Core Viewpoint - Minth Group is a leading enterprise in the automotive exterior and body structure components sector, continuously expanding its product offerings and customer base, with projected net profits for 2025-2027 at 2.813 billion, 3.443 billion, and 4.073 billion yuan, reflecting growth rates of 21%, 22%, and 18% respectively, and a corresponding market PE of 13, 11, and 9 times [1] Group 1: Business Overview - Minth Group has over 30 years of industry experience, with core business lines including metal trim, plastic parts, aluminum components, and new energy vehicle battery boxes, showcasing both depth and breadth in its operations [1] - The company serves over 70 leading domestic and international automakers, including BMW, Mercedes-Benz, Tesla, and BYD, with overseas revenue increasing from 41% in 2021 to 65% in the first half of 2025, indicating significant progress in its globalization strategy [1] - The business structure is continuously optimized, with the battery box segment projected to account for 27% of revenue in the first half of 2025, becoming the largest revenue source; aluminum products are expected to see a CAGR of 12% from 2020 to 2024, maintaining a gross margin above 30% [1] Group 2: Growth Drivers - The traditional exterior component business remains robust, with a diverse range of products contributing to sustained performance; the company is leveraging lightweight and intelligent upgrades to enhance value, with aluminum alloy exterior parts gaining traction in high-end European and American brands [2] - The battery box business, a core segment in the new energy sector, has established a global supply system with factories in Serbia, France, and Poland, achieving a remarkable CAGR of 173% from 2020 to 2024; the company is also expanding into collision modules, subframes, and die-casting structural components, enhancing the integrated value of battery boxes and chassis structures [2] Group 3: Emerging Opportunities - Minth Group is actively entering emerging sectors such as humanoid robots, liquid cooling, and low-altitude economy, leveraging its manufacturing expertise; it has signed a strategic cooperation agreement with ZhiYuan Robotics to develop joint modules and electronic skin components, with initial samples completed [3] - The AI server liquid cooling business has secured orders from leading Taiwanese manufacturers, integrating into the global semiconductor supply chain, and a joint venture with Fuman Technology aims to achieve mass production capabilities by the end of 2025 [3] - In the low-altitude aircraft sector, the company is collaborating with EHang Intelligent to develop eVTOL airframes and rotor systems, and is working with Siemens on wireless charging systems for electric vehicles, creating smart mobility solutions [3]