Core Viewpoint - UBS has downgraded the earnings forecast for Minth Group (00425.HK) for 2026-2027 by 11% to 12%, and reduced the target price from HKD 45.5 to HKD 42.6, while maintaining a "Buy" rating [1] Group 1: Financial Performance - Minth Group reported a revenue increase of 11.2% year-on-year to RMB 25.7 billion, with a net profit growth of 16.1% to RMB 2.7 billion [1] - For the second half of the year, revenue rose by 11.6% year-on-year to RMB 13.5 billion, driven primarily by strong battery casing order deliveries [1] - The company declared a final dividend of HKD 0.764, 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] Group 2: Business Outlook - UBS projects that in 2025, the revenue and gross profit contribution from the battery casing business will account for 29% and 25% respectively, believing this segment will remain a key growth driver for Minth Group in 2026 [1] - The stock has a "Buy" rating from seven investment banks in the last 90 days, with an average target price of HKD 52.43 [1] - Western Securities has also issued a "Buy" rating for Minth Group [1] Group 3: Market Position - Minth Group has a market capitalization of HKD 41.996 billion and ranks second in the automotive parts industry [1]
瑞银：降敏实集团(00425.HK)目标价至42.6港元 评级“买入”