Guotai Haitong Maintains 'Add' Rating on MiniMax, Sets HK$449 Price Target

Guotai Haitong has maintained its “Add” rating on the artificial intelligence company MiniMax-W (00100.HK), setting a price target of HK$449, according to a new research report. The brokerage forecasts the company will achieve total revenue of $500 million in 2026.

Analyst Projections

In its note, Guotai Haitong projected MiniMax's revenue to grow substantially over the next few years, forecasting $500 million in 2026, $1.46 billion in 2027, and $3.57 billion in 2028. The HK$449 price target is based on a valuation of 40 times the company's estimated 2026 price-to-sales (PS) ratio.

The firm's positive outlook is underpinned by MiniMax's position as a "rare, global multi-modal large model stock on the Hong Kong exchange." The report also noted the company's recent release of its MiniMax M3 model and open-source MiniMax H3 weights.

Strong First-Half Performance

MiniMax reported robust growth in the first half of 2026, driven by what the report described as improved infrastructure efficiency.

Ad

• Revenue: $117 million, an increase of 283.1% year-over-year.
• Gross Profit: $20 million, up 464.8% year-over-year.
• Gross Margin: 17.9%, a 5.7 percentage point improvement from the prior year.
• Annualized Recurring Revenue (ARR): Exceeded $800 million in August, marking a growth of over 400% within six months.

Research and development expenses for the period were $300 million, a 138.8% year-over-year increase, which the report noted was significantly below the rate of revenue growth.

Revenue Drivers and Financial Health

Revenue from MiniMax's open platform and other AI-based enterprise services was a key growth engine, surging 703.1% to $74 million and accounting for 63.4% of total revenue. AI-native product revenue grew 100.9% to $43 million.

The company has a strong international footprint, with overseas revenue making up 60.8% of its total from operations in over 230 countries and regions. As of the first half of 2026, MiniMax held a cash balance of $1.32 billion. The company subsequently bolstered its finances by raising net proceeds of HK$9.44 billion from a share placement and issuing HK$6.5 billion in zero-coupon guaranteed convertible bonds.