Morgan Stanley Adds Minimax to China/Hong Kong Focus List, Citing H3 and M3 Pro Catalysts
Morgan Stanley added Minimax (0100.HK) to its China/Hong Kong focus list and removed Duality Biotherapeutics (9606.HK).
Morgan Stanley added Minimax (0100.HK) to its China/Hong Kong focus list and removed Duality Biotherapeutics (9606.HK). The firm said Minimax’s next-generation H3 multimodal model and upcoming M3 Pro could become key catalysts for revenue growth. It expects the company’s revenue to reach $1 billion in 2026, although growth is expected to be weighted toward the second half of the year.
Morgan Stanley maintained its positive rating rating on Minimax and said the company’s financing plans would support continued model training and investment in computing capacity.
The note described Minimax as one of the most revenue-sensitive companies in China’s AI sector as it iterates on its H3 and M3 Pro multimodal models. It said that if the $1 billion revenue target is achieved, the result could lead to a significant valuation reassessment.
The note was favorable toward Minimax. It said market valuations for the AI application layer remain cautious and that achieving the $1 billion revenue target could exceed market expectations and create substantial upside potential.
Key catalysts identified in the note are the launch and commercialization progress of the H3 multimodal model, the release timing of M3 Pro, and progress on the financing plan to support model training. The note said investors should monitor quarterly revenue growth, model API call volume and the number of customer signings.
Morgan Stanley maintained its positive rating rating on Minimax and said the company’s financing plans would support continued model training and investment in computing capacity.
The note described Minimax as one of the most revenue-sensitive companies in China’s AI sector as it iterates on its H3 and M3 Pro multimodal models. It said that if the $1 billion revenue target is achieved, the result could lead to a significant valuation reassessment.
The note was favorable toward Minimax. It said market valuations for the AI application layer remain cautious and that achieving the $1 billion revenue target could exceed market expectations and create substantial upside potential.
Key catalysts identified in the note are the launch and commercialization progress of the H3 multimodal model, the release timing of M3 Pro, and progress on the financing plan to support model training. The note said investors should monitor quarterly revenue growth, model API call volume and the number of customer signings.