Core Viewpoint - Daiwa's report indicates that Minth Group (00425) experienced an 11% revenue growth in the first half of the year, slightly below the expected 15% [1] Group 1: Financial Performance - The battery casing business continues to show high growth, while other business units are growing slowly [1] - The company has adjusted its full-year order booking target from 15 billion RMB to 16 billion RMB, focusing on securing orders from domestic automakers for battery casings and structural chassis components [1] - The company has successfully secured orders from Chery, BYD, Great Wall Motors, and Geely [1] Group 2: Market Position and Outlook - Despite good performance with domestic automakers, the reduction in market share from joint ventures in China has negatively impacted overall performance [1] - Strong shipment volumes of battery casings have boosted overseas business, with the company establishing partnerships with nearly all major European automakers [1] - Daiwa projects a compound annual growth rate (CAGR) of 16% for revenue and 20% for earnings per share from 2023 to 2027 [1] Group 3: Investment Rating - Daiwa maintains a "Buy" rating for Minth Group, raising the target price from 32 HKD to 38 HKD [1]
大和：敏实集团(00425)从多个内地主要汽品牌取得订单 上调目标价至38港元