Komo: Kimi K3 resets cutting-edge model valuation and maintains intellectual spectrum (02513) “gain” rating

The Zhitong Finance App learned that J.P. Morgan Chase released a research report saying that after the release of Kimi K3 on Dark Side of the Moon, it maintained an “gain” rating on Zhi Spectrum (02513) and changed Zhi Spectrum's stock narrative from a “continuous domestic model leader” to “one of China's cutting-edge AI laboratories.” However, the bank's adjustments to the ARR forecast are limited: the Smart Spectrum GLM-5.2 is currently still among the top cutting-edge models in China, while GLM-5.3 and the new 2T+ flagship model are expected to be released in the next few months. Therefore, the bank still expects Smart Spectrum to maintain its leading domestic position in the next model cycle, which is enough to support ARR's continued expansion in the current market with limited computing power. After the recent valuation cut, the bank believes that the market has largely reflected lower valuation multiples, and is overly pessimistic about the commercialization trajectory of intelligent spectrum.