Guotai Junan Securities: for the first time, it gives a MINIMAX overweight rating with a target price of 620 Hong Kong dollars.

Guotai Junan Securities released a research report on MINIMAX-WP, covering it for the first time with a "Buy" rating and a target price of 620 Hong Kong dollars. The company's fully self-developed multi-modal large model performance is leading, with a high proportion of overseas revenue and ample cash reserves; it is expected to have a revenue of 220 million US dollars in 2026, with a valuation of 113 times PS, reflecting its growth potential as a rare global AI target in the Hong Kong stock market.