Jefferies Maintains Buy on Minimax, Says M3.1 Flash Cuts Costs 70%

On Oct 20, Jefferies issued a research report maintaining a "Buy" rating on Minimax with a target price of HK$533. The report noted that Minimax recently released the M3.1 Flash model, which delivers significant capability improvements across agentic tasks, coding, computer use, and cybersecurity, while offering strong cost efficiency.

According to Jefferies, M3.1 Flash achieves roughly 3x faster inference speed and a 70% cost reduction, which the firm said could redefine the capability and cost-effectiveness of AI agents. The brokerage also said Minimax emphasized that the Flash version focuses on balancing cost efficiency and performance, with the Pro version expected later to focus on higher intelligence ceilings, and that sparse attention architecture is expected to drive better inference efficiency.