高盛发布研报称，在Communacopia + Technology 2026会议上与MiniMax-W（00100）联合创始人兼总裁Yeyi Yun对谈，并维持“买入”评级，基于DCF估值，12个月目标价760港元不变。
该行指出，自8月起M3模型及多模态H3推出后，公司ARR持续爬升，并预期即将推出M3.1、M3 Pro及H3.1等更新。推理优化正支持毛利率环比扩张，公司预期下半年毛利率受惠于持续推理优化及模型效率提升而环比改善，中长期毛利率目标为大型语言模型达到中双位数，多模态产品更高。
管理层重申，算力供应仍是行业关键瓶颈，但通过基建优化及资源利用率提升，现有算力足以支持当前模型管线，并有信心为未来前沿模型发展取得充足产能。开源权重策略及harness产品正加快企业采用，受惠于中国互联网企业等新客户及海外采用扩大，企业客户收入占比现约80%。
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