Zhejiang Merchants Securities: Gives MINIMAX a buy rating.

Zheshang Securities has released a research report on MINIMAX-W, giving it a "buy" rating for the first time. The company is deeply cultivating the global distribution of full-modal large models, with revenue expected to reach $79.038 million USD in 2025, a year-on-year increase of 158.9%, and gross profit margin increasing to 25.4%. The company has built a complete chain of ToC+ToB business and a three-level product matrix, with AI native product revenue accounting for 67.2%. It is expected that the revenue CAGR for 2026-2028 will reach 186.7%, with a PS of 23 times in 2028, benefiting from industry high growth and commercialization acceleration, and the valuation has growth potential.