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MiniMax(00100.HK)升逾8% 瑞銀:看好模型升級加速變現
瑞銀指出,MiniMax(00100.HK)年度經常性收入(ARR)增長正加速,4月ARR較2月增長超過100%,較今年2月比去年12月超過50%的增速進一步加快。管理層目標是到2026年底實現10億美元ARR。瑞銀維持對該股的「買入」評級,目標價為1,000港元。該行表示,API及Token計劃收入的快速增長是主要驅動因素,其收入佔比已由2025年的不足3...
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MiniMax(00100.HK)升逾8% 瑞銀:看好模型升級加速變現
Recommend
17
Positive
32
Negative
12
 
 

瑞銀指出,MiniMax(00100.HK)  +81.000 (+10.533%)    Short selling $99.32M; Ratio 3.603%   年度經常性收入(ARR)增長正加速,4月ARR較2月增長超過100%,較今年2月比去年12月超過50%的增速進一步加快。管理層目標是到2026年底實現10億美元ARR。瑞銀維持對該股的「買入」評級,目標價為1,000港元。

該行表示,API及Token計劃收入的快速增長是主要驅動因素,其收入佔比已由2025年的不足30%提升至目前的近50%。同時,來自Hailuo AI應用的訂閱收入維持穩健。管理層認為,行業競爭短期內不值得擔憂,因需求增長仍遠超供應,而模型性能的提升可解鎖更多用例及擴大市場。

瑞銀提到,公司預計短期內(6月初)推出M3系列重大更新,今年稍後亦計劃推出更大型參數模型,以在編程能力上與全球領導者看齊。新一代Hailuo 3將採用原生融合架構。

瑞銀視MiniMax近期獲納入恒生科技指數及恒生綜合指數為正面因素,並預期即將推出的模型迭代及納入港股通將成為催化劑。該行補充,雖然7月股份解禁或會增加股價波動,但相信公司已與上市前及基礎投資者溝通以管理影響。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-27 16:25.)

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