CIC: First rating for MINIMAX-WP (00100) as "outperform the industry" with a target price of 1109 Hong Kong dollars.

CICC released a research report stating that it has initiated coverage of MINIMAX-WP (00100) with an outperform industry rating and a target price of HK$1,109.00, based on the P/S valuation method, corresponding to a multiple of 75x in 2027. The company is one of the few in the country that can simultaneously run both ends of basic model capability and globalized AI native application commercialization in the AI race with scarcity. CICC's main points are as follows: One of the earliest domestic basic model manufacturers to bet on the native full-modal fusion route As Agent and the world model advance, full-modal understanding and generation are gradually becoming important basic capabilities. The company has been developing text, voice, and video models simultaneously since its inception, betting on full-modal fusion, forming a unified technology stack, and accumulating early experience. One of the few domestic basic model manufacturers with the ability to validate overseas market monetization on a large scale In the third quarter 25 years ago, overseas revenue accounted for more than 73%, covering 200+ countries and regions. By directly reaching high-paying users through AI-native products and developer platforms, the company is rapidly expanding in mature markets like Europe and the U.S., achieving self-blood circulation and obtaining real market feedback. Firmly executing the "technology is product" route, the "front store, back factory" mode accelerates the fitting iteration of models and products The company requires model capabilities to be directly reflected in the product experience, with research and product teams working closely together to quickly commercialize new model capabilities and introduce them to the market, reducing frictional losses in the technology transformation process. AI-native organization, holding high-efficiency organizational concepts, high talent density, and high efficiency The company deeply embeds AI capabilities in internal workflows; as of 3Q25, the company only has 385 employees, with research and development accounting for 73.8%; there are no more than three levels of hierarchy below the CEO. The AI-native, flat, high-efficiency organization supports the efficient iteration of models and products. The biggest difference between the company and the market? The company is believed to have an advantage in the development of integrated multimodal models in understanding and generation; the scarcity lies in the technological, product-oriented, globalized, and efficient aspects. Potential catalysts Company's release of new version models; industry technological evolution. Profit forecasts and valuation The company is expected to generate revenues of US$71 million, US$228 million, and US$598 million in 25-27, with a 24-27 CAGR of 170%. The company's native full-modal technology capabilities and application realization are well regarded, with an outperform industry rating and a target price of HK$1,109 (27x P/S in 27), representing a 31% upside from the current stock price. The company is currently trading at 57x P/S in 27. Risks Technological evolution, intensified competition, regulatory compliance, talent loss, market volatility.