Investment Rating - The report initiates coverage with a **Buy** rating for the company, citing a 55% upside potential based on a 10x PE valuation for 2024 [5][10] Core Views - The company is a global leader in automotive exterior parts, with a strong track record of revenue and profit growth, achieving a 19.7% CAGR in revenue and 12.2% CAGR in net profit from 2006 to 2023 [5] - The company's globalization strategy has been highly successful, with overseas revenue growing at a 29.4% CAGR from 2006 to 2023, and overseas revenue accounting for over 50% of total revenue in H1 2024 [5] - The battery shell business is a key growth driver, with orders worth RMB 125.08 billion as of H1 2024, expected to contribute significantly to future revenue [5][6] - The company's financial metrics are improving, with free cash flow turning positive in 2023, and a potential valuation re-rating as profitability and ROE improve [6] Financial Projections - Revenue is projected to grow from RMB 23.91 billion in 2024 to RMB 34.42 billion in 2026, with a CAGR of 16.0%-21.5% [6][7] - Net profit is expected to increase from RMB 2.25 billion in 2024 to RMB 3.17 billion in 2026, with a CAGR of 18.3%-18.9% [6][7] - Gross margin is forecasted to remain stable at around 27.4% from 2024 to 2026 [6][7] Business Segments - **Battery Shell Business**: Expected to generate revenue of RMB 49.5 billion in 2024, growing to RMB 106.2 billion by 2026, with gross margins improving from 21% to 22.5% [11] - **Plastic Parts Business**: Revenue is projected to grow from RMB 66.4 billion in 2024 to RMB 92.4 billion in 2026, with gross margins stable at around 24%-24.5% [11] - **Aluminum Trim Business**: Revenue is expected to increase from RMB 48.5 billion in 2024 to RMB 60.8 billion in 2026, with gross margins remaining at 37% [11] Growth Catalysts - The company's battery shell business is expected to benefit from the rapid growth of the global electric vehicle market, with a projected market size of RMB 632 billion by 2025 [171] - The company's global factory layout and diversified customer base provide a competitive advantage in the face of rising tariffs and deglobalization trends [5][6] - The company's smart exterior business is seen as a future growth driver, with potential for significant revenue contribution in the coming years [5][6] Market Position - The company is a top player in the global battery shell market, with a market share of approximately 8% in 2023 [175] - The company's global presence and strong customer relationships, including partnerships with major automakers like Tesla, BMW, and Volkswagen, position it well for continued growth [175][176] Historical Performance - The company has consistently expanded its product portfolio, from traditional exterior parts to aluminum components and battery shells, driving ASP growth from RMB 60 to nearly RMB 1,700 [169][170] - Overseas revenue has grown significantly, from RMB 124 million in 2006 to RMB 9.97 billion in 2023, with a CAGR of 29.4% [5][84]

Investment Rating - The report assigns an "Overweight" rating to the company for the first time [1] Core Views - The company is a global leader in automotive exterior parts, with a diversified product portfolio including plastic, metal, and aluminum components, as well as battery boxes [2] - The company has a strong market position in traditional businesses such as metal trim, aluminum parts, and plastic parts, ranking first domestically and globally in certain segments [2] - The battery box business has become a major growth driver, with global market share increasing from 2.1% in 2021 to 13.3% in 2023 [2] - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] Financial Performance and Forecast - The company's revenue is expected to grow from RMB 25.115 billion in 2024 to RMB 34.032 billion in 2026, with a CAGR of 13.13% [3] - Net profit attributable to shareholders is projected to increase from RMB 2.342 billion in 2024 to RMB 3.143 billion in 2026 [3] - The PE ratio is expected to decline from 6.78x in 2024 to 5.05x in 2026, indicating an attractive valuation [3] Business Segments - **Metal and Trim**: Revenue is expected to grow steadily, with a CAGR of 4-6% from 2024 to 2026, driven by recovery in domestic and overseas markets [48] - **Aluminum Parts**: Revenue is forecasted to grow at a CAGR of 15% from 2024 to 2026, supported by strong demand in both domestic and international markets [48] - **Plastic Parts**: Revenue is projected to grow at a CAGR of 18-20% from 2024 to 2026, benefiting from the recovery in demand in China and overseas markets [48] - **Battery Box**: Revenue is expected to grow significantly, with a CAGR of 40% from 2024 to 2026, driven by the rapid expansion of the new energy vehicle market [48] Industry and Market Position - The company is a leading global supplier of automotive exterior parts, with a strong presence in the battery box market, ranking second domestically in 2020 [2] - The battery box market is expected to grow significantly, with global market size projected to reach RMB 44.4 billion by 2026, driven by the rapid growth of the new energy vehicle market [34] - The company has a competitive advantage in the battery box market due to its global production layout and "local supply" strategy, which reduces transportation costs for large components [2] Innovation and Future Growth - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] - The company is also focusing on lightweight and integrated chassis solutions for battery boxes, which are expected to be key growth areas in the future [41] Valuation and Peer Comparison - The company's PE ratio is lower than its peers, with a 2024 PE of 6.78x compared to the median PE of 12.83x for comparable companies, indicating an attractive valuation [52] - The company's revenue growth and profitability are among the top in its peer group, with a strong focus on R&D and innovation, which supports its future growth potential [51]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 26.43 for 2024, based on a 12x PE multiple [2] Core Investment Thesis - Long-term: The company is well-positioned to benefit from global capacity coordination, electrification trends, and localization, with battery box business as a key growth driver [2] - Medium-term: Traditional exterior parts business is expected to grow steadily due to trends in intelligence and integration [2] - Short-term: Revenue is pressured by downstream customers, but battery box business is growing rapidly due to increased market share of new energy vehicles [2] Financial Projections - Revenue is expected to grow from RMB 20.52 billion in 2023 to RMB 36.45 billion in 2026, with a CAGR of 21.0% [3] - Net profit is projected to increase from RMB 1.90 billion in 2023 to RMB 3.97 billion in 2026, with a CAGR of 26.7% [3] - EPS is forecasted to rise from RMB 1.65 in 2023 to RMB 3.42 in 2026 [3] Business Overview - The company is a global leader in automotive exterior parts and battery boxes, with over 70 factories worldwide [12] - Key product lines include metal and trim parts, plastic parts, aluminum parts, and battery boxes, contributing 25.6%, 26.4%, 20.3%, and 16.6% of total revenue in 2023, respectively [15] - The battery box business has grown rapidly, with revenue increasing from RMB 270 million in 2021 to RMB 3.54 billion in 2023 [18] Market Trends - Europe's electrification trend remains strong despite subsidy reductions, driven by carbon emission regulations and fuel economy standards [26] - The global battery box market is expected to reach RMB 63.8 billion by 2026, with a CAGR of 21.0% [44] - Localization is becoming a key trend, with the company expanding its overseas capacity to meet customer demands [55] Competitive Advantages - The company has a comprehensive product portfolio and strong R&D capabilities, with a focus on high-performance aluminum materials [53] - It has a diversified customer base, including major automakers such as Volkswagen, BMW, and Renault [54] - The company's vertical integration in the supply chain provides cost advantages and enhances its technological development capabilities [53] Industry Outlook - The automotive exterior parts market is expected to grow due to trends in intelligence and integration, with the company benefiting from its mature technology and patent barriers [2] - The battery box industry is highly competitive, but the company's cost efficiency, comprehensive manufacturing processes, and global capacity give it a strong position [47]

MjNTH — MINTH GROUP LIMITED MjNTH — 敏寶集團有限公司 (於開曼群島註冊成立的有限公司) 股份代號:425 2024 中期報告 -20 � -10- at lo rio 04 D p 8 0 3 0 0 0 3 A - 20 - cho ar , alb 0 000 00 200 0 & 6 ત o 008 8 00 0 क 0 0 0 8 85 0 and P -200 f 880 . 0 No 0 = E STIN 核心價值觀 團隊合作 引領變革 正直誠信 相互信任 願景 流動的美， 我們智造 讓汽車更輕、 更美、 更智能 此中期報告以環保紙張印製 使命 目 錄 2 公司資料 | --- | --- | |-------|------------------------------| | | | | | | | 4 | 管理層討論與分析 | | 48 | 其他資料 | | 54 | 簡明綜合財務報表審閱報告 | | 56 | 簡明綜合損益及其他全面收益表 | | 58 | 簡明綜合財務狀況表 | | 60 | 簡明綜合權益變動表 | | 62 | 簡明綜合現金流量表 | ...

Investment Rating - Strong Buy (Maintained) with a target price of HKD 16.6 [1] Core Views - Revenue growth in 1H24 was in line with expectations, with traditional exterior parts slightly exceeding expectations and battery box business slightly below expectations [1] - Net profit growth in 1H24 was in line with expectations, with stable gross margins and increased expenses due to rising freight costs [1] - Future growth is expected to be driven by the battery box business and other new products, with a stable growth outlook [1] - Adjusted net profit forecasts for 2024-2025 to RMB 2.2 billion and RMB 2.58 billion, respectively, and introduced a 2026 forecast of RMB 3.1 billion [1] Financial Performance - 1H24 revenue: RMB 11.1 billion, +14% YoY, +2.9% QoQ [1] - 1H24 net profit: RMB 1.07 billion, +20% YoY, +5.1% QoQ [1] - Gross margin: 28.5%, +2.2PP YoY, flat QoQ [1] - Sales expense ratio: 4.8%, +0.8PP QoQ due to rising freight costs [1] - Management expense ratio: 6.7%, -1.0PP QoQ [1] - R&D expense ratio: 6.4%, -1.0PP QoQ [1] Business Segments - Traditional exterior parts revenue: RMB 7.8 billion, +10% YoY, -7% QoQ [1] - Metal and trim: RMB 2.5 billion, +1.2% YoY [1] - Plastic parts: RMB 2.8 billion, +14% YoY [1] - Aluminum parts: RMB 2.4 billion, +14% YoY [1] - Battery box and structural parts revenue: RMB 2.4 billion, +33% YoY, +24% QoQ [1] Future Outlook - Growth is expected to be driven by the battery box business and other new products [1] - The company is expanding its product categories in structural parts and traditional exterior parts to hedge against joint venture customers [1] - The company benefits from improved gross margins and expense ratios due to new business growth and the end of a high-intensity investment cycle [1] Valuation and Forecasts - 2024E revenue: RMB 24.123 billion, +17.5% YoY [2] - 2025E revenue: RMB 28.232 billion, +17.0% YoY [2] - 2026E revenue: RMB 33.091 billion, +17.2% YoY [2] - 2024E net profit: RMB 2.201 billion, +15.7% YoY [2] - 2025E net profit: RMB 2.577 billion, +17.1% YoY [2] - 2026E net profit: RMB 3.1 billion, +20.3% YoY [2] - 2024E PE: 5.9x, 2025E PE: 5.0x, 2026E PE: 4.2x [2]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved steady growth in the first half of 2024, with revenue reaching 11.09 billion yuan, a year-on-year increase of 13.8%, and net profit attributable to the parent company reaching 1.068 billion yuan, a year-on-year increase of 20.4% [3] - The company made significant breakthroughs in the body and chassis structural components business, expanding its market share with key clients such as Honda, Geely, and Stellantis, and securing new orders for subframes and electric control/motor housings [3] - The company plans to repurchase up to 116,199,359 shares, with a maximum budget of 500 million HKD, to be executed based on market conditions [3] - The diversified product portfolio and balanced customer structure are expected to support long-term sustainable growth, with projected net profits of 2.18 billion yuan, 2.49 billion yuan, and 2.94 billion yuan for 2024-2026, respectively [3] Financial Performance - Revenue for 2024 is forecasted to be 24.247 billion yuan, with a year-on-year growth of 18.1%, and net profit is expected to reach 2.184 billion yuan, a 14.7% increase [4] - Gross margin for 2024 is projected to be 27.4%, with a net margin of 9.01% [4] - ROE is expected to improve from 10.39% in 2023 to 11.34% in 2026 [4] - EPS for 2024 is forecasted to be 1.88 yuan, increasing to 2.53 yuan by 2026 [4] Valuation and Peer Comparison - The company's 2024 PE ratio is estimated to be 6.44x, with a PB ratio of 0.69x [7] - Compared to peers, the company's valuation is relatively attractive, with a mean PE ratio of 15.9x for 2024 among comparable companies [5] Financial Position - The company's asset-liability ratio decreased to 26.9% in the first half of 2024, down by 1.5 percentage points year-on-year [3] - Cash flow from operating activities is expected to improve significantly, from 1.513 billion yuan in 2024 to 2.993 billion yuan in 2026 [7] - Total assets are projected to grow from 37.547 billion yuan in 2023 to 50.066 billion yuan in 2026 [8] Market Performance - The stock's absolute return over the past 3 months was -16.0%, underperforming the CSI 300 index by 11.2% [2] - The stock's 52-week price range is between 9.60 HKD and 23.95 HKD, with a current price of 12.10 HKD as of May 28, 2024 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MINTH GROUP LIMITED 敏實集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：425） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 營業額增長約 13.8% ，達到約人民幣 11,090 百萬元（二零二三年同期：約人民幣 9,747 百萬元）。 | | • | 毛利率約 28.5% （二零二三年同期：約 26.3% ）。 | | • | 本公司擁有人應佔溢利增長約 20.4% ，為約人民幣 1,068 百萬元（二零二三年同期： 約人民幣 887 百萬元）。 | | • | 每股基 ...

16 Jul 2024 Earnings Summary CMB International Global Markets | Equity Research | Initiation Minth Group (425 HK) Overseas foundation to withstand trade risks Initiate with BUY and TP of HK$21.00. Minth Group (Minth) has been transforming from an exterior decorative parts maker to a more diversified tier1 supplier with manufacturing capabilities in different materials. We are of the view that investors have probably underestimated Minth's solid overseas foundation which is crucial for the upcoming trade ris ...

Stock Data and Valuation - The stock's closing price on May 27 was HKD 16.16, with a 52-week price range of HKD 10.10-25.40 [1] - The company has a total market capitalization of HKD 187.78 billion, with 1.162 billion shares outstanding [1] - The report maintains an "Outperform" rating for the stock, with a target price range of HKD 20.21-24.25 for 2024, based on a 10-12x PE ratio [2] Financial Performance and Projections - In 2023, the company achieved revenue of RMB 20.52 billion, up 18.6% YoY, and net profit of RMB 1.90 billion, up 26.8% YoY [4] - Revenue is projected to grow to RMB 24.25 billion in 2024, RMB 27.46 billion in 2025, and RMB 30.69 billion in 2026 [5] - Net profit is expected to reach RMB 2.18 billion in 2024, RMB 2.49 billion in 2025, and RMB 2.94 billion in 2026 [5] - EPS is forecasted to be RMB 1.88 in 2024, RMB 2.15 in 2025, and RMB 2.53 in 2026 [5] Business Highlights - The company achieved record-high new business contracts in 2023, with significant progress in battery boxes, body chassis components, and intelligent products [4] - Battery box business expanded globally, with new contracts in Europe, China, and North America, including first-time orders from Nissan, Stellantis, and Hyundai-Kia [4] - Intelligent product portfolio grew to include electric door systems, illuminated front/rear masks, active grille shutters, and variable spoilers, serving Chinese, European, Japanese, and cross-industry tech clients [4] Financial Ratios and Metrics - Gross margin remained stable at 27.4% in 2023, with slight improvement expected to 28.0% by 2026 [5] - ROE improved to 10.4% in 2023 and is projected to reach 11.3% by 2026 [5] - Current ratio improved from 1.24 in 2023 to 1.36 in 2024E, while quick ratio increased from 0.81 to 0.90 [7] - P/E ratio is 9.63x for 2023 and expected to decrease to 8.60x in 2024 [7] Industry Comparison - The company's 2024E PE ratio of 8.6x is lower than industry peers such as Hesheng (18.0x), Huada (26.1x), and Lingyun (14.1x) [6] - Average industry PE for 2024 is 19.4x, significantly higher than the company's valuation [6]

又选了一些比较优秀的公司集中给大家这个汇报一下今年的一些展望情况那今天也特别荣幸请到民视集团的董秘育总来给我们就23年的一个年报情况以及说20年的一些展望吧然后做一个这种集中的一个解答那要么我们就先请育总就这个年报的一个情况先跟我们介绍一下然后我们后面有问题再跟育总请教 好的,我是伊蕾丽因为这个年度业绩已经过了好长时间了所以我请就是我们的那个二二的高级经理黄春林给大家快速的几分钟时间来说明一下吧然后我呢之后再把就是年初至今的情况再来说明一下好的,2023年的话米食银额是达到205亿同比增长18.6%然后毛利率是27.4%就是基本是持平下降0.2个百分点吧 经营利润是增长36.7%净利润是增长26.8%到19亿然后同时也看到经营活动现金流大幅改善自由现金流是在2019年之后首次在2023年又再次转正然后在几个BU的角度上来看增速最快的是电池盒这个部分电池盒增长73%然后其他的几个BU速件增长18%铝件增长14%金属级市场增长3% 然后对于国内和国际的银额的一个情况2023年国际银额是增长28%左右然后中国银额是增长10%到11%左右这样的一个情况当然在披露的这个角度上来讲当中有一个就是从实际的交付上有一点点差异 ...