Xin Lang Cai Jing·2026-02-13 05:57Core Viewpoint - Cathay Securities has initiated coverage on MINIMAX-WP with a "Buy" rating and a target price of HKD 620, highlighting the company's leading performance in self-developed multimodal models and strong overseas revenue contribution [1] Group 1: Company Performance - MINIMAX-WP's self-developed multimodal model performance is noted to be industry-leading [1] - The company has a high proportion of overseas revenue, indicating strong international market presence [1] - MINIMAX-WP is reported to have a substantial cash reserve, providing financial stability [1] Group 2: Financial Projections - Revenue is projected to reach USD 220 million by 2026, reflecting significant growth potential [1] - The company is assigned a valuation of 113x price-to-sales (PS), underscoring its status as a rare global AI investment opportunity in the Hong Kong stock market [1]