Group 1 - UBS has downgraded the earnings forecast for Minth Group (00425) for 2026-2027 by 11% to 12%, and reduced the target price from HKD 45.5 to HKD 42.6, maintaining a "Buy" rating [1] - Minth Group reported a revenue increase of 11.2% year-on-year to RMB 25.7 billion and a net profit increase of 16.1% to RMB 2.7 billion last year [1] - In the second half of the year, the revenue grew by 11.6% year-on-year to RMB 13.5 billion, primarily driven by strong delivery of battery shell orders [1] Group 2 - The company declared a final dividend of RMB 0.764 per share, with a payout ratio of approximately 30%, which is higher than the 20% for 2024 but has not yet returned to the previous level of 40% [1] - UBS indicated that the revenue and gross profit contribution from the battery shell business is expected to account for 29% and 25% respectively in 2025, and believes this segment will remain a key growth driver for Minth Group in 2026 [1]
瑞银：降敏实集团(00425)目标价至42.6港元 评级“买入”