MiniMax _全球全模态 AI 公司进入超高速增长阶段；基于估值给予中性评级

Ronald Keung, CFA 23 February 2026 | 6:46AM HKT Equity Research +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. MiniMax Group (0100.HK) Eric Sheridan Global full-modal AI company reaching hypergrowth stage; initiate at Neutral on valuation 0100.HK 12m Price Target: HK$1,018.00 Price: HK$970.00 Upside: 4.9% We initiate on MiniMax with DCF-based 12-m TP of HK$1,018 per share, at a sector-relative Neutral rating, on balanced risk-reward based on our bull/bear framework. MiniMax is one of the t ...