研报掘金丨招商证券：首予MiniMax“强烈推荐”评级，看好模型迭代带来的收入增长

Group 1 - The core viewpoint of the report is that MiniMax is recommended with a "strong buy" rating due to its continuous model capability iteration leading to revenue growth and high industry prosperity [1] - The company is expected to achieve revenue growth of 188%, 162%, and 107% for the years 2026, 2027, and 2028, reaching $230 million, $600 million, and $1.23 billion respectively [1] - Corresponding to the projected revenues, the price-to-sales ratios for 2026, 2027, and 2028 are forecasted to be 155.6x, 59.3x, and 28.7x [1]