【券商聚焦】国盛证券重申MINIMAX-W(00100)“买入”评级指M3模型加速ARR增长

金吾财讯

Jun 05

金吾财讯 | 国盛证券发布研报指，MINIMAX-W(00100)发布原生多模态模型M3，采用全新注意力架构MSA，支持最高1M超长上下文，训练数据规模达100万亿。M3重点提升Coding与Agent能力，在SWE-Bench Pro上得分59.0%，超过GPT-5.5和Gemini 3.1 Pro；在Claw-Eval上取得最高分。以FP8 GEMM CUDA算子优化为例，M3在24小时内自主完成147次benchmark提交与1959次工具调用，将硬件峰值利用率从7.6%提升至71.3%。MiniMax Code专为M3而生，Agent Team功能将复杂任务拆解为可并发Workflow，通过Producer+Verifier循环反思纠错，并具备Computer Use能力。模型定价按上下文长度分两档，相较M2.7价格翻倍。公司ARR过去两个月实现超100%增长，最新ARR达3亿美元。

考虑到ARR及模型需求量增长迅速，报告预计MiniMax 2026-2028年收入为5.7、11.4、17.1亿美元，同比增长625.9%、99.3%、49.6%；non-GAAP归母净亏损为13.0、12.4、6.8亿美元。看好M3模型对ARR的加速贡献，以及后续hailuo模型迭代、纳入恒生科技指数等一系列事件的催化，维持买入”评级。

风险提示包括模型迭代不及预期、行业竞争激烈、盈利改善不及预期等。

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