Goldman Sachs Reiterates 'Buy' on MiniMax-W with HK$860 Price Target
Goldman Sachs has issued a research report maintaining a 'Buy' rating on MiniMax-W, setting a price target of HK$860. The firm highlights MiniMax-W's multimodal strategy as a key differentiator, with its H3 model nearing the final stages of development and expected to launch soon. Goldman Sachs anticipates this launch will significantly impact the multimodal industry landscape.
During a recent analyst meeting, MiniMax founder and CEO Yan Junjie emphasized the company's focus on optimizing the cost-effectiveness of each model. The current M3 model processes trillions of tokens daily, and its open platform/API revenue has achieved a healthy gross profit margin. The ultimate goal is to reach a high double-digit gross profit margin. Furthermore, the upcoming M3 Pro, slated for release between September and October, is expected to offer substantial cost efficiencies.
The report from Goldman Sachs underscores the strategic importance of multimodal AI capabilities and cost-efficiency in the rapidly evolving AI sector. By focusing on optimizing the performance-to-cost ratio for its models, MiniMax appears to be positioning itself for sustainable growth and market penetration. The anticipated launch of the H3 model and the M3 Pro suggests a competitive drive to capture market share by offering advanced, yet cost-effective, AI solutions. Investors will likely monitor the actual impact of these new models on industry dynamics and MiniMax's financial performance, particularly its ability to achieve projected gross profit margins in a highly competitive market.
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