Jefferies has raised its price target for MINIMAX-W (00100) to HK$533, up from the previous HK$506, while maintaining a "Buy" rating on the stock. The brokerage's updated valuation comes after the company's first-half results highlighted robust growth metrics that exceeded expectations.
According to the research note, MiniMax's annualized revenue surpassed US$800 million in August, significantly outpacing the firm's earlier projection of US$580 million. Additionally, token consumption volumes in July surged 20-fold compared to early 2026 levels, underscoring rapid adoption of its AI models.
The acceleration in annualized revenue was driven by increased usage of the text model in July, alongside the release of the H3 model in August. Jefferies noted that MiniMax remains focused on maximizing model intelligence while minimizing operational costs, a strategy expected to support margin improvements.
The brokerage anticipates gross margins will begin to improve in the second half of the year, with further expansion potential continuing into 2027. Upcoming product launches, including M3.1, M3 Pro, and H3.1, are positioned to sustain this growth trajectory.
Jefferies reiterated that MiniMax ranks among its top "best buy" picks within the sector, citing the company's strong execution and favorable demand dynamics.
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