Guohai Securities: Recommended to buy MINIMAX.

Guohai Securities released a research report on MINIMAX-W, giving it a "buy" rating for the first time. The company's full-modal large-model layout is leading, with products such as M3 and Hailuo possessing global competitiveness. The native multimodal and efficient research and development organization has built a scarce advantage. It is expected that the revenue CAGR from 2026 to 2028 will reach 108%, with significant commercialization potential, but no target price was provided.