Core Viewpoint - The report from Kaiyuan Securities indicates that Minth Group (00425) is experiencing steady growth in its traditional business, with its battery box segment benefiting from the surge in electric vehicles in Europe, which is expected to contribute to profit elasticity. The company has established a comprehensive global production capacity, creating a capacity barrier. Additionally, the company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling, which may form a third growth curve [1] Group 1 - The company is projected to achieve net profits attributable to shareholders of 2.74 billion, 3.32 billion, and 3.99 billion yuan for the years 2025-2027, with EPS of 2.36, 2.85, and 3.43 yuan per share respectively [1] - The revenue growth rate for the battery box business is expected to be around 50% year-on-year for both 2024 and the first half of 2025 [1] - The company has secured orders covering popular electric vehicle platforms from European automakers such as Volkswagen, Stellantis, and Renault, positioning it to benefit from the increase in electric vehicle production in Europe [1] Group 2 - The company is focusing on two main product systems in the low-altitude economy sector: airframe and rotor systems, and has signed a strategic cooperation agreement with EHang Intelligent [1] - In the robotics field, the company is concentrating on integrated joint modules, robotic electronic skin, smart masks, wireless charging systems for robots, and structural components, having signed a strategic cooperation agreement with Zhiyuan Robotics [1] - The company is also prioritizing the development and implementation of AI liquid cooling system-related products [1]
开源证券：首予敏实集团(00425)“买入”评级 电池盒业务受益欧洲电动车放量