Goldman Sachs: Maintains Buy Rating on MiniMax with Target Price of HKD 860

07/04 05:55

On July 3, Goldman Sachs maintained its 'Buy' rating on MiniMax Group (0100.HK) with a target price of HKD 860. The report indicates that the MiniMax M3 model is priced the same as the M2.7, and through upgrades in training and inference architecture, inference efficiency has improved by over 2 times, sufficiently offsetting the cost increase from the doubling of model parameters. This week, DeepSeek announced that the official version of V4 is scheduled to launch in mid-July, along with the introduction of a time-based pricing mechanism, where peak period usage will cost twice the regular price. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-performance ratio of MiniMax M3. The upcoming release of larger versions of the M3 series and the H3 video model is also seen as a catalyst for the next phase. (Financial Associated Press)

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