Jefferies: MiniMax-W (00100) M3.1 Flash Model Poised to Redefine AI Agent Capabilities and Cost Efficiency

Jefferies issued a research report maintaining a "Buy" rating and a target price of HK$533 for MiniMax-W (00100). The bank noted that MiniMax recently officially released the M3.1 Flash model, which shows significant improvements in capabilities across multiple areas including agentic tasks, coding, computer use, and cybersecurity, while also delivering strong cost efficiency. The M3.1 Flash model offers approximately 3x faster inference speed and 70% lower cost, and is expected to redefine the capabilities and cost efficiency of AI Agents. Jefferies noted that MiniMax emphasizes that the Flash version focuses on the balance between cost efficiency and performance, while the Pro version to be launched later focuses on the upper limit of intelligence. The bank expects that the sparse attention architecture will deliver better inference efficiency.