高盛:MiniMax-W ARR持续爬升及毛利率有望改善 维持“买入”评级

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【高盛:MiniMax-W ARR持续爬升及毛利率有望改善 维持“买入”评级】高盛发布研报称,在Communacopia + Technology 2026会议上与MiniMax-W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。

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