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][3] - 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 for the last year [1][5] - For the second half of the year, the revenue rose by 11.6% year-on-year to RMB 13.5 billion, primarily driven by strong battery casing order deliveries [1][5] 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][5] - UBS indicated that in 2025, the revenue and gross profit contribution from the battery casing business will account for 29% and 25% respectively, and believes this segment will remain a key growth driver for Minth Group in 2026 [1][5]
瑞银：降敏实集团目标价至42.6港元 评级“买入”