Key Takeaways:
- Goldman Sachs reiterated Buy on MINIMAX-W with HKD860 target price
- CEO Yan Junjie outlined cost-efficiency strategy for AI models
- M3 Pro launch expected September-October; H3 multimodal model imminent
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Goldman Sachs reiterates Buy on MINIMAX-W at HKD860 on AI cost strategy
Goldman Sachs reiterated its Buy rating on MINIMAX-W (00100.HK) with a HKD860 target price after an analyst meeting where CEO Yan Junjie outlined the company's cost-efficiency strategy for its AI models.
"The company's future focus will be on pursuing the best cost-effectiveness for each of its models," Yan said during the meeting, according to Goldman Sachs' research report published Thursday.
The M3 model is currently processing trillions of tokens daily, while revenue from the open platform and API business has already reached a healthy gross margin level, with an ultimate target of achieving a high double-digit gross margin. The M3 Pro, scheduled for launch between September and October, is expected to deliver significant cost efficiency improvements over the current generation. The H3 multimodal model has entered the final pre-launch stage and is expected to be released soon, which Goldman Sachs said will have a profound impact on the multimodal AI sector.
Goldman Sachs noted that MiniMax's multimodal strategy represents a key differentiating advantage compared with peers focused primarily on text-based models. The H3 model's imminent release could strengthen the company's position against competitors including Baidu's Ernie and ByteDance's Doubao in China's crowded AI market.
MINIMAX-W shares fell 3.9% on the day. Short selling accounted for HKD20.97 million, or 5.8% of total turnover. Goldman Sachs expects the stock to be included in the Southbound Stock Connect program in August 2026, which could open access to mainland Chinese capital and potentially boost trading volumes. The program has historically driven valuation re-ratings for Hong Kong-listed tech stocks after inclusion.
The HKD860 target price implies substantial upside from current levels, though the view is not universal. JPMorgan recently cut its target on MINIMAX-W to HKD160, citing valuation pressure from the Kimi K3 model reshaping large model valuations in the sector.
The reiterated Buy rating shows Goldman's conviction in MINIMAX-W's cost-efficiency strategy as a competitive advantage in the AI large language model market, where companies are racing to balance performance with operating costs. Investors will watch the M3 Pro launch in September and the H3 multimodal model release as the next catalysts for the stock.
This article is for informational purposes only and does not constitute investment advice.
