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]
里昂：升敏实集团目标价至36港元 维持“跑赢大市”评级