JP Morgan: Knowledge Atlas (02513) API demand strong, target price raised to 950 Hong Kong dollars.

JPMorgan released a research report stating that the target price of KNOWLEDGE ATLAS (02513) has been raised from 800 Hong Kong dollars to 950 Hong Kong dollars, maintaining a "buy" rating to reflect its strong demand for open platform APIs. The bank believes that API platform revenue (ARR) had soared to 250 million US dollars by the end of March this year, an increase of 6.4 times since the beginning of the year, and a 60-fold increase over the past 12 months. At the same time, the token price has also risen by 83% since the beginning of the year, and demand is still accelerating. They believe that the recent growth of the company is one of the clearest signals driven by real model competitiveness and higher value workloads. JP Morgan is optimistic about the company's continued steady rise in model iteration, token demand, and API prices, raising its revenue forecast for KNOWLEDGE ATLAS from 2026 to 2030 by 46% to 78%, and expecting the company to achieve profitability in 2029.