Zhaojin International: First gives a "buy" rating on MiniMax-W (00100), with a target price of 570 Hong Kong dollars.

Guotai Junan International released a research report stating that it has initiated coverage on MiniMax-W (00100) for the first time, giving it a "buy" investment rating with a target price of 570 Hong Kong dollars. The bank pointed out that MINIMAX is one of the world's leading AI large model companies. The company has three differentiated competitive advantages compared to other model manufacturers: 1) it has focused on the research and development of multi-modal large models since its establishment; 2) it has cost-effective AI model and product capabilities; 3) it has the ability to monetize its business globally. By 2025, the company's total revenue will reach 79 million US dollars, an increase of 159% year-on-year; among which, 67% of the total revenue comes from native AI products/open platforms and 33% comes from other AI-based enterprise services. According to CIC data, the company currently only has a market share of 0.3% in the global large model-related revenue market.