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

On July 4, Goldman Sachs maintained a 'Buy' rating on MiniMax with a target price of HKD 860. In the report, Goldman Sachs stated that the MiniMax M3 model is priced the same as the M2.7, and with upgrades in training and inference architecture, the inference efficiency has more than doubled, 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 be priced at twice the usual rate. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-performance ratio of MiniMax M3. The upcoming larger version of the M3 series and the H3 video model are also seen as catalysts for the next phase.
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