Core Viewpoint - The management of Minth Group (00425) reaffirmed guidance for double-digit growth in both revenue and net profit for the year, with net profit growth expected to outpace revenue growth [1] Financial Performance - The operating expense ratio is expected to remain stable or slightly decrease [1] - The new order target has been raised to 15 billion RMB [1] - Capital expenditure guidance is set at 2 billion RMB [1] - Free cash flow is expected to continue improving [1] Earnings Forecast - Jefferies has raised its earnings forecasts for Minth Group for the fiscal years 2025 and 2026 to 2.7 billion RMB and 3.2 billion RMB, respectively [1] - The target price has been increased from 21.5 HKD to 32.1 HKD, while maintaining a "Hold" rating [1]

富瑞发布研报称，参加了敏实集团(00425)绩后非交易路演，管理层重申全年营收与净利实现双位数增 长指引，其中净利增速将超越营收。营业费用率将保持稳定或略有下降。新订单目标上调至150亿元人 民币，资本支出指引为20亿元人民币，自由现金流将持续改善。富瑞将敏实2025/2026财年盈利预测上 调至27亿及32亿元人民币，目标价由21.5港元上调至32.1港元，维持"持有"评级。 ...

Group 1 - The core viewpoint of the report is that Minth Group (00425) achieved a revenue growth of 10.8% year-on-year in the first half of this year, reaching 12.3 billion RMB, which is in line with expectations [1] - The European business experienced rapid growth, increasing by 51% year-on-year, driven by the rising adoption of electric vehicles, despite a significant decline in the Chinese market [1][2] - The target price for Minth Group has been raised from 25 HKD to 35 HKD, based on a projected price-to-earnings ratio of 13 times for 2026 [1] Group 2 - The net profit forecast for 2025 has been moderately adjusted upward by 2% to 26.5 billion RMB, while the 2026 net profit forecast remains unchanged at 29 billion RMB [1][2] - The battery casing business is expected to continue being the main driver of profit growth for Minth, particularly due to the increasing adoption of new energy vehicles in Europe and a robust local production capacity [2] - Traditional businesses are anticipated to maintain stable growth through product category expansion and deepening penetration with domestic brands, effectively offsetting the weak demand for joint venture brands in the Chinese market [2]

Group 1 - The core viewpoint of the report is that Minth Group (00425) has shown a revenue growth of 10.8% year-on-year in the first half of the year, reaching 12.3 billion RMB, which is in line with expectations [1] - The European business has experienced rapid growth, increasing by 51% year-on-year, driven by the rising adoption rate of electric vehicles, despite a significant decline in the Chinese market [1][2] - The target price for Minth Group has been raised from 25 HKD to 35 HKD, reflecting a forecasted price-to-earnings ratio of 13 times for 2026 [1] Group 2 - The net profit forecast for 2025 has been adjusted upward by 2% to 26.6 billion RMB, while the 2026 net profit forecast remains unchanged at 29 billion RMB [2] - The battery casing business is expected to continue being the main driver of profit growth for Minth, particularly due to the increasing adoption of new energy vehicles in Europe and a solid customer base of original equipment manufacturers [2] - Traditional businesses are anticipated to maintain stable growth through product category expansion, an increased global brand OEM customer base, and deeper penetration with domestic Chinese brands, effectively offsetting the weak demand for joint venture brands in the Chinese market [2]

Core Viewpoint - The company reported a total revenue of 12.287 billion yuan for the first half of 2025, representing a year-on-year growth of 10.8%, and a net profit attributable to shareholders of 1.277 billion yuan, up 19.6% year-on-year [1] Financial Performance - The company's gross margin slightly decreased to 28.3%, down 0.2 percentage points year-on-year [1] - Revenue growth was observed across all business units (BUs): - Metal and decorative strip BU revenue reached 2.660 billion yuan, an increase of 4.6% year-on-year [1] - Plastic parts BU revenue was 2.867 billion yuan, up 0.8% year-on-year [1] - Aluminum parts BU revenue amounted to 2.469 billion yuan, a rise of 4.1% year-on-year [1] - Battery box BU revenue surged to 3.582 billion yuan, reflecting a significant increase of 49.8% year-on-year [1] - Other business units generated revenue of 1.670 billion yuan, up 10.2% year-on-year [1] Strategic Developments - The company has accelerated its layout in the robotics and low-altitude sectors, becoming a Tier 1 supplier in the robotics industry [1] - It provides innovative robotic component solutions in areas such as limb structural parts, integrated arms, electronic skin, wireless charging, rotating planetary joints, harmonic drives, and customized masks [1] - In the low-altitude sector, the company focuses on body systems and rotor systems, including eVTOL non/secondary load body covers and self-developed variable pitch rotor systems [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 12.29 billion yuan in H1 2025, representing a year-on-year growth of 10.8%, and a net profit attributable to shareholders of 1.28 billion yuan, up 19.5% year-on-year [2][4] - The company benefits from the rapid growth of the European new energy battery box business, entering a dual growth cycle of both growth and profitability [2][4] - The company has established a strategic cooperation agreement with Zhiyuan to collaboratively develop electronic skin, joints, and wireless charging, accelerating progress in the humanoid robot industry [2] Summary by Sections Revenue and Profitability - In H1 2025, the company reported a revenue of 12.29 billion yuan, with a year-on-year increase of 10.8%, and a net profit of 1.28 billion yuan, reflecting a growth of 19.5% year-on-year [2][4] - The revenue breakdown by product category shows significant growth in battery boxes, with a revenue of 3.58 billion yuan, up 49.8% year-on-year [7] Market Dynamics - The global automotive production and sales are experiencing high demand, with China's passenger car production increasing by 13.8% year-on-year and European new energy vehicle sales rising by 31.0% [7] - The company's overseas revenue reached 7.98 billion yuan, a year-on-year increase of 21.6%, with overseas revenue accounting for 65.0% of total revenue, up 9.7 percentage points year-on-year [7] Cost and Margin Analysis - The overall gross margin for H1 2025 was 28.3%, with a slight decrease of 0.2 percentage points year-on-year, while the gross margin for battery boxes improved to 23.0%, up 2.4 percentage points year-on-year [7] - The company has reduced its selling, administrative, and general expense ratio to approximately 10.7%, down 0.8 percentage points year-on-year, indicating improved cost efficiency [7] Future Outlook - The company is well-positioned in the battery box market, having secured orders from major automotive manufacturers such as Chery, BYD, and Stellantis, further solidifying its status as a leading global battery box supplier [7] - The company anticipates net profits of 2.82 billion yuan, 3.37 billion yuan, and 4.10 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 12.4X, 10.4X, and 8.5X respectively [7]

V i e w p o i n t | 28 Aug 2025 04:08:39 ET │ 12 pages Minth (0425.HK) Raise TP to HK$38; LT Positive on Battery Housing & eVTOL/Robotics CITI'S TAKE Mgmt. shared their battery housing outlook at today's analyst briefing, with EU contribution driven by robust EV sales growth and China contribution driven by order wins amid tightening safety standards. Battery housing should be the major growth driver in the near term, with eVTOL/Robotics business to gradually contribute scale from 2027E, according to mgmt. ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by the growth of electric vehicle sales in Europe, with revenue and net profit showing significant year-on-year increases [1][2]. Financial Performance - In 1H25, the company achieved revenue of 12.3 billion, representing a year-on-year increase of 11% and a quarter-on-quarter increase of 1.9% [1] - The net profit attributable to the parent company was 1.28 billion, up 20% year-on-year and 2.0% quarter-on-quarter [1] - The gross profit margin for 1H25 was 28.3%, a slight decrease of 0.2 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [1] - The net profit margin was 10.4%, an increase of 0.8 percentage points year-on-year, remaining stable quarter-on-quarter [1] Business Segments - Revenue from traditional exterior parts was 8 billion, a year-on-year increase of 3.1% but a quarter-on-quarter decrease of 6.1% [1] - Battery box revenue reached 3.6 billion, showing a significant year-on-year increase of 50% and a quarter-on-quarter increase of 22%, benefiting from the rise in European electric vehicle sales [1] - The company expects continued growth in its core business for 2025-2026, driven by the ongoing demand for electric vehicle battery boxes and stable traditional parts business [2] Strategic Initiatives - The company is actively exploring new business areas such as low-altitude and robotics, leveraging its expertise in metal forming, material processing, and complex component integration [2] - Recent collaborations include a development agreement with EHang for low-altitude aircraft components and a strategic partnership with Zhiyuan for smart exterior and robotic technologies [2] Future Outlook - The company anticipates a profit growth rate of 15-20% over the next two years, supported by the expected improvement in battery box gross margins and a slight reduction in overall expense ratios [2] - Projected net profits for 2025-2027 are estimated at 2.77 billion, 3.24 billion, and 3.66 billion, reflecting year-on-year growth rates of 20%, 17%, and 13% respectively [2]

业绩稳健增长，加速机器人和低空领域的布局 敏实集团(00425) 证券研究报告 汽车 / 公司点评 / 2025.08.31 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 32.88 | | 流通股本(亿股) | 11.66 | | 每股净资产(元) | 18.80 | | 总股本(亿股) | 11.66 | 最近 12 月市场表现 -3% 34% 72% 110% 148% 185% 敏实集团 恒生指数 汽车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《业绩稳健提升，布局人形机器人与低空 飞行器赛道》 2025-04-02 2. 《深耕零部件行业三十载，全球领先外饰 供应商》 2024-10-23 3. 《收入端同比高增长，电池盒业务不断取 得突破》 2023-03-24 ❖ 事件：公司发布 2025 年中报，2025 年上半年公司实现总营收 122.87 亿 元，同比增 ...

Core Viewpoint - The article emphasizes the transformative impact of AI on the chemical materials industry, marking a shift from traditional methods to AI-driven approaches that enhance efficiency and innovation in material development [1][6][10]. Group 1: AI and Industry Transformation - AI models and applications have rapidly evolved, leading to a surge of innovative products and marking a technological turning point for the industry [1]. - The integration of AI, embodied intelligence (EI), and big data is accelerating the onset of the Fourth Industrial Revolution in the chemical materials sector [1]. - China is positioned as the largest market and manufacturing base, with abundant application scenarios for AI in material science [1]. Group 2: Collaboration Between Material and AI Companies - Material companies are increasingly collaborating with AI firms to enhance research and development processes [3]. - The shift from traditional experimental methods to AI-enabled approaches is expected to streamline the entire material development chain from research to industrialization [1][6]. Group 3: Expert Insights and Reports - Experts from various institutions shared insights on the opportunities and challenges posed by AI in the chemical materials industry during the 2025 Polymer Industry Annual Conference [4][6][10]. - The reports highlighted the need for companies to overcome technical bottlenecks, data silos, and high costs to fully leverage AI in material development [6][8]. Group 4: AI-Driven Innovations in Material Development - AI is reshaping production optimization and predictive maintenance across seven key areas, contributing to cost reduction and efficiency gains [6]. - The development of high-performance catalytic materials is crucial for sustainable development, with AI facilitating faster and more cost-effective research processes [7]. - AI and automation are being combined to enhance process development, significantly improving research and development efficiency [8]. Group 5: Infrastructure and Case Studies - The construction of "AI + Materials" infrastructure is essential for transitioning to data-driven and model-assisted material development [9]. - Specific case studies demonstrate the successful application of AI in predicting material properties and optimizing formulations, showcasing the potential of AI in polymer research [10]. Group 6: Upcoming Events and Opportunities - The 2025 Polymer Industry Annual Conference will explore new opportunities in emerging industries such as AI, embodied robots, and new energy vehicles [11][12]. - The conference aims to gather industry leaders, experts, and stakeholders to discuss the future of polymer materials and technology [11][12].