Goldman Sachs Maintains MiniMax at 'Buy' Rating with a Target Price of HK$860

BlockBeats News, July 4th - Goldman Sachs maintained a MiniMax "Buy" rating with a target price of HK$860. In the report, Goldman Sachs stated that the MiniMax M3 model is priced the same as M2.7, but with upgrades to the training and inference architecture, the inference efficiency has more than doubled, sufficiently offsetting the cost increase from doubling the model's parameters. This week, DeepSeek announced that the V4 official version is scheduled to launch in mid-July, along with the introduction of a real-time pricing mechanism where the peak-hour price will be double the usual price.

Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-effectiveness of the MiniMax M3. The upcoming release of the M3 series with larger versions and the H3 video model are also seen as catalysts for the next stage.