Core Viewpoint - The company reported a solid performance in 1H25, with revenue and net profit growth, driven by international market expansion and strong battery box sales [1][2] Financial Performance - 1H25 revenue reached 12.29 billion yuan, a year-on-year increase of 10.8%, while net profit attributable to shareholders was 1.28 billion yuan, up 19.5% year-on-year [1] - Revenue from international markets was 7.98 billion yuan, growing 21.6% year-on-year, while domestic revenue was 4.31 billion yuan, declining 4.9% year-on-year [1] - Battery box revenue was 3.58 billion yuan, showing a significant increase of 49.8% year-on-year [1] Business Segments - Revenue from aluminum parts, plastic parts, and metal trim was 2.47 billion yuan, 2.87 billion yuan, and 2.66 billion yuan, respectively, with year-on-year growth rates of 4.1%, 0.9%, and 4.7% [1] - The decline in plastic parts revenue growth was attributed to reduced order demand from downstream customers [1] Profitability Metrics - The overall gross margin for 1H25 was 28.3%, a slight decrease of 0.2 percentage points year-on-year [1] - The gross margins for battery boxes, aluminum parts, plastic parts, and metal trim were 23.0%, 32.6%, 26.1%, and 28.1%, respectively, with varying year-on-year changes [1] Cost Management - Sales, management, and R&D expenses were 510 million yuan, 800 million yuan, and 730 million yuan, with corresponding expense ratios of 4.2%, 6.5%, and 5.9%, showing a decrease compared to the previous year [1] - The decline in sales expenses by 3.6% was mainly due to the easing of the Red Sea incident's impact and a reduction in unit transportation costs [1] Capital Expenditure - Capital expenditure for 1H25 was approximately 900 million yuan, down 17.5% year-on-year [1] Strategic Outlook - The company has raised its annual business target to 16 billion yuan, with a backlog of over 260 billion yuan in orders as of June [2] - The company is focusing on emerging businesses, including collaborations with major robotics clients and the development of AI liquid cooling systems [2] Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with a target price increase of 26% to 38.5 HKD, reflecting a potential upside of 10.6% from the current stock price [2]

（原标题：招商证券：升敏实集团(00425)目标价至42港元 短期警惕获利回吐风险） 智通财经APP获悉，招商证券发布研报称，敏实集团(00425)上半年净利润12.8亿元人民币(下同)，同比增长19.5%，按季增长2%，符合市场预期， 但高于该行预期，业绩受惠于降本增效及规模效应。公司亦长线布局人形机器人、低空经济、AI液冷等前景广阔的新赛道。报告指，考虑降本能 力突出，上调2025-2027财年净利润预测4%、3%及3%，估值基期切换至2026财年，目标价上调至42港元，相当于14倍2026财年 市盈率 ，估值为 公司历史平均估值。自该行第一季报告提示切换新赛道加速价值重估之后，股价已近翻倍，短期警惕获利回吐风险。 ...

Core Viewpoint - 招银国际 projects that Minth Group (00425) will experience a slight decline in gross margin from 28.9% in 2024 to a range of 28.5% to 28.7% from this year to 2027 due to an increase in sales of lower-margin battery casing products [1] Financial Projections - The company is expected to see a year-on-year net profit increase of 15% to 19%, reaching RMB 2.7 billion, RMB 3.1 billion, and RMB 3.7 billion for the respective years [1] - The target price for Minth has been raised from HKD 26 to HKD 38, maintaining a "buy" rating [1] Operational Performance - Key operational indicators for Minth in the first half of the year, including new business orders, R&D, capital expenditure, localization, and cash flow, have shown robust performance, enhancing confidence in operational efficiency [1] - The company is positioned favorably compared to most peers in the global automotive parts industry [1] Revenue Growth Expectations - Based on increasing order backlogs, revenue is projected to grow by 12% and 13% year-on-year in the next two years [1] - Contributions from products related to robotics and electric vertical takeoff and landing vehicles are expected to be minimal, but any new business reaching a turning point could lead to higher revenue growth [1]

招商证券发布研报称，敏实集团(00425)上半年净利润12.8亿元人民币(下同)，同比增长19.5%，按季增 长2%，符合市场预期，但高于该行预期，业绩受惠于降本增效及规模效应。公司亦长线布局人形机器 人、低空经济、AI液冷等前景广阔的新赛道。报告指，考虑降本能力突出，上调2025-2027财年净利润 预测4%、3%及3%，估值基期切换至2026财年，目标价上调至42港元，相当于14倍2026财年市盈率，估 值为公司历史平均估值。自该行第一季报告提示切换新赛道加速价值重估之后，股价已近翻倍，短期警 惕获利回吐风险。 ...

中金公司发布研报称，敏实集团(00425)上半年营业收入122.9亿元人民币(下同)，同比升10.8%，归母净 利润12.8亿元，同比升19.5%。公司上调敏实全年新业务承接目标额至160亿元，截至6月底，公司累计 在手订单超过了2,600亿元，该行认为有望支撑公司业绩稳健增长;目标价上调26%至38.5港元，予"跑赢 行业"评级。 ...

中金公司（601995）发布研报称，敏实集团(00425)上半年营业收入122.9亿元人民币(下同)，同比升 10.8%，归母净利润12.8亿元，同比升19.5%。公司上调敏实全年新业务承接目标额至160亿元，截至6月 底，公司累计在手订单超过了2,600亿元，该行认为有望支撑公司业绩稳健增长;目标价上调26%至38.5 港元，予"跑赢行业"评级。 ...

Group 1 - The core viewpoint of the report is that due to new orders from Minth Group (00425), the net profit forecasts for the company have been raised by 1% and 2% for the current and next year, respectively, while the 2027 profit forecast has been lowered by 2% to reflect changes in gross margin expectations [1] - The target price for Minth Group has been increased from HKD 25 to HKD 36, maintaining an "outperform" rating, attributed to ongoing liquidity recovery and diversified performance expansion [1] - The gross margin for Minth Group in the first half of the year was 28.3%, a slight decrease of 0.2% year-on-year, but improvements are expected in the second half due to OEMs compensating for tariff losses and a stabilized product mix [1] Group 2 - Revenue from China for Minth Group decreased to 35% in the first half of the year, down from 40.8% in the same period last year, with expectations that this figure will further decline to 30% in the coming years [1]

Group 1 - The core viewpoint of the report is that despite a slight increase in profit forecasts for the next two years, the long-term profit outlook for the company has been downgraded due to expected changes in gross margin [1] - The target price for the company has been raised from HKD 25 to HKD 36, maintaining an "outperform" rating [1] - The company's gross margin for the first half of the year was 28.3%, a decrease of 0.2% year-on-year, but improvements are expected in the second half due to compensation from OEMs for tariff losses and a stabilized product mix [1] Group 2 - The company's revenue from China decreased to 35% in the first half of the year, down from 40.8% in the same period last year, with expectations that this figure will further decline to 30% in the coming years [1]

Group 1 - Bank of America Securities has raised the earnings per share forecast for Minth Group (00425) for 2025 to 2027 by 0.4%, 3%, and 2% respectively, reflecting the performance in the first half of the year and new growth assumptions [1] - The target price has been increased from HKD 30 to HKD 36, primarily due to updated earnings forecasts and an increase in the target price-to-earnings ratio from 10 times to 12 times, as the bank is optimistic about stronger revenue growth prospects [1] - Minth Group's revenue for the first half of the year increased by 11% year-on-year, reaching RMB 12.3 billion, which aligns with Bank of America's expectations [1] Group 2 - The company is expected to achieve sustainable profit growth from 2025 to 2027, driven by optimism regarding new business opportunities [1] - Minth Group anticipates that its battery shell sales in Europe will reach RMB 11.2 billion by 2030 [1]

Group 1 - Bank of America Securities has raised the earnings per share forecast for Minth Group (00425) for 2025 to 2027 by 0.4%, 3%, and 2% respectively, reflecting the performance in the first half of this year and new growth assumptions [1] - The target price has been increased from 30 HKD to 36 HKD, primarily due to updated earnings forecasts and an increase in the target price-to-earnings ratio from 10 times to 12 times, as the bank is optimistic about stronger revenue growth prospects based on new order targets and new business [1] - The "Buy" rating has been reaffirmed, as the bank is optimistic about Minth's new business and expects sustainable profit growth from 2025 to 2027 [1] Group 2 - Minth Group's revenue for the first half of this year increased by 11% year-on-year, with a semi-annual growth of 2% to 12.3 billion RMB, which is in line with Bank of America's expectations [1] - Looking ahead, Minth Group anticipates that its battery shell sales in Europe will reach 11.2 billion RMB by 2030 [1]