CITIC Lyon: Smart Spectrum (02513) has established a high-quality customer base in markets other than China, and the target price is HK$1907

The Zhitong Finance App learned that CITIC Lyon released a research report saying that Zhi Spectrum (02513) has established a high-quality and continuously expanding corporate customer base in markets outside of China, reaffirming the “outperforming the market” rating, with a target price of HK$1907.

CITIC Lyon conducted a questionnaire survey on the adoption of large-scale language models by companies in Asia other than China, and interviewed 1,200 IT executives and managers. The results showed that the adoption rate of the intelligent spectrum model among the companies surveyed was 1.8%, reflecting that there is still huge room for growth; 5.1% of respondents plan to start using the GLM model in the next 6 to 12 months. If all relevant intentions are converted into actual adoption, its customer base will expand to nearly four times the current level. The six ASEAN countries have the strongest momentum, with a planned adoption rate of 6.8%.

According to the survey, Smart Spectrum's enterprise customers are of high quality, and AI budgets are continuously expanding their investment in the GLM model. Of these, 55% expect the 2027 IT budget will increase by more than 20%, and 82% plan to increase GLM-related expenses, which are higher than 77% and 55% of the AnthroPic and DeepSeek models, respectively; 77% of GLM customers believe that switching to other models will involve moderate to significant conversion costs, and 82% have further trained or fine-tuned their own models based on GLM.

The bank said that overall, a strong corporate customer base with strong capital, sufficient room to increase penetration, and expandable distribution channels for hyperscale cloud service providers can all support GLM's growth prospects in Asian markets outside of China, and will pay close attention to cloud revenue growth and new cooperation projects.