Goldman Sachs: Maintains Buy on MiniMax, Target Price HK$860

CoinFeed July 4 news, according to Jinshi reports, Goldman Sachs maintained a "Buy" rating on MiniMax Group with a target price of HK$860. The report shows that the MiniMax M3 model is priced the same as M2.7, and through training and inference architecture upgrades, inference efficiency has increased by more than 2 times, enough to offset the cost increase caused by doubling the model parameters. This week, DeepSeek announced that the official version of V4 is scheduled to go online in mid-July, and simultaneously launched a time-of-use pricing mechanism, with peak hour call prices being twice the usual price. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-effectiveness of MiniMax M3. The upcoming larger version of the M3 series and the H3 video model are also seen as catalysts for the next phase.