国盛证券（002670）发布研报称，敏实集团(00425)作为外饰件和车身结构件领域龙头，持续拓展新产 品新客户，预计2025-2027年归母净利润分别为28.13/34.43/40.73亿元，同增21%/22%/18%，当前对应市 值PE分别为13/11/9x。考虑到电池盒等新产品处于上量阶段，海外市场加速布局，首次覆盖，给予"买 入"评级。 敏实传统业务地位稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻量化与智能 化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相关产品逐步打入欧美高端品牌供应链;同 时积极布局智能外饰，相关产品进展积极，已开发华为、丰田等知名客户。电池盒业务作为新能源核心 赛道，敏实已构建全球化供应体系，塞尔维亚、法国、波兰等工厂相继量产，2020-2024年营收CAGR 高达173%。同时延伸至前后碰撞模块、副车架、压铸结构件等产品并陆续收获订单，逐步实现电池盒 及车身底盘结构一体化，进而推动单车配套价值量的大幅提升。 新兴赛道多点突破，第二增长曲线加速成型 风险提示：行业需求不及预期风险、海外市场推进不及预期的风险、汇率波动风险、原材料价格波动风 险、数据滞后性 ...

全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度 敏实集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽车电池盒四大产品线。作 为全球化供应商，公司的业务布局广泛，服务宝马、奔驰、特斯拉、比亚迪等70余家国内外头部车企， 海外收入占比从2021年41%提升至2025H1的65%，全球化战略推进效果显著。业务结构持续优化，电池 盒业务作为重点发展的业务，2025H1营收占比达27%，跃升为第一大收入来源;铝件产品受益于汽车轻 量化趋势，2020到2024年营收CAGR为12%，毛利率维持30%以上。同时受益于产能利用率提升和成本 管控，公司的营收和净利润均实现较快增长。 国盛证券主要观点如下： 智通财经APP获悉，国盛证券发布研报称，敏实集团(00425)作为外饰件和车身结构件领域龙头，持续拓 展新产品新客户，预计2025-2027年归母净利润分别为28.13/34.43/40.73亿元，同增21%/22%/18%，当前 对应市值PE分别为13/11/9x。考虑到电池盒等新产品处于上量阶段，海外市场加速布局，首次覆盖，给 予"买入"评级。 风险提示：行业需求不及预期风险、海外市场推进不及 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 敏实集团（00425.HK） 电池盒放量驱动业绩高增，机器人等新兴赛道打开长期成长空间 全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度。敏实 集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽 车电池盒四大产品线。作为全球化供应商，公司的业务布局广泛，服务宝 马、奔驰、特斯拉、比亚迪等 70 余家国内外头部车企，海外收入占比从 2021 年 41%提升至 2025H1 的 65%，全球化战略推进效果显著。业务结 构持续优化，电池盒业务作为重点发展的业务，2025H1 营收占比达 27%， 跃升为第一大收入来源；铝件产品受益于汽车轻量化趋势，2020 到 2024 年营收 CAGR 为 12%，毛利率维持 30%以上。同时受益于产能利用率提 升和成本管控，公司的营收和净利润均实现较快增长。 外饰件业务稳健贡献，电池盒与结构件已成增长引擎。敏实传统业务地位 稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻 量化与智能化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相 关产品逐步 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MINTH GROUP LIMITED 敏實集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：425） 自願公告 人工智能機器人領域之戰略合作 本公司欣然宣佈，本集團已與機器人公司訂立戰略合作協議，該協議涵蓋在歐洲地 區經銷及代工生產通用具身智能機器人，藉此進一步深化雙方在人工智能和機器人 領域的合作夥伴關係。 戰略合作協議之概要 機器人公司是一家智能生產力公司，致力於人工智能與機器人的融合創新，旨在成 為人形機器人與智能科技的領先製造商。機器人公司創始團隊由產業資深骨幹、來 自知名跨國企業的資深高管、頂尖科學家與產業思想領袖組成，具有深厚的核心技 術、產業管理經驗和產業資源。 訂立合作的理由及裨益 本集團高度重視機器人相關產品的佈局及商業化落地，包括從機器人核心零部件、 模塊化產品的設計、生產與製造，到整機代工業務的拓展。機器人公司是行業領先 且具備全球競爭力的具身智能機器人企業，全球化發展 ...

Core Viewpoint - Minth Group (00425) has seen a stock price increase of over 4%, currently trading at 37.6 HKD with a transaction volume of 45.05 million HKD, following the announcement of new orders related to AI server cooling technology [1] Group 1: Company Developments - The company's subsidiary, Precision Industries, has recently secured orders from a Taiwanese AI server manufacturer for the design, development, and production of immersion liquid cooling cabinets [1] - Precision Industries has successfully passed the technical validation for the immersion liquid cooling cabinets, with the first batch of products expected to be delivered by mid-November 2025 [1] - The group has also passed the technical validation for a splitter from another Taiwanese AI server liquid cooling system manufacturer and has received related orders, with the first batch expected to be delivered by the end of December 2025 [1] Group 2: Business Overview - The company is recognized as a global leader in automotive exterior and body structure components, with a diversified product line including plastic parts, metal and decorative parts, aluminum components, and battery boxes [1] - The traditional business has shown steady growth, while the battery box segment is expected to benefit from the increase in electric vehicle production in Europe, contributing to profit elasticity [1] - The company is actively exploring new markets such as low-altitude, robotics, and AI liquid cooling, which may form a third growth curve for the business [1]

Core Viewpoint - Minth Group reported a solid performance in the first half of 2025, with revenue, net profit attributable to shareholders, and operating profit reaching 12.287 billion, 1.277 billion, and 1.430 billion yuan respectively, representing year-on-year growth of 10.8%, 19.5%, and 21.9% [1][2] Financial Performance - The company's revenue, net profit attributable to shareholders, and operating profit for the first half of 2025 were 12.287 billion, 1.277 billion, and 1.430 billion yuan, showing year-on-year increases of 10.8%, 19.5%, and 21.9% [1][2] Business Growth Drivers - Revenue growth was primarily driven by increased capacity utilization in the battery box business and a rise in global order volume, with traditional exterior products performing well in international markets [2][3] - Cost reduction and efficiency improvement measures, along with economies of scale, contributed to a stable gross margin of 28.3%, a slight decrease of 0.2% year-on-year [2][3] Domestic and International Business Structure - Domestic revenue was 4.306 billion yuan, down 4.9% year-on-year, mainly due to a decline in market share among joint venture brands [2] - International business showed strong performance with revenue of 7.981 billion yuan, up 21.6% year-on-year, accounting for 65% of total revenue [2] - The company is deepening its "GLOCAL" strategy to enhance regional supply chain capabilities [2] Product Line Development and New Business Initiatives - The battery box business generated revenue of 3.582 billion yuan, up 49.9% year-on-year, securing new clients like Chery, BYD, and General Motors while expanding shares with Toyota and Volkswagen [2] - Revenue from aluminum parts, plastic parts, and metal trims was 2.469 billion, 2.867 billion, and 2.660 billion yuan respectively, showing year-on-year growth of 4.1%, 0.9%, and 4.6% [2] - The company is advancing in new business areas such as humanoid robots, eVTOL collaborations, and wireless charging systems, with strategic partnerships and ongoing projects [2][3] Future Outlook - The company is expected to benefit from the global shift towards electric and intelligent vehicles, with a robust overseas capacity layout to capture opportunities from Chinese automakers expanding abroad [3] - The digital transformation is accelerating with the global deployment of the SAP system, enhancing production monitoring and cost management [3] - Sustainable development initiatives are being expanded, focusing on low-carbon materials to support clients' carbon neutrality goals [3]

Core Viewpoint - The company reported a total revenue of 12.287 billion yuan for the first half of 2025, representing a year-on-year growth of 10.8%, and a net profit attributable to shareholders of 1.277 billion yuan, up 19.6% year-on-year [1] Financial Performance - The company's gross margin slightly decreased to 28.3%, down 0.2 percentage points year-on-year [1] - Revenue growth was observed across all business units (BUs): - Metal and decorative strip BU revenue reached 2.660 billion yuan, an increase of 4.6% year-on-year [1] - Plastic parts BU revenue was 2.867 billion yuan, up 0.8% year-on-year [1] - Aluminum parts BU revenue amounted to 2.469 billion yuan, a rise of 4.1% year-on-year [1] - Battery box BU revenue surged to 3.582 billion yuan, reflecting a significant increase of 49.8% year-on-year [1] - Other business units generated revenue of 1.670 billion yuan, up 10.2% year-on-year [1] Strategic Developments - The company has accelerated its layout in the robotics and low-altitude sectors, becoming a Tier 1 supplier in the robotics industry [1] - It provides innovative robotic component solutions in areas such as limb structural parts, integrated arms, electronic skin, wireless charging, rotating planetary joints, harmonic drives, and customized masks [1] - In the low-altitude sector, the company focuses on body systems and rotor systems, including eVTOL non/secondary load body covers and self-developed variable pitch rotor systems [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 12.29 billion yuan in H1 2025, representing a year-on-year growth of 10.8%, and a net profit attributable to shareholders of 1.28 billion yuan, up 19.5% year-on-year [2][4] - The company benefits from the rapid growth of the European new energy battery box business, entering a dual growth cycle of both growth and profitability [2][4] - The company has established a strategic cooperation agreement with Zhiyuan to collaboratively develop electronic skin, joints, and wireless charging, accelerating progress in the humanoid robot industry [2] Summary by Sections Revenue and Profitability - In H1 2025, the company reported a revenue of 12.29 billion yuan, with a year-on-year increase of 10.8%, and a net profit of 1.28 billion yuan, reflecting a growth of 19.5% year-on-year [2][4] - The revenue breakdown by product category shows significant growth in battery boxes, with a revenue of 3.58 billion yuan, up 49.8% year-on-year [7] Market Dynamics - The global automotive production and sales are experiencing high demand, with China's passenger car production increasing by 13.8% year-on-year and European new energy vehicle sales rising by 31.0% [7] - The company's overseas revenue reached 7.98 billion yuan, a year-on-year increase of 21.6%, with overseas revenue accounting for 65.0% of total revenue, up 9.7 percentage points year-on-year [7] Cost and Margin Analysis - The overall gross margin for H1 2025 was 28.3%, with a slight decrease of 0.2 percentage points year-on-year, while the gross margin for battery boxes improved to 23.0%, up 2.4 percentage points year-on-year [7] - The company has reduced its selling, administrative, and general expense ratio to approximately 10.7%, down 0.8 percentage points year-on-year, indicating improved cost efficiency [7] Future Outlook - The company is well-positioned in the battery box market, having secured orders from major automotive manufacturers such as Chery, BYD, and Stellantis, further solidifying its status as a leading global battery box supplier [7] - The company anticipates net profits of 2.82 billion yuan, 3.37 billion yuan, and 4.10 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 12.4X, 10.4X, and 8.5X respectively [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved steady revenue growth, with a total revenue of 12.287 billion yuan in the first half of 2025, representing a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 1.277 billion yuan, up 19.6% year-on-year [7] - The company is accelerating its layout in the robotics and low-altitude fields, becoming a Tier 1 supplier in the robotics industry and providing innovative robotic components solutions [7] - The forecast for net profit attributable to shareholders for 2025 to 2027 is 2.753 billion, 3.288 billion, and 3.878 billion yuan, corresponding to PE ratios of 13.93, 11.66, and 9.89 respectively [7] Financial Performance - Revenue for 2023 is projected at 20.524 billion yuan, with a growth rate of 18.59%, and net profit is expected to be 1.903 billion yuan, with a growth rate of 26.83% [6] - The company’s gross margin for the first half of 2025 is 28.3%, a slight decrease of 0.2 percentage points year-on-year [7] - The revenue from the battery box business unit has seen significant growth, with a year-on-year increase of 49.8% [7] Business Units Performance - Revenue from the metal and trim business unit increased by 4.6% to 2.660 billion yuan, while the plastic parts business unit saw a 0.8% increase to 2.867 billion yuan [7] - The aluminum parts business unit's revenue rose by 4.1% to 2.469 billion yuan, and other business units reported a 10.2% increase in revenue to 1.670 billion yuan [7] Future Outlook - The company is expected to continue its growth trajectory with a projected revenue of 29.180 billion yuan in 2025, reflecting a growth rate of 26.07% [6] - The company is focusing on innovative solutions in the robotics sector, including components for robotic arms and electronic skin, as well as low-altitude systems such as eVTOL [7]

Core Viewpoint - The company reported a solid performance in 1H25, with revenue and net profit growth, driven by international market expansion and strong battery box sales [1][2] Financial Performance - 1H25 revenue reached 12.29 billion yuan, a year-on-year increase of 10.8%, while net profit attributable to shareholders was 1.28 billion yuan, up 19.5% year-on-year [1] - Revenue from international markets was 7.98 billion yuan, growing 21.6% year-on-year, while domestic revenue was 4.31 billion yuan, declining 4.9% year-on-year [1] - Battery box revenue was 3.58 billion yuan, showing a significant increase of 49.8% year-on-year [1] Business Segments - Revenue from aluminum parts, plastic parts, and metal trim was 2.47 billion yuan, 2.87 billion yuan, and 2.66 billion yuan, respectively, with year-on-year growth rates of 4.1%, 0.9%, and 4.7% [1] - The decline in plastic parts revenue growth was attributed to reduced order demand from downstream customers [1] Profitability Metrics - The overall gross margin for 1H25 was 28.3%, a slight decrease of 0.2 percentage points year-on-year [1] - The gross margins for battery boxes, aluminum parts, plastic parts, and metal trim were 23.0%, 32.6%, 26.1%, and 28.1%, respectively, with varying year-on-year changes [1] Cost Management - Sales, management, and R&D expenses were 510 million yuan, 800 million yuan, and 730 million yuan, with corresponding expense ratios of 4.2%, 6.5%, and 5.9%, showing a decrease compared to the previous year [1] - The decline in sales expenses by 3.6% was mainly due to the easing of the Red Sea incident's impact and a reduction in unit transportation costs [1] Capital Expenditure - Capital expenditure for 1H25 was approximately 900 million yuan, down 17.5% year-on-year [1] Strategic Outlook - The company has raised its annual business target to 16 billion yuan, with a backlog of over 260 billion yuan in orders as of June [2] - The company is focusing on emerging businesses, including collaborations with major robotics clients and the development of AI liquid cooling systems [2] Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with a target price increase of 26% to 38.5 HKD, reflecting a potential upside of 10.6% from the current stock price [2]