如果MiniMax模型性能若持续进入全球第一梯队,其天花板来自全球TAM;而收入结构若以海外为主,估值锚点自然向国际可比公司靠拢,而对标非传统中国软件公司。摩根士丹利首次覆盖MiniMax,给出“增持”评级与930港元目标价,并将其定位为“全球AI基础模型领导者”。在这份报告里,大摩真正押注的并非短期盈利,而是两条主线:模型能力是否站在全球第一梯队,以及收入结构是否具备全球扩张的弹性。据追风交易台...
Source Link如果MiniMax模型性能若持续进入全球第一梯队,其天花板来自全球TAM;而收入结构若以海外为主,估值锚点自然向国际可比公司靠拢,而对标非传统中国软件公司。摩根士丹利首次覆盖MiniMax,给出“增持”评级与930港元目标价,并将其定位为“全球AI基础模型领导者”。在这份报告里,大摩真正押注的并非短期盈利,而是两条主线:模型能力是否站在全球第一梯队,以及收入结构是否具备全球扩张的弹性。据追风交易台...
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