Several top investment banks collectively recommend buying MiniMax-W (00100) with a significant rise of over 15%, signaling a clear rebound from the bottom.

On July 14th, Hong Kong AI company MiniMax-W (00100) saw a significant increase in its stock price, with an increase of over 15% during the trading day. Market funds continued to flow back in, driving the stock price to a noticeable rise. Since the lifting of the ban on July 9th, MiniMax has received new ratings from several international and domestic top investment banks, leading to increased market attention. On July 11th, J.P. Morgan issued a hold rating, followed by CICC issuing a buy rating on July 13th, and on July 14th, UBS and Goldman Sachs successively issued buy ratings. Many international banks have simultaneously issued new ratings indicating optimism, which is rare in the current market environment characterized by differentiation in the AI sector. UBS's latest report gave MiniMax a buy rating, citing the company's globalized multimodal large model development prospects and commercial growth space. Goldman Sachs also maintained its buy rating on MiniMax, expressing continued optimism about the company's long-term development logic. J.P. Morgan's latest rating is a hold, primarily cautious due to considerations of industry competition and short-term profit realization pace. Goldman Sachs previously set a target price for the company at HKD 860, stating that the industry price competition has entered a rational phase with the introduction of the DeepSeek V4 differentiated pricing by time period. This means that the low-price melee that started at the end of April is gradually ending, and MiniMax's M3 model, with its optimized computing power and lightweight efficient architecture, is priced at $0.22 per million tokens, positioning it with outstanding profit margins compared to its peers. Domestic top institution, CICC, also has a positive outlook on the company's long-term growth potential. Their research data shows that MiniMax's revenue for the fiscal year 2025 is expected to significantly increase by 159% year-on-year, with a gross margin improvement to 25.4%. The progress of commercialization exceeds market expectations, and the high research and development investments resulting in temporary losses are seen as normal for the industry. After the company's HKD 16 billion refinancing plan, funds will be fully invested in computing power reserves and large model iterative research and development to consolidate its technological barriers, making it well-positioned for long-term growth in technology advantages and commercial growth space. The market's previously worried about the pressure from the shares being unlocked have been sufficiently alleviated. In late June, Alibaba and miHoYo, two major strategic shareholders, publicly expressed their intention to hold onto their shares for the long term and continue to support the company's development, with no plans for short-term selling. Additionally, the founding team has voluntarily set a 12-month lock-up period, longer than the industry standard of six months, and this round of unlocking does not include the shares held by the founding team and employees. Industry analysts believe that after the previous continuous adjustments, MiniMax's valuation has already absorbed short-term negative factors, coupled with a warming industry pricing environment and the upcoming launch of a new video model, there are multiple growth logics in play. Today's rise in stock price is a reflection of the market's reevaluation of the company's core value. With the market disruptions caused by the short-term unlocking gradually clearing, and the arrival of the profit recovery cycle in the AI industry in the medium to long term, the company's global computing power layout, multimodal product matrix, and continuous high-growth commercial capabilities will continue to unlock value. As a rare locally grown global large model enterprise in the Hong Kong stock market, the future valuation recovery and performance growth prospects are worth keeping an eye on.