[Table_Page] 公告点评|汽车与汽车零部件 证券研究报告 [【Table_T广itle] 发 汽 车 & 海 外 】 敏 实 集 团 [公Tab司le_I评nves级t] 买入 当前价格 14.76港元 （00425.HK） 合理价值 25.80港元 前次评级 买入 公告新股权激励计划，彰显企业经营向好信心 报告日期 2024-05-05 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现  公司授出总计3000万份购股权。2024年5月2日，公司发布授出购 20% 6% 股权的公告，公司已根据其于 2022 年 5 月 31 日采纳的购股权计划 -8%05/23 07/23 09/23 11/23 01/24 03/24 05/24 （2022年购股权计划）向若干合格参与者（即集团雇员）授予购股权， -22% 以认购总计 3000 万股于该公告发布日期每股面值为港币 0.10 元的已 -36% 发行普通股份。授予购股权旨在将员工的利益与公司联动，并激发公司 -50% 敏实集团 恒生指数 在关键领域成为全球领袖，为公司的永续和全球化经营创造长期价值， ...

Financial Performance - Revenue for 2023 reached RMB 20,523,674 thousand, a significant increase from RMB 17,306,393 thousand in 2022[6] - Net profit attributable to the company's owners in 2023 was RMB 1,903,231 thousand, up from RMB 1,500,584 thousand in 2022[6] - Pre-tax profit for 2023 was RMB 2,315,475 thousand, compared to RMB 1,779,069 thousand in 2022[6] - Income tax expenses for 2023 were RMB 351,482 thousand, up from RMB 248,708 thousand in 2022[6] - Revenue growth from 2019 to 2023 shows a consistent upward trend, with 2023 revenue being 55.5% higher than 2019's RMB 13,198,189 thousand[6] - Revenue increased by 18.6% year-on-year to RMB 20.524 billion, with battery box product line revenue growing by 73.0% to RMB 3.536 billion and non-battery box business revenue increasing by 11.3% to RMB 16.988 billion[7] - Net profit rose by 26.8% year-on-year to RMB 1.903 billion, with the sales, management, and research expense ratio decreasing by 1.5 percentage points to 17.8%[7] - The group's revenue for the year was approximately RMB 20,523,674,000, an increase of 18.6% compared to RMB 17,306,393,000 in 2022[12] - Revenue from China operations was approximately RMB 10,556,206,000, an increase of 11.1% compared to RMB 9,501,699,000 in 2022[12] - International revenue was approximately RMB 9,967,468,000, an increase of 27.7% compared to RMB 7,804,694,000 in 2022[12] - The company's revenue for the year reached approximately RMB 20,523,674,000, an increase of 18.6% compared to RMB 17,306,393,000 in the previous year[20] - International market revenue grew by 27.7% to approximately RMB 9,967,468,000, accounting for 48.6% of total revenue, up from 45.1% in the previous year[21] - The company's attributable profit increased by 26.8% to approximately RMB 1,903,231,000, driven by revenue growth, new battery box business, and cost reduction measures[18] - Gross profit increased by 17.5% to approximately RMB 5,621,991,000, with a slight decrease in gross margin from 27.6% to 27.4% due to changes in product structure[22] - Investment income rose by approximately RMB 69,721,000 to RMB 356,131,000, primarily due to increased interest income[23] - Distribution and sales expenses decreased by RMB 76,459,000 to RMB 791,910,000, accounting for 3.9% of revenue, down from 5.0% in the previous year[24] - Administrative expenses increased by RMB 157,552,000 to RMB 1,449,490,000, but the ratio to revenue decreased from 7.5% to 7.1%[25] - R&D expenses increased by RMB 224,228,000 to RMB 1,396,622,000, maintaining a 6.8% ratio to revenue, driven by innovation in battery boxes, chassis components, and smart exterior parts[26] - Net cash flow from operating activities was approximately RMB 3,365,907,000, indicating healthy cash flow[27] - Inventory turnover days decreased by 3 days to 93 days, reflecting improved supply chain management and shorter shipping cycles[27] - Cash and cash equivalents, including pledged bank deposits and time deposits, increased by RMB 1,183,400,000 to RMB 6,459,054,000[27] - The company's asset-liability ratio increased slightly from 27.5% to 28.4%[27] - Capital commitments for property, plant, and equipment amounted to RMB 662,368,000[29] - The company's bank loan balance as of December 31, 2023, was approximately RMB 9,688,323,000, with RMB 2,214,356,000 at fixed interest rates and RMB 7,473,967,000 at floating interest rates[30] - The company held cash and cash equivalents, as well as pledged bank deposits and time deposits, totaling approximately RMB 1,352,668,000 in non-functional currencies, including USD 1,079,354,000, EUR 145,618,000, JPY 95,229,000, MXN 18,894,000, and HKD 13,474,000[30] - The company's capital expenditure for the year was approximately RMB 3,235,375,000, primarily allocated to the expansion of innovative products such as battery boxes, chassis components, and smart exterior parts, as well as international production capacity[32] - The company had 22,311 employees as of December 31, 2023, an increase of 980 from the previous year, driven by rapid revenue growth and global strategic expansion, particularly in Serbia, North America, and Thailand[34] - The company's total pledged assets for loans included land use rights and factory buildings with a book value of approximately TWD 49,134,000 (RMB 11,370,000) and RMB 13,240,000, respectively, securing loans of approximately RMB 22,066,000[31] - The company's total pledged assets for loans also included receivables with a face value of approximately RMB 284,281,000, USD 65,230,000 (RMB 462,005,000), and RMB 365,000,000, securing loans of RMB 50,000,000, bills payable of RMB 985,396,000, and guarantees of RMB 136,680,000[31] - The company's non-functional currency-denominated bank loans amounted to approximately RMB 4,607,373,000, with RMB 4,419,681,000 in EUR and RMB 187,692,000 in USD[30] - The company's global strategic layout includes strengthening regional shared functions, optimizing regional matrix management models, and improving business process design to enhance global operational management capabilities[34] - The company is actively managing foreign exchange risks by closely monitoring foreign currency assets and liabilities, selecting local currencies for settlements, and using financial derivatives such as forward contracts, currency swaps, and options[30] - The company plans to expand regional organizational functions and improve global governance policies in 2024, aiming to enhance global organizational governance levels[35] - The company will upgrade its global unified human resources data platform to strengthen global governance and empower global business operations[35] - In 2024, China's passenger car sales are expected to reach 26.8 million units, a year-on-year increase of 3.0%, with new energy passenger car sales projected at 11.5 million units, achieving a penetration rate of 37%[36] - S&P Global Mobility predicts global light vehicle sales in 2024 to be around 88.3 million units, a year-on-year growth of approximately 2.8%[36] - The company will focus on digital transformation, standardizing data systems, and integrating R&D, production, supply, sales, and service processes to support global integrated operations[37] - The company aims to optimize global market investment and value chain layouts, enhancing operational excellence and managing risks in uncertain macro environments[37] - The company will strengthen traditional product R&D and manufacturing capabilities while deepening innovation through independent and collaborative R&D to achieve global competitiveness[37] - The company plans to improve operational capabilities, particularly in international factories, by replicating management practices and benchmarking costs to achieve localized excellence[37] - The company will enhance Glocal management capabilities, improving localized supply levels and maximizing the replication or sharing of global factory technology, management, cost, and talent advantages[37] - The company is committed to becoming a global leader in the automotive parts industry by providing systematic product solutions and customized services[37] - The company's revenue from China accounted for 51.4% of total revenue, amounting to RMB 10,556,206,000, while revenue from other countries accounted for 48.6%[20] - Gross profit increased by 17.5% to approximately RMB 5,621,991,000, with a slight decrease in gross margin from 27.6% to 27.4% due to changes in product structure[22] - Investment income rose by approximately RMB 69,721,000 to RMB 356,131,000, primarily due to increased interest income[23] - Distribution and sales expenses decreased by RMB 76,459,000 to RMB 791,910,000, accounting for 3.9% of revenue, down from 5.0% in the previous year[24] - Administrative expenses increased by RMB 157,552,000 to RMB 1,449,490,000, but the ratio to revenue decreased from 7.5% to 7.1%[25] - R&D expenses increased by RMB 224,228,000 to RMB 1,396,622,000, maintaining a 6.8% ratio to revenue, driven by innovation in battery boxes, chassis components, and smart exterior parts[26] - Net cash flow from operating activities was approximately RMB 3,365,907,000, indicating healthy cash flow[27] - Inventory turnover days decreased by 3 days to 93 days, reflecting improved supply chain management and shorter shipping cycles[27] - Cash and cash equivalents, including pledged bank deposits and time deposits, increased by RMB 1,183,400,000 to RMB 6,459,054,000[27] - The company's asset-liability ratio increased slightly from 27.5% to 28.4%[27] - Capital commitments for property, plant, and equipment amounted to RMB 662,368,000[29] - The company's bank loan balance as of December 31, 2023, was approximately RMB 9,688,323,000, with RMB 2,214,356,000 at fixed interest rates and RMB 7,473,967,000 at floating interest rates[30] - The company held cash and cash equivalents, as well as pledged bank deposits and time deposits, totaling approximately RMB 1,352,668,000 in non-functional currencies, including USD 1,079,354,000, EUR 145,618,000, JPY 95,229,000, MXN 18,894,000, and HKD 13,474,000[30] - The company's capital expenditure for the year was approximately RMB 3,235,375,000, primarily allocated to the expansion of innovative products such as battery boxes, chassis components, and smart exterior parts, as well as international production capacity[32] - The company had 22,311 employees as of December 31, 2023, an increase of 980 from the previous year, driven by rapid revenue growth and global strategic expansion, particularly in Serbia, North America, and Thailand[34] - The company's total pledged assets for loans included land use rights and factory buildings with a book value of approximately TWD 49,134,000 (RMB 11,370,000) and RMB 13,240,000, respectively, securing loans of approximately RMB 22,066,000[31] - The company's total pledged assets for loans also included receivables with a face value of approximately RMB 284,281,000, USD 65,230,000 (RMB 462,005,000), and RMB 365,000,000, securing loans of RMB 50,000,000, bills payable of RMB 985,396,000, and guarantees of RMB 136,680,000[31] - The company's non-functional currency-denominated bank loans amounted to approximately RMB 4,607,373,000, with RMB 4,419,681,000 in EUR and RMB 187,692,000 in USD[30] - The company's global strategic layout includes strengthening regional shared functions, optimizing regional matrix management models, and improving business process design to enhance global operational management capabilities[34] - The company is actively managing foreign exchange risks by closely monitoring foreign currency assets and liabilities, selecting local currencies for settlements, and using financial derivatives such as forward contracts, currency swaps, and options[30] - The company plans to expand regional organizational functions and improve global governance policies in 2024, aiming to enhance global organizational governance levels[35] - The company will upgrade its global unified human resources data platform to strengthen global governance and empower global business operations[35] - In 2024, China's passenger car sales are expected to reach 26.8 million units, a year-on-year increase of 3.0%, with new energy passenger car sales projected at 11.5 million units, achieving a penetration rate of 37%[36] - S&P Global Mobility predicts global light vehicle sales in 2024 to be around 88.3 million units, a year-on-year growth of approximately 2.8%[36] - The company will focus on digital transformation, standardizing data systems, and integrating R&D, production, supply, sales, and service processes to support global integrated operations[37] - The company aims to optimize global market investment and value chain layouts, enhancing operational excellence and managing risks in uncertain macro environments[37] - The company will strengthen traditional product R&D and manufacturing capabilities while deepening innovation through independent and collaborative R&D to achieve global competitiveness[37] - The company plans to improve operational capabilities, particularly in international factories, by replicating management practices and benchmarking costs to achieve localized excellence[37] - The company will enhance Glocal management capabilities, improving localized supply levels and maximizing the replication or sharing of global factory technology, management, cost, and talent advantages[37] - The company is committed to becoming a global leader in the automotive parts industry by providing systematic product solutions and customized services[37] - The company's revenue from China accounted for 51.4% of total revenue, amounting to RMB 10,556,206,000, while revenue from other countries accounted for 48.6%[20] - Gross profit increased by 17.5% to approximately RMB 5,621,991,000, with a slight decrease in gross margin from 27.6% to 27.4% due to changes in product structure[22] - Investment income rose by approximately RMB 69,721,000 to RMB 356,131,000, primarily due to increased interest income[23] - Distribution and sales expenses decreased by RMB 76,459,000 to RMB 791,910,000, accounting for 3.9% of revenue, down from 5.0% in the previous year[24] - Administrative expenses increased by RMB 157,552,000 to RMB 1,449,490,000, but the ratio to revenue decreased from 7.5% to 7.1%[25] - R&D expenses increased by RMB 224,228,000 to RMB 1,396,622,000, maintaining a 6.8% ratio to revenue, driven by innovation in battery boxes, chassis components, and smart exterior parts[26] - Net cash flow from operating activities was approximately RMB 3,365,907,000, indicating healthy cash flow[27] - Inventory turnover days decreased by 3 days to 93 days, reflecting improved supply chain management and shorter shipping cycles[27] - Cash and cash equivalents, including pledged bank deposits and time deposits, increased by RMB 1,183,400,000 to RMB 6,459,054,000[27] - The company's asset-liability ratio increased slightly from 27.5% to 28.4%[27] - Capital commitments for property, plant, and equipment amounted to RMB 662,368,000[29] - The company's bank loan balance as of December 31, 2023, was approximately RMB 9,688,323,000, with RMB 2,214,356,000 at fixed interest rates and RMB 7,473,967,000 at floating interest rates[30] - The company held cash and cash equivalents, as well as pledged bank deposits and time deposits, totaling approximately RMB 1,352,668,000 in non-functional currencies, including USD 1,079,354,000, EUR 145,618,000, JPY 95,229,000, MXN 18,894,000, and HKD 13,474,000[30] - The company's capital expenditure for the year was approximately RMB 3,235,375,000, primarily allocated to the expansion of innovative products such as battery boxes, chassis components, and smart exterior parts, as well as international production capacity[32] - The company had 22,311 employees as of December 31, 2023, an increase of 980 from the previous year, driven by rapid revenue growth and global strategic expansion, particularly in Serbia, North America, and Thailand[34] - The company's total pledged assets for loans included land use rights and factory buildings with a book value of approximately TWD 49,134,000 (RMB 11,370,000) and RMB 13,240,000, respectively, securing loans of approximately RMB 22,066,000[31] - The company's total pledged assets for loans also included receivables with a face value of approximately RMB 284,281,000, USD 65,230,000 (RMB 462,005,000), and RMB 365,000,000, securing loans of RMB 50,000,000, bills payable of RMB 985,396,000, and guarantees of RMB 136,680,000[31] - The company's non-functional currency-denominated bank loans amounted to approximately RMB 4,607,373,000, with RMB 4,419,681,000 in EUR and RMB 187,692,000 in USD[30] - The company's global strategic layout includes strengthening regional shared functions, optimizing regional matrix management models, and improving business process design to enhance global operational management capabilities[34] - The company is actively managing foreign exchange risks by closely monitoring foreign currency assets and liabilities, selecting local currencies for settlements, and using financial derivatives such as forward contracts, currency swaps, and options[30] - The company plans to expand regional organizational functions and improve global governance policies in 2024, aiming to enhance global organizational governance levels[35] - The company will upgrade its global unified human resources data platform to strengthen global governance and empower global business operations[35] - In 2024, China's passenger car sales are expected to reach 26.8 million units, a year-on-year increase of 3.0%, with new energy passenger car sales projected at 11.5 million units, achieving a penetration rate of 37%[36] - S&P Global Mobility predicts global light vehicle sales in 2024 to be

Investment Rating - Buy rating maintained for Minth Group (0425 HK) with a current stock price of HKD 12 36 as of March 28 2024 [3] Core Views - Minth Group achieved revenue of RMB 20 52 billion in 2023, up 18 6% YoY, with net profit attributable to shareholders of RMB 1 9 billion, up 26 8% YoY [4] - Domestic revenue accelerated in H2 2023, reaching RMB 5 87 billion, up 4 6% YoY and 25 1% QoQ, accounting for 54 4% of total revenue [4] - Overseas revenue in H2 2023 was RMB 4 91 billion, up 10 4% YoY but down 2 9% QoQ, driven by battery box business expansion in Europe and overall growth in North America [4] - Gross margin improved to 28 4% in H2 2023, up 1 8 ppts YoY and 2 1 ppts QoQ, with battery box gross margin at 21 0%, up 1 9 ppts YoY and 3 1 ppts QoQ [4] - Net profit attributable to shareholders in H2 2023 was RMB 1 02 billion, up 20 5% YoY and 14 5% QoQ, with a net margin of 9 4%, up 1 0 ppts YoY and 0 3 ppts QoQ [4] Business Highlights - Minth Group has a comprehensive layout in battery box technology, securing projects from traditional automakers, new energy vehicle makers, and battery manufacturers, including a new PHEV integrated die-casting battery box project [5] - The company successfully mass-produced its first intelligent light-emitting bumper and intelligent electric side door system in 2023, with plans to focus on front and rear face assemblies, door assemblies, and body structural components in 2024 [5] - Domestic customer base expanded significantly, with orders from BYD for traditional products and battery boxes, and new innovative product orders from Geely, GAC Aion, Li Auto, XPeng, and NIO [5] - The company is entering a harvest period for its battery box business, with global expansion and improved capacity utilization expected to drive further profit growth [5] - Forecasted net profit attributable to shareholders for 2024-2026 is RMB 2 41 billion, RMB 3 03 billion, and RMB 3 69 billion, respectively, with corresponding P/E ratios of 5 4X, 4 3X, and 3 5X [5] Industry Context - Global automotive sales in H2 2023 increased by 10 1% YoY, with Japanese, German, and American brands growing by 6 1%, 5 7%, and 3 5%, respectively [4] - Minth Group's revenue in H2 2023 was RMB 10 72 billion, up 7 2% YoY and 10 6% QoQ, driven by growth in battery boxes, plastic parts, aluminum parts, and metal and decorative parts [4]

智通财经APP获悉，瑞银发布研究报告称，维持敏实集团(00425)"买入"评级，目标价由20.8港元微降至 20港元。该行指公司去年下半年毛利率强劲复苏达28.4%，同比及按半年分别升1.8及2.1个百分点。该 行料归功于收入增长带来规模效益改善;在新品加快生产下塑胶业务全球营运产能持续改善，去年北美 工厂成功扭亏;以及在技术升级下生产效率及生产收益率改善。 报告中称，敏实新业务订单流入去年创历史新高。去年集团在大众汽车提升市占比，加大大众汽车在欧 洲及中国的电池盒生产业务。敏实去年捉紧了北美市场的机遇，取得日产及Stellantis电池盒订单。此 外，敏实加大与比亚迪合作，其创新产品在比亚迪供应链取得突破，取得首份来自比亚迪的电池盒订 单。该行料新订单及客户扩张可支持敏实今明两年纯利同比各升19%。 ...

智通财经APP获悉，美银证券发布研究报告称，维持敏实集团(00425)"买入"评级，基于估值吸引及今年 稳固增长预期，但不预期公司未来12个月派息，因需要现金储备应付未来扩张。上调对公司今明两年盈 利预测各4%，目标价由18港元上调至18.6港元。 该行表示，上调公司今明两年收入预测1%及2%，基于对公司电池盒项目信心增犟。同时上调对公司今 明两年毛利率预测，基于塑件及铝条毛利率复苏。管理层在分析员会议中重申有信心在今年及中长期达 到每年20%销售增长，亦表明考虑在债务融资成本下降及股市融资难度降低下考虑派发现金股息，公司 亦披露推动增长的新产品，包括电池盒结构部件及无线充电科技。 ...

智通财经APP获悉，敏实集团(00425)跌超5%，截至发稿，跌5.23%，报13.04港元，成交额1.56亿港元。 消息面上，敏实集团公布2023年度业绩，营业额205.24亿元人民币(下同)，同比增长18.6%。纯利19.03 亿元，同比增长26.8%；每股盈利1.654元。不派末期息。 大华继显此前发表报告指，与电动车相关的新项目增加、其扩大客户群并纳入更多中国汽车制造商等因 素，均推动敏实收入增长；但全球电动车销售放缓和价格战加剧，均拖累其盈利增长。 ...

智通财经APP讯，敏实集团(00425)发布截至2023年12月31日止年度末期业绩，该集团期内取得营业额 205.24亿元(人民币，下同)，同比增加18.59%;股东应占溢利19.03亿元，同比增加26.83%;每股基本盈利 1.654元。 公告称，集团中国营业额为约105.56亿元，较2022年同期增长约11.1%，主要得益于中系客户既有业务 的订单增长与新量产项目带来的增量以及中国区电池盒业务的持续量产;集团国际营业额为约99.67亿 元，较2022年同期增长约27.7%，主要得益于集团欧洲区电池盒项目的量产及北美区美系、日系及欧系 等客户传统产品业务的强劲增长。 集团新业务承接再创历史新高。于回顾年度，集团电池盒和车身底盘结构件持续稳步拓展。电池盒业务 上，集团在现有客户基础上继续扩大渗透及业务区域版图。例如，集团与大众的电池盒业务已从欧洲延 伸至中国，而与沃尔沃的电池盒业务已从中国扩展至欧洲。在中国和欧洲新能源汽车市场持续发力的同 时，集团紧抓北美市场机遇，首次突破了北美市场日产、斯特兰蒂斯、现代起亚等客户的电池盒业务。 于回顾年度，集团在电池盒生产工艺上也不断取得拓展，获得首个混动车型一体压铸电池 ...

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） 截至二零二三年十二月三十一日止年度 末期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 營業額增長約 18.6% ，達到約人民幣 20,523.7 百萬元（二零二二年：約人民幣 17,306.4 百萬元）。 | | • | 毛利增長約 17.5% ，達到約人民幣 5,622.0 百萬元（二零二二年：約人民幣 4,784.2 百 萬元）。 | | • | 本公司擁有人應佔溢利增加約 26.8% ，達到約人民幣 1,903.2 百 ...

证券研究报告 （优于大市，维持） 《重回增长轨道》 王 猛 SAC号码：S0850517090004 刘一鸣 SAC号码：S0850522120003 房乔华 SAC号码：S0850522030001 张觉尹 SAC号码：S0850523020001 ...

IGLOCAL 2023 期 報 告 10 @ Mind MINTH GROUP LIMITED (於開曼群島註冊成立的有限公司) 團隊合作 引領變革 使命 願景 核心價值觀 流動的美， 我們智造 目標 正直誠信 相互信任 讓汽車更輕、 更美、 更智能 2025 年成為全球汽車零部件行業 50 強 此中期報告以環保紙張印製 | --- | --- | --- | --- | --- | |-------|-------|-----------------|-------------------------------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | 2 4 45 50 | 目 錄 公司資料 管理層討論與分析 其他資料 簡明綜合財務報表審閱報告 | | | | | 52 | 簡明綜合損益及其他全面收益表 | | | | | 54 | 簡明綜合財務狀況表 | | | | | 56 | 簡明綜合權益變動表 | | | | | | | | | | | 58 60 | 簡明綜合現 ...