Investment Highlights - Company MINIMAX-WP (00100) is rated as outperforming the industry with a target price of HKD 1,109.00, based on a P/S valuation method corresponding to a 75x multiple for 2027 [1] - The company is one of the few domestic firms that successfully integrates foundational model capabilities with global AI-native application commercialization, showcasing its rarity in the AI sector [1] Company Positioning - MINIMAX-WP is one of the earliest companies in China to bet on the native full-modal fusion route, advancing text, speech, and video model development simultaneously since its inception [2] - The company has demonstrated the ability to monetize overseas market scale, with over 73% of revenue from international markets covering more than 200 countries and regions in the first three quarters of 2025 [1][2] - The firm employs a "technology as product" strategy, utilizing a "front store and back factory" model to accelerate the alignment and iteration of models and products [1] Organizational Efficiency - The company maintains a high talent density and efficiency, embedding AI capabilities deeply into internal workflows, with 73.8% of its 385 employees in R&D as of Q3 2025 [2] - The organizational structure is flat, with no more than three levels below the CEO, supporting efficient model and product iteration [2] Competitive Advantage - The company possesses a unique advantage in the integrated understanding and generation of multi-modal models, emphasizing technology as a product, globalization, and high efficiency [2] Financial Projections - Revenue projections for the company are estimated at USD 71 million, USD 228 million, and USD 598 million for the years 2025, 2026, and 2027 respectively, with a CAGR of 170% from 2024 to 2027 [2] - The current trading P/S ratio is 57x for 2027, indicating a potential upside of 31% compared to the target price [2]
MINIMAX-WP(00100.HK)：兼备SOTA级大模型研发能力、全球化超级应用发展潜力的稀缺标的