Core Viewpoint - Dongwu Securities has initiated coverage on Minth Group (00425), highlighting it as a leading global supplier of automotive exterior and structural components, with a strong focus on electric vehicle (EV) battery boxes and body structure components, and potential growth in humanoid robots and liquid cooling sectors [1] Group 1: Electric Vehicle Battery Box Business - The battery box is a critical component for the safety and protection of battery modules in electric vehicles, with the market size expected to grow significantly as EV penetration increases. The estimated market size for China's new energy passenger vehicle battery boxes is projected to reach 31.8 billion yuan in 2024 and 78.2 billion yuan by 2030, while Europe's market is expected to grow from 9.4 billion yuan in 2024 to 29.9 billion yuan by 2030 [2] - Minth Group has established deep partnerships with various automotive manufacturers, leveraging its expertise in aluminum alloy materials and processes to quickly enter the battery box market, benefiting from the rising electrification rates in Europe, leading to continuous growth in revenue and profitability [2] Group 2: Humanoid Robots and AI Liquid Cooling - Minth Group is expanding its manufacturing advantages from the automotive sector into the humanoid robot field, focusing on integrated joint modules, robotic skin, smart masks, wireless charging, and structural components, while collaborating with major domestic players in the humanoid robot industry [3] - In the AI liquid cooling sector, driven by energy consumption requirements and increased cabinet power density, Minth Group is leveraging its technology reserves and global production capacity to quickly enter the market, having already secured orders from AI server manufacturers, with deliveries expected to start by the end of 2025 [3] Group 3: Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 2.753 billion yuan, 3.257 billion yuan, and 3.878 billion yuan for the years 2025 to 2027, with earnings per share (EPS) forecasted at 2.34 yuan, 2.76 yuan, and 3.29 yuan respectively, reflecting price-to-earnings ratios of 11.91, 10.07, and 8.46 [4] - As a leading global supplier of automotive exterior and structural components, Minth Group is well-positioned to benefit from the accelerated electrification of passenger vehicles in Europe, while also exploring new growth opportunities in humanoid robots and liquid cooling technologies [4]