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国泰君安:首予知乎-W(02390)“增持”评级 目标价29.36港元

Guotai Junan: For the first time, the target price for Zhihu-W (02390) “increase holdings” rating is HK$29.36

Zhitong Finance ·  06/19/2023 09:33

The Zhitong Finance App learned that Guotai Junan released a research report saying that for the first time, Zhihu-W (02390) was given an “increase in holdings” rating, and the second curve was established first. Embracing AI to enjoy the dividends of the times, the target price was HK$29.36, relative space +57.87%. The company adheres to the “Ecology First” strategy to achieve sustainable community development. In addition, vocational education is self-employment+mergers and acquisitions and will be rapidly deployed, and the share of revenue from improving the curriculum system has rapidly increased to 10.8%, which has become the second growth curve for commercialization. The combination of the “Smart Map AI” model and content helped it seize opportunities in the AI era. The launch of the “Let's Open AI Course” app accelerates AI+ education exploration, and the big model is expected to restructure vocational training learning scenarios to drive new growth.

Guotai Junan's main views are as follows:

Adhere to the “Ecology First” strategy to achieve sustainable community development.

As the largest professional Q&A content community in China, Zhihu has the three major barriers of professional tonality, content diversity, and community attributes. Professional content tuning gathers people in Kochi to drive user growth, PUGC+UGC's diverse content and community building create a unique community ecosystem, and 23Q1MAU has risen to 102.4 million people. In addition, Zhihu supports the rich supply of content for creators through multiple dimensions, “sense of acquisition” content shows strong vitality, and applications such as AI, big data, and cloud technology accelerate the positive cycle of high-quality content circulation.

CCS and member potential are outstanding, and the second curve of vocational training has been established.

The 23Q1 company's revenue from marketing services, membership services, vocational training, and other businesses was 392, 4.55, 107, and 40 million yuan. Advertisements and membership were revenue support, and the growth rate of vocational training was impressive. CCS still has the potential to grow in revenue from high-quality content conversion; the Yansuan membership system is becoming more and more perfect, and payment penetration drives rapid growth in membership service revenue; vocational education is self-employed+mergers and acquisitions and will be deployed rapidly, and the proportion of revenue from improving the curriculum system has rapidly increased to 10.8%, which has become the second growth curve for commercialization.

Smart communities embrace AI, and big models and AI education redefine dividends.

Zhihu has been deeply involved in AI technology for many years, moving from a Q&A community to an intelligent community. AI applications such as community operation, content recommendation, and algorithm processing have been implemented to unleash the value of quality content. At the same time, Zhihu's massive content library has become a natural corpus of big Chinese models. The launch of the “Zhihai Map AI” big model combined with massive quality content has helped Zhihu seize the AI era. Furthermore, the launch of the “Let's Take AI Course” app has accelerated AI+ education exploration, and the big model is expected to restructure vocational training learning scenarios to drive new growth.

The translation is provided by third-party software.


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