国泰海通：首次覆盖给予MINIMAX增持评级 目标价620港元

Core Viewpoint - Cathay Securities has initiated coverage on MINIMAX-WP (00100.HK) with a "Buy" rating and a target price of HKD 620 [1] Group 1: Company Performance - The company has developed a leading self-researched multimodal large model [1] - It has a high proportion of overseas revenue and substantial cash reserves [1] Group 2: Financial Projections - Revenue is expected to reach USD 220 million by 2026 [1] - The company is assigned a valuation of 113x PS, reflecting its growth potential as a rare globalized AI stock in the Hong Kong market [1]