Core Viewpoint - Morgan Stanley initiates "Overweight" ratings for MiniMax (0100.HK) and Zhiyu (2513.HK), identifying them as top picks to capitalize on the next wave of global AI value creation [1] Group 1: Company Ratings and Price Targets - Morgan Stanley sets a target price of HKD 700 for MiniMax and HKD 400 for Zhiyu [1] - Despite significant stock price increases since their recent listings, investors are encouraged to engage in this sector [1] Group 2: Business Expansion and Revenue Sources - MiniMax and Zhiyu are recognized as two of the most prominent independent developers of large language models, with their global business expansion accelerating [1] - MiniMax currently derives over 70% of its revenue from overseas markets, while both companies are rapidly expanding their API businesses in response to global developer adoption [1] - This diversification of revenue sources is expected to enhance profit margins and demonstrate global competitiveness [1] Group 3: Revenue Growth Projections - Morgan Stanley forecasts a compound annual growth rate (CAGR) of 138% for MiniMax's revenue from 2026 to 2030, with a potential break-even point by 2029 [1] - Zhiyu is projected to achieve a CAGR of 127% in revenue over the same period, also expected to reach profitability by 2029 [1]
大行评级丨小摩：首予稀宇科技及智谱增持评级