Damo: MiniMax-W (00100) M3.1 Flash pricing is competitive to maintain “gain” rating, target price of HK$900

The Zhitong Finance App learned that Morgan Stanley released a research report stating that it maintains the MiniMax-W (00100) “gain” rating, with a target price of HK$900. The bank pointed out that MiniMax officially launched the M3.1 Flash model this Monday (October 19), and the model parameters and authorization information have not yet been disclosed. The model showed significant improvements in agent workflow, programming, computer usage, and network security. DeepSWE scored 73.7%, OSWorld V2 scored 61.7, and CyberGym scored 82%. Among them, OSWorld V2 and CyberGym ranked among the leading models in China.

The bank pointed out that although the M3.1 Flash price is not the lowest, it is competitive in China's major Flash large-scale language models, and the cost of proxy tasks is also advantageous. By optimizing the sparse attention mechanism, model reasoning speed was increased by nearly 3 times, and agent task costs were reduced by 70%; in terms of API pricing, each million input and output tokens were 1 yuan and 4 yuan, respectively.

M3.1 Flash ranked second in the Artificial Analysis Intelligence Index among major Flash large-scale language models in China, after DeepSeek V4.1 Flash Oct. The bank believes that the combination of higher intelligence, higher throughput and lower costs should help expand enterprise adoption.

The bank anticipates that M3 Pro will be the main large-scale language model showcasing MiniMax's cutting-edge intelligence capabilities, and is expected to launch before the end of October.