Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has recently established significant partnerships in North America, including a joint venture with Harmonic Drive for robotic joint modules and collaborations with Aisin and Toyota for aluminum body components [2][4]. - As a leading player in the global exterior parts market, the company has successfully expanded into the battery box business, becoming a top player in this segment, which is expected to grow further with the increasing penetration of new energy vehicles in Europe [2]. - The company is strategically diversifying into robotics, liquid cooling, and low-altitude sectors, with ongoing progress in these areas, which is anticipated to create a multi-dimensional growth trajectory [2]. Summary by Sections Recent Developments - The company has formed a joint venture with Harmonic Drive to enter the North American market for humanoid robot joint modules, with an initial capital investment of HKD 78 million [7]. - A joint venture with Aisin and Toyota has been established to produce aluminum body components, enhancing the supply chain for these parts in North America [7]. Business Growth - The company's battery box business is experiencing rapid growth, driven by the acceleration of new energy initiatives in Europe, which is expected to boost both revenue and profitability [7]. - The company is entering a capital expenditure reduction phase, leading to improved cash flow and potential increases in dividend rates, with a forecasted net profit of HKD 27.7 billion, 32.6 billion, and 41.5 billion for 2025-2027 [7].

每经AI快讯，2月12日，敏实集团(00425.HK)涨近5%，截至发稿涨4.22%，报42港元，成交额2.21亿港 元。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [3]. Core Insights - The company is a leading player in the automotive exterior and structural components sector, expanding into new areas such as robotics and liquid cooling. The battery box segment has shown the fastest growth, with revenue share increasing from 1.8% in 2021 to 21.8% in 2024 [5][10]. - The company has a strong focus on R&D, maintaining a research and development expense ratio above 6% since 2020, significantly ahead of peers [5][24]. - The company has established a global localized operation strategy, with 77 factories and offices across 14 countries, serving over 80 automotive brands [5][31]. Financial Performance - Revenue is projected to grow from 20,524 million in 2023 to 35,752 million in 2027, with a CAGR of approximately 16.7% from 2020 to 2024 [3][10]. - Net profit is expected to rise from 1,903 million in 2023 to 3,729 million in 2027, reflecting a growth rate of 15% to 18% year-on-year [3][10]. - The company’s capital expenditure is expected to decrease significantly in 2024, dropping to 19.38 billion, a 41% reduction from the previous year [15]. Product Structure and Market Position - The company's main products include plastic parts, metal trims, copper and aluminum forgings, and battery boxes, with battery boxes being the fastest-growing segment [5][10]. - The company has seen a significant increase in overseas revenue, with a CAGR of 28.5% from 2020 to 2024, and overseas revenue accounting for nearly 65% of total revenue in 2025 [12][13]. Growth Opportunities - The global battery box market is projected to reach 1,081.8 billion by 2027, with a CAGR of approximately 25% from 2023 to 2027 [5][42]. - The company is diversifying into robotics and liquid cooling, leveraging its existing capabilities in aluminum processing and plastic manufacturing [5][59]. Customer Base and Expansion - The customer base has evolved from primarily Japanese clients to a more diversified portfolio including European and American brands, with European clients expected to account for 26.6% of revenue by 2024 [5][13][33]. - The company has secured over 130 billion in orders for battery boxes, indicating strong future revenue potential [5][55].

Core Viewpoint - Citigroup reaffirms a "Buy" rating for Minth Group (00425) and initiates a 90-day observation for upward catalysts, setting a target price of HKD 46, corresponding to a projected P/E ratio of approximately 15 times for 2026 [1] Group 1: Joint Venture and Strategic Collaboration - Minth Group will establish a joint venture with Aisin Seiki Co., Ltd. and Toyota Tsusho Corporation to expand the production of aluminum vehicle body frame components, with ownership stakes of 40% for Minth, 40% for Aisin, and 20% for Toyota [1] - This strategic collaboration is expected to enhance supply chain capabilities in the North American market, addressing the growing demand for automotive electrification and lightweight technology [1] Group 2: Market Impact and Order Projections - Citigroup anticipates that this partnership will significantly increase Minth's orders from Toyota and other Japanese automakers in the region [1] - Given the typically long R&D cycles for overseas automakers, large-scale production from the joint venture is not expected to commence until the end of next year, with potential order values estimated between USD 200 million to USD 300 million [1]

花旗发布研报称，重申对敏实集团(00425)的"买入"评级，并对其开展为期90日的上行催化剂观察，给 予目标价46港元，对应2026年预测市盈率约15倍。 花旗认为，此战略合作将令敏实来自丰田及该地区其他日本汽车制造商的订单显著增长，考虑到海外车 企通常有较长的汽车研发周期，估计合资公司要到明年底才开始大规模生产，预测订单潜在价值介乎2 亿至3亿美元。 敏实宣布将与株式会社爱信及丰田通商共同成立合资公司，拓展铝制车身骨架部件生产业务，当中敏 实、爱信及丰田将分别于合资公司持股40%、40%及20%，该行预期此举将增强北美市场供应链能力， 可应对当地日益增长的汽车电动化及轻量化技术需求。 ...

花旗认为，此战略合作将令敏实来自丰田及该地区其他日本汽车制造商的订单显著增长，考虑到海外车 企通常有较长的汽车研发周期，估计合资公司要到明年底才开始大规模生产，预测订单潜在价值介乎2 亿至3亿美元。花旗重申对敏实的"买入"评级，并对其开展为期90日的上行催化剂观察，目标价为46港 元，对应2026年预测市盈率约15倍。 花旗发表研报指，敏实集团宣布将与株式会社爱信及丰田通商共同成立合资公司，拓展铝制车身骨架部 件生产业务，当中敏实、爱信及丰田将分别于合资公司持股40%、40%及20%，预期此举将增强北美市 场供应链能力，可应对当地日益增长的汽车电动化及轻量化技术需求。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [6][5]. Core Views - The company is establishing a joint venture in the U.S. with Harmonic Drive to develop humanoid robot joint modules, marking a significant step in its global robotics business expansion. This follows a strategic partnership in Europe for manufacturing and supplying components [1][2]. - The company's traditional business is expected to maintain steady growth, with the battery box business accelerating globally. New strategic initiatives in robotics, AI, liquid cooling, and low-altitude economy are anticipated to enhance long-term growth potential [1][2]. - The battery box business is entering a harvest phase, with revenue of 3.582 billion RMB in the first half of 2025, reflecting a year-on-year increase of 49.8%. The gross margin for this segment is 23.0%, up by 2.4 percentage points [4]. - The company has secured significant orders in the liquid cooling sector and is strategically positioning itself in the low-altitude economy, including eVTOL systems [3]. - The company has set revenue forecasts of 27.774 billion RMB for 2025, 32.033 billion RMB for 2026, and 36.851 billion RMB for 2027, with net profits projected at 2.847 billion RMB, 3.430 billion RMB, and 4.070 billion RMB respectively [5][9]. Summary by Sections Joint Ventures and Strategic Partnerships - The company signed a framework agreement with Harmonic Drive to establish a joint venture in the U.S. for humanoid robot joint modules, with a 60% ownership stake and an investment of 10 million USD. This complements a previous partnership in Europe for manufacturing and distribution [1][2]. New Business Developments - The company is diversifying into multiple new business areas, including liquid cooling and low-altitude economy sectors, with strategic partnerships and orders already in place. A stock incentive plan has been implemented to support key personnel in these new ventures [3]. Financial Performance and Projections - The battery box business is experiencing significant growth, with a revenue increase of 49.8% year-on-year in the first half of 2025. The company is also benefiting from the rising penetration of new energy vehicles in Europe [4]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with a target price set at 49.71 HKD for 2026, corresponding to a PE ratio of 15.2 [5][9].

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company is establishing a joint venture in the U.S. with Harmonic Drive to develop humanoid robot joint modules, marking a significant step in its global robotics business expansion [1][2]. - The traditional business is expected to maintain steady growth, with the battery box business accelerating globally, and new strategic initiatives in robotics, AI, liquid cooling, and low-altitude economy potentially enhancing long-term growth prospects [1][3]. - The battery box business is entering a harvest phase, with revenue of 3.582 billion RMB in the first half of 2025, reflecting a year-on-year increase of 49.8% and a gross margin of 23.0% [4]. Summary by Sections Joint Venture and Global Expansion - On February 9, 2026, the company signed a framework agreement with Harmonic Drive to establish a joint venture in the U.S., with a 60% stake for the company and a 40% stake for Harmonic Drive, involving an investment of 10 million USD [2]. - The company has previously signed a strategic cooperation agreement with a leading robotics company for the European market, focusing on the production and distribution of general embodied intelligent robots [2]. New Business Developments - The company is diversifying into liquid cooling and low-altitude economy sectors, with significant orders from a global semiconductor company for liquid cooling cabinets and systems [3]. - A strategic partnership with EHang for eVTOL aircraft and rotor systems has been established, with intentions for mass production orders [3]. - The company has issued 2.4 million shares as part of a zero-cost equity incentive plan, targeting core R&D personnel in new strategic areas [3]. Financial Performance and Projections - The company expects revenues of 27.774 billion RMB in 2025, 32.033 billion RMB in 2026, and 36.851 billion RMB in 2027, with net profits projected at 2.847 billion RMB, 3.430 billion RMB, and 4.070 billion RMB respectively [9][5]. - The target price is set at 49.71 HKD for 2026, corresponding to a PE ratio of 15.2 times, and a target price of 127.13 USD for the U.S. market [5][6].

ATM Automotive计划将由加拿大敏实、株式会社爱信及丰田通商分别持有40%、 40%及20%的股权。 ATM Automotive董事会预计将由五名董事组成，其中加拿大敏实与株式会社爱信将各提名两名董事， 丰田通商将提名一名董事。合资公司的首席执行官、首席运营官及首席财务官将分别由丰田通商、加拿 大敏实及株式会社爱信提名。 敏实集团(00425)发布公告，本集团与株式会社爱信及丰田通商同意成立一间合资公司以生产铝制车身 骨架部件。预期合资公司将命名为ATM Automotive，其成立旨在加强北美市场汽车铝制车身骨架部件 的供应体系。 与株式会社爱信及丰田通商成立的合资公司将在北美生产铝制车身骨架部件。多年来，各方持续精进各 自的铝成型技术，并已在全球范围内供应相关产品。随着电动化及轻量化技术的发展，预计市场对铝制 车身骨架部件的需求将稳步增长。因此，与株式会社爱信及丰田通商成立合资公司对满足市场与客户期 望、保障产品供应的可持续性具有重要意义。 ...

智通财经APP讯，敏实集团(00425)发布公告，本集团与株式会社爱信及丰田通商同意成立一间合资公司 以生产铝制车身骨架部件。预期合资公司将命名为ATM Automotive，其成立旨在加强北美市场汽车铝 制车身骨架部件的供应体系。 ATM Automotive计划将由加拿大敏实、株式会社爱信及丰田通商分别持有40%、 40%及20%的股权。 ATM Automotive董事会预计将由五名董事组成，其中加拿大敏实与株式会社爱信将各提名两名董事， 丰田通商将提名一名董事。合资公司的首席执行官、首席运营官及首席财务官将分别由丰田通商、加拿 大敏实及株式会社爱信提名。 与株式会社爱信及丰田通商成立的合资公司将在北美生产铝制车身骨架部件。多年来，各方持续精进各 自的铝成型技术，并已在全球范围内供应相关产品。随着电动化及轻量化技术的发展，预计市场对铝制 车身骨架部件的需求将稳步增长。因此，与株式会社爱信及丰田通商成立合资公司对满足市场与客户期 望、保障产品供应的可持续性具有重要意义。 ...