MiniMax pursues the ultimate cost-effectiveness, the M3 Pro model is slightly delayed, and the H3 full-mode model will be released soon (Goldman Sachs)
After meeting with the founder and CEO of MiniMax Group (0100.HK), Goldman Sachs concluded that the company's strategy focuses on "the ultimate price-performance ratio." Although its M2 series models have previously performed well in terms of value for money,
After meeting with the founder and CEO of MiniMax Group (0100.HK), Goldman Sachs concluded that the company's strategy focuses on "the ultimate price-performance ratio." Although its M2 series models have previously performed well in terms of value for money, the upcoming M3 Pro model has been slightly delayed. The company is turning its focus to the H3 model, a new Omni-model architecture that can understand and generate text, images, videos, audio and music, and is expected to be released soon. In the long term, the company believes that users’ switching costs between different models will be low, and cost-effectiveness and efficiency will become key competitive barriers. One sentence conclusion: MiniMax’s strategy is clear. Short-term model delays will not change its long-term competitiveness. The release of the H3 full-modal model will be the next important product catalytic point and is expected to reshape the market’s understanding of its multi-modal capabilities. Positive/negative: Positive for MiniMax Group (0100.HK). The current share price may have partially reflected concerns about the delay of the M3 Pro, and the release and subsequent commercialization progress of the H3 model will be key. It is good for AI applications and multi-modal tracks. Catalysts: 1) Official release and performance evaluation of the H3 model; 2) Release and market feedback of the M3 Pro model; 3) Revenue growth and customer acquisition data from the company’s API platform.