敏实集团 20250624 摘要 敏实集团预计 2025 年利润接近 28 亿人民币，当前估值约为 7.8 倍市盈 率，考虑到分红率提升至 40%及新兴业务前景，估值有望回升至 10 倍 以上，甚至达到 12-15 倍，具备较大的上升空间。 欧洲新能源汽车市场增长受益于碳排放政策、企业购车补贴以及政府支 持。敏实集团在欧洲订单收入持续高速增长，预计将提升产能利用率和 利润率，2025 年欧洲新能源汽车市场仍需实现 22%的增长目标。 敏实集团积极布局低空飞行器和机器人技术，与多家客户建立合作关系， 并与智源公司、特斯拉等保持长期合作，有望获得更多订单，在新兴技 术领域具有较大的发展潜力。 敏实集团通过全球化布局和中心运营模式，提高了产能利用率并降低了 资本开支。在北美、欧洲和亚洲均设有中心工厂，通过数字化转型监控 全球工厂生产，提高了自动化水平和成本管控能力。 敏实集团在电池壳业务领域占据较高市场份额，2024 年市占率约为 20%。随着技术发展，电池托盘依然不可或缺，公司将继续深耕这一领 域，预计今年国内纯电动汽车市场规模可观。 Q&A 敏实集团在欧洲新能源市场的表现如何？ 敏实集团在欧洲新能源市场表现出色 ...

本文数据及模型请联系：孙潇雅/王彬宇 摘要 为什么当前阶段看好敏实？ 核心结论：产能扩张收尾资本开支下行，经营杠杆释放带动盈利拐点向上，ROE、毛利率同步改善。后 续增量最大业务系电池盒，受益欧洲新能源销量拐点，机器人深度布局四大产品线。 1、复盘【资本开支-收入-利润三重拐点】 （转自：新能源前沿战队） 资本开支：21-23年除去维护性capex，每年额外20亿资本开支，23年停止分红估值下杀，资本开支拐点 是24年，额外资本开支只有4亿，为第一个拐点。 收入和利润拐点：24年同期收入增速13%，毛利率向上改善，且ROE开始回升（通过净利率和资产周转 率双升实现），为第二个拐点。 2、海外深度一体化，成为【真正享受全球化】的公司 公司系最早一批出海的中国零部件，在全球14个国家拥有77家工厂，欧洲、北美本土化经验丰富，公司 文化深入人心。中心+卫星工厂的模式使得交付稳定的同时盈利水平与国内接近。 后续收入最大的增量电池托盘，1）格局进入收官战，当年很多小厂深度亏损后不再愿意投入；2）欧洲 产能（出海产能）成为重要壁垒。 目前电池托盘收入占比23%，毛利率从21年的10.7%增加至24年的21.4%，未来有望 ...

港股公司报告 | 首次覆盖报告 敏实集团（00425） 证券研究报告 产能周期视角下经营拐点向上，机器人打开第二增长极 公司概况：全球化汽车零部件龙头，业务多元布局 敏实集团是全球领先的汽车外饰件及车身结构件供应商，业务覆盖全球 14 个国家，拥有 77 家工厂及 4 大产品线（塑件、铝件、金属饰条、电池盒）， 客户包括宝马、奔驰、特斯拉等 70 余个汽车品牌。公司历经三大发展阶段： 初创培育期（金属饰条等传统业务起步）、轻量化转型与全球化布局期（铝 件业务拓展）、创新发展期（电池盒、智能外饰等新兴业务突破），2020 年 重组为四大业务单元，目前已成为全球最大的电池盒和车身结构件供应商 之一。 经营拐点：资本开支放缓，盈利修复态势明确 核心拐点体现在： 传统主业：技术与客户优势巩固基本盘 重点增量：电池盒业务高增长动能明确 新业务布局：机器人领域拓展第二增长曲线 公司与智元机器人达成战略合作，聚焦智能外饰与电子皮肤、一体化关节 总成、无线充电等领域，产品覆盖工业制造、仓储物流等场景，依托汽车 零部件制造经验，推动柔性智造解决方案，有望形成新的收入增长点。 盈利预测与投资建议 预 计 2025-2027 年公 ...

敏实集团 20250521 摘要 敏实集团通过持续的产品创新和市场拓展，从传统外饰件向新能源和智 能化领域转型，包括锂电池盒、智能外饰等，并前瞻性布局机器人和低 空经济。 公司营收稳健增长，2023 年盈利恢复高增长，利润率持续提升。电池 盒业务占比增加，铝件、塑料件占比稳定，不锈钢件占比下降，反映产 品结构调整。 自 2020 年以来，资本支出显著提升，研发费用率维持在 6%-7%的高 位，表明公司重视研发投入，但收入增速需匹配资本支出增速以提升毛 利率。 欧洲新能源车市场受碳排放政策影响，销量提升，推动敏实集团电池盒 业务增长，公司接获大量欧洲和中国订单，促进电池业务放量。 敏实集团在电动车技术路线上采取多元化布局，覆盖 MHP、CTP、CTB、CEC 四大技术路线，受益于技术路线分化，降低了 技术变革带来的风险。 公司传统外饰业务在全球市场占据领先地位，市占率在 10%至 40%之 间，同时积极开拓低空经济和机器人产品市场，实现业务多元化。 敏实集团通过就近建厂、中心卫星工厂模式、数字化工厂和事业部制度 等策略，提升海外生产效率，降低成本，增强全球竞争力，尤其在墨西 哥市场优势显著。 Q&A 敏实集团的 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 23,147,123 thousand, representing a year-over-year increase of approximately 12.9% from RMB 20,523,674 thousand in 2023[10]. - The company's profit before tax for 2024 was RMB 2,806,939 thousand, which is a 21.2% increase compared to RMB 2,315,475 thousand in 2023[10]. - Net profit attributable to the company's owners for 2024 reached RMB 2,319,300 thousand, reflecting a growth of 21.0% from RMB 1,903,231 thousand in 2023[10]. - The gross profit for the year was approximately RMB 6,698,070,000, up about 19.1% from RMB 5,621,991,000 in the previous year, with a gross margin of approximately 28.9%[52]. - The revenue from the Chinese market was approximately RMB 9,323,157,000, showing a growth of about 1.3% from RMB 9,204,126,000 in the previous year[27]. - The international revenue reached approximately RMB 13,823,966,000, an increase of about 22.1% from RMB 11,319,548,000 in the previous year, driven by rapid growth in battery box business and stable growth in traditional products[27]. - The effective tax rate for the year was approximately 15.4%, up from 15.2% in the previous year[62]. - The company's investment income decreased to approximately RMB 325,291,000 from RMB 356,131,000 in the previous year, a reduction of about RMB 30,840,000[53]. - The company's other income increased to approximately RMB 459,511,000 from RMB 414,571,000 in the previous year, an increase of about RMB 44,940,000[54]. Market Trends - In 2024, the Chinese automotive market saw a production and sales volume of approximately 27.48 million and 27.56 million vehicles, respectively, with a year-over-year growth of about 5.2% and 5.8%[16]. - New energy vehicles accounted for approximately 40.9% of the new car market in China, with annual sales reaching about 12.87 million units, marking a significant year-over-year growth of approximately 35.5%[16]. - Global light vehicle sales were approximately 88.64 million units, with a year-on-year increase of about 2.1%[18]. - In the U.S. market, sales reached approximately 15.977 million units, a year-on-year increase of about 2.3%[18]. - The Chinese automotive market is projected to reach total sales of 32.9 million units in 2025, with a year-on-year growth of 4.7%, and new energy vehicle sales expected to grow by 24.4%[84]. Operational Efficiency - The company achieved a significant recovery in gross profit margin through multiple cost-reduction projects and lean operations management[21]. - The company has established a digital EHS system with eight modules to enhance global factory EHS management efficiency[23]. - The energy management certification coverage reached approximately 86% following the ISO50001 energy management audit[23]. - The energy consumption per unit of output decreased by approximately 5.0% year-on-year[23]. - The company enhanced its operational efficiency by integrating processes across its global factories, leading to improved production quality and capacity utilization[32]. Innovation and Development - The company is actively developing innovative products in emerging fields such as low-altitude economy and artificial intelligence robotics, positioning itself to capitalize on future market opportunities[14]. - The company aims to leverage its technological reserves in wireless charging to meet the demands of the autonomous driving sector, anticipating significant market benefits in the coming years[14]. - The company continued to develop its research and innovation capabilities, focusing on battery box and chassis components, and achieved significant progress in low-carbon and intelligent automotive development[35]. - The company has developed high-performance materials, including Minal®-S636 aluminum alloy with a yield strength of 360 MPa, which has passed real vehicle collision performance verification[40]. - The company holds over 60 core patents related to aluminum alloy materials and has successfully applied these materials in battery boxes and chassis components for major manufacturers like BMW and Mercedes[40]. Corporate Governance - The company adopted a new remuneration committee charter on January 31, 2023, to enhance corporate governance practices[102]. - The board consists of eight members, including the chairperson, two executive directors, one non-executive director, and four independent non-executive directors as of December 31, 2024[106]. - The company is committed to maintaining high standards of corporate governance and regularly reviews its policies to ensure compliance with listing rules[102]. - The chairperson and CEO roles are distinct, with the chairperson currently serving as the acting CEO during the search for a new CEO[103]. - The company has established appropriate insurance arrangements for directors and senior management against legal actions arising from corporate activities[108]. Sustainability and Social Responsibility - The company received the title of "Leader" in China's industrial carbon peak for 2024 and was selected as one of the first "Waste-Free Groups" in Zhejiang Province[25]. - The company emphasizes corporate social responsibility (CSR) by improving sustainable supply chain practices and reducing carbon emissions through various initiatives[43]. - The company is committed to achieving carbon neutrality, with a comprehensive reduction ratio exceeding 30% through the development of green materials[40]. - The company has established a Sustainability Committee on December 29, 2022, to advise the board on environmental, social, and governance matters[121]. Shareholder Engagement - The company held over 270 meetings with investors, including site visits and teleconferences, enhancing communication with the capital market[140]. - Shareholders have the right to propose questions and suggestions regarding company affairs, ensuring equal rights based on shareholding[126]. - The board considers various factors, including financial performance and cash flow, when declaring dividends[128]. - The company maintains sufficient cash reserves to meet long-term operational needs and future growth requirements when proposing dividends[127]. Workforce and Talent Management - The workforce increased by 3,352 employees to a total of 25,663, driven by steady revenue growth and ongoing business diversification strategies[79]. - The company plans to deepen the assessment and development system for global talent, focusing on the identification and training of high-potential talent[80]. - The company aims to achieve sustainable revenue growth, efficiency optimization, and cost reduction through effective organizational upgrades and incentive measures[83].

Flash | 03 Apr 2025 02:14:43 ET │ 10 pages China Autos & Auto Parts US Tariff Impact on China Autos & Auto Parts: Minth/Joyson/Foryou most Resilient CITI'S TAKE (1) We believe most China auto parts suppliers can mitigate tariff impact through production shifts to US or Mexico thanks to their previous capacity layout, with Minth/Joyson/Foryou most resilient due to relatively lower net tariff exposure. Yet, we expect certain indirect impacts on the demand side and rising supply chain costs. (2) China PV expor ...

敏实集团 202050403 摘要 Q&A 请介绍一下米氏集团 2024 年的经营情况及主要财务数据。 2024 年，米氏集团的营业额达到 231.5 亿元，同比增长 13%。毛利率为 28.9%， 同比提升 1.5 个百分点。经营利润为 25.6 亿元，同比增长 29%。净利润为 23.2 亿元，同比增长 22%。自由现金流实现了 13.6 亿元的正向自由现金流，负债率 大幅下降至 24.3%。 按产品线区分，电池和 BU 业务增速最快，增长 51%；铝件 BU 增长 14%；金属及饰条 BU 同比微增 0.4%。公司预计 2025 年营业额将实现双 位数增长，其中电池盒业务预计增长 30%至 40%，海外地区增速高于中国地区， • 敏实集团 2024 年净利润达 23.2 亿元，同比增长 22%，自由现金流为 13.6 亿元，负债率显著降至 24.3%。电池和 BU 业务增速最快，增长 51%，预计 2025 年营业额将实现双位数增长，电池盒业务预计增长 30%-40%。 • 海外市场表现强劲，过去四年增速持续高于中国。2024 年，从中国和墨西 哥出口到美国的营业额占比分别为 3.5%和 5.9%，墨西 ...

敏实集团 20250402 摘要 Q&A 2025 年的经营指标展望如何？ 2025 年，我们预计营业额和净利润将实现双位数增长，资本开支预计为 20 亿。 新业务承接方面，我们希望挑战 150 亿的年化业绩。在销售及管理费用率方面， 我们希望持平或略有下降，特别是销管费用占比有所下降。2024 年由于红海局 势影响运费增加，但 2025 年前两个月形势有所缓解，因此我们期望销管费用下 降。研发部分没有特别控制，加上新赛道布局，三项费用希望平稳或略有下降。 毛利率方面，由于产品结构变化带来的影响，没有综合指引。电池盒业务毛利 • 敏实集团预计 2025 年销管费用因运费缓解而下降，研发费用保持平稳，电 池盒业务毛利率目标提升至 22%-23%，非电池盒业务毛利率有望提升，尤 其在塑件、铝件和金属饰条业务方面。 • 公司对美出口敞口较低，直接出口和墨西哥出口合计占收入 9-10%，但敏 实承担的关税不超过 4%。正与客户谈判以转嫁墨西哥重新征收的关税，部 分客户可能承担，但无法保证全部转嫁。 • 欧系业务增长显著，主要受益于大众 MEB 车型电池盒增量、雷诺合资公司 法国工厂量产盈利、特兰蒂斯电池盒业务增量，以 ...

敏实集团 特朗普政府加征关税对公司的影响如何？ 特朗普政府加征关税对公司的影响相对可控。与特朗普第一个任期相比，目前 美洲地区营业额的 70%已经实现本地化生产，不受关税政策影响。根据 2025 年 的营业额预算，潜在的关税暴露低于 4 个百分点。此外，根据合约条款，额外 关税将由客户承担。因此，加征关税对公司整体业务影响有限。 欧洲电动化进程对公司的影响如何？ 在制定 2025 年预算时，公司采取了谨慎保守的态度。然而，从一月份实际生产 情况及客户滚动预示量来看，欧洲电动化进程比预期更加乐观。例如，大众 MEB 项目预计年产量从最初预算的 25 万台增加至 40-50 万台。这表明欧洲电动 化进程正在加速，对公司业务产生积极影响。 公司在技术研发方面有哪些新进展和趋势？ 公司在技术研发方面有多项新进展： 摘要 Q&A 公司近期的业绩表现和未来分红计划如何？ 根据公司 3 月 24 日的公告，3 月 25 日上午将在香港举行业绩发布会。关于分 红问题，公司在 1 月 2 日董事长的新年致辞中已明确表示将恢复分红。2024 年 中报显示，自由现金流明显恢复，从 6.37 亿增加到 12.31 亿，因此公司具备分 ...