%. As of August 2026, the company's annual recurring revenue from open platforms and APIs reached US$1.6 billion, a further increase from US$1 billion at the beginning of July, and reached US$2.4 billion by the end of the year according to management. The deployment of the 100,000 card chip cluster in China and the reconstruction of the inference stack have reduced the cost per token by about 80% since the beginning of the year, the computing power multiplier increased 14 times over the same period last year, and the gross margin of the open platform reached 24.6% in the first half of 2026. CMB International raised its 2025-2028 CAGR forecast from 199% to 275%, and estimated total revenue to reach RMB 38.1 billion in 2028.