Core Viewpoint - Minth Group is a leading global supplier of automotive exterior and structural components, focusing on electric vehicle (EV) battery boxes and expanding into humanoid robotics and liquid cooling technologies, presenting new growth opportunities [1][3]. Group 1: Battery Box Business - The battery box is a critical component for the safety and protection of battery modules in electric vehicles, with the market size in China projected to reach 31.8 billion yuan in 2024 and 78.2 billion yuan by 2030 [2]. - In Europe, the battery box market for new energy passenger vehicles is expected to grow from 9.4 billion yuan in 2024 to 29.9 billion yuan by 2030 [2]. - Minth has established deep partnerships with various automotive manufacturers globally, leveraging its expertise in aluminum alloy materials and processes to penetrate the battery box market [2]. Group 2: Humanoid Robotics and Liquid Cooling - Minth is applying its manufacturing advantages from the automotive sector to the humanoid robotics field, focusing on integrated joint modules, robotic skin, smart masks, and structural components [3]. - The demand for server liquid cooling is driven by energy efficiency requirements and increased cabinet power density, with Minth leveraging its technology and global production capacity to enter this market [3]. - The company has secured orders from AI server manufacturers, with deliveries expected to start by the end of 2025 [3]. Group 3: Financial Projections - The projected net profits for Minth from 2025 to 2027 are 2.753 billion yuan, 3.257 billion yuan, and 3.878 billion yuan, with corresponding EPS of 2.34 yuan, 2.76 yuan, and 3.29 yuan [3]. - The expected price-to-earnings ratios for the same period are 11.91, 10.07, and 8.46, indicating a favorable investment outlook [3].

| 童甜毒 | 2006 | | --- | --- | | 刘力宇 | הערות ה פ | | 孟璐 | | | 郭雨蒙 | Orodo | | 孙仁昊 | | | 赖思旭 | סטרונים | | 童明祺 | Disto | | | | | 投资要点 | | --- | 敏实集团是全球领先的汽车外饰件、车身结构件供应商。 基于多种新材料及表面处理技术，敏实形成了各类外饰件和车身结构件产品体系，并于2020年 整合设立金属饰条、塑件、铝件和电池盒四大产品线BU。目前，公司重点投资布局汽车电动 化领域，已成为全球最大的电池盒和车身结构件供应商；同时也在进一步着手布局人形机器 人、低空、液冷等领域，打开新的成长空间。客户方面，公司在业务发展和经营中凭借优秀的 产品品质和稳定的配套能力，积累了大量的优质客户资源，与国内外众多知名整车品牌建立了 良好的合作关系。 海外电动化加速公司电池盒业务发展。 电池盒是新能源汽车电池模块的承载体，对电池模块的安全工作和防护起着关键作用，是底盘 一体化的重要部件。当前，电池盒市场规模随着新能源汽车渗透率提升而持续增长，其中根据 我们的测算：2024年中国新能源乘用车电池盒市 ...

Core Viewpoint - Dongwu Securities has initiated coverage on Minth Group (00425), highlighting it as a leading global supplier of automotive exterior and structural components, with a strong focus on electric vehicle (EV) battery boxes and structural components, and expanding into humanoid robotics and liquid cooling sectors for new growth opportunities [1] Group 1: Electric Vehicle Battery Box Business - The battery box is a critical component for the safety and protection of battery modules in electric vehicles, with the market size expected to grow significantly as EV penetration increases. The estimated market size for China's new energy passenger vehicle battery boxes is projected to reach 31.8 billion yuan in 2024, increasing to 78.2 billion yuan by 2030. In Europe, the market is expected to grow from 9.4 billion yuan in 2024 to 29.9 billion yuan by 2030 [2] - Minth Group has established deep partnerships with various automotive manufacturers, leveraging its expertise in aluminum alloy materials and processes to quickly enter the battery box market, benefiting from the rising electrification rates in Europe, which has led to continuous growth in revenue and profitability [2] Group 2: Humanoid Robotics and AI Liquid Cooling - Minth Group is applying its manufacturing advantages from the automotive sector to the humanoid robotics field, focusing on integrated joint modules, robotic electronic skin, smart masks, wireless charging, and structural components, while collaborating with major players in the humanoid robotics industry [3] - In the AI liquid cooling sector, driven by energy consumption requirements and increased cabinet power density, Minth Group is leveraging its technology reserves in battery boxes and liquid cooling plates, along with its global production capacity and long-term partnerships with leading server manufacturers, to quickly enter the market and has already secured orders from AI server manufacturers, with deliveries expected to start by the end of 2025 [3] Group 3: Profit Forecast - Dongwu Securities forecasts Minth Group's net profit attributable to shareholders to be 2.753 billion yuan in 2025, 3.257 billion yuan in 2026, and 3.878 billion yuan in 2027, with earnings per share (EPS) projected at 2.34 yuan, 2.76 yuan, and 3.29 yuan respectively. The price-to-earnings ratios are expected to be 11.91, 10.07, and 8.46 for the same years [4]

Economic Indicators - China's Consumer Price Index (CPI) rose by 0.2% in October, marking a shift from two consecutive months of deflation[2] - The Producer Price Index (PPI) saw a narrowing decline, indicating potential stabilization in manufacturing prices[2] Market Performance - The Hang Seng Index closed at 26,241.83 points, down 0.92% for the day and up 30.82% year-to-date[5] - The Technology Index fell by 1.80%, while the Financial Index decreased by 0.22%[5] Stock Highlights - HKTVmall reported a total merchandise transaction value of HKD 688 million in October, a month-on-month increase of 6.01% but a year-on-year decrease of 4.31%[7] - Major blue-chip stocks showed weakness, with HSBC down 0.6% and Hong Kong Exchanges and Clearing down 1%[7] Investment Recommendations - Tencent Holdings (700.HK) has a target price of HKD 550, with a current price of HKD 554, reflecting a 6.18% increase from the recommendation date[10] - The stock of Minth Group (425.HK) is recommended with a target price of HKD 41, currently priced at HKD 38.14, showing a year-to-date increase of 152.25%[12] Commodity Prices - New York crude oil prices rose by 0.54% to USD 59.75 per barrel, while Brent crude increased by 0.39% to USD 63.63[5] - Gold prices increased by 0.47%, reaching USD 4,009.80 per ounce, with a year-to-date increase of 52.28%[5]

Core Viewpoint - The battery box business of Minth Group is in a high growth phase, driving performance growth and valuation enhancement, with a target price raised from HKD 42 to HKD 50, corresponding to a forecasted P/E ratio of 15.2 times for 2026 [1][2] Group 1: Business Development - Minth Group's liquid cooling products are set for mass production, including immersion cooling cabinets, CDU, cooling plates, and distributors [1] - The subsidiary, Precision Industry, has received orders from a Taiwanese AI server manufacturer for the design, development, and production of immersion cooling cabinets, with deliveries expected to start in mid-November 2025 [1] - Minth Group has also passed technical validation for distributors from another Taiwanese AI server liquid cooling system manufacturer, with the first batch of products expected to be delivered by the end of December 2025 [1] Group 2: Emerging Business Potential - The company is focusing on two main product systems in low-altitude flight, collaborating with several flying car/eVTOL companies, and has signed a strategic agreement with EHang for mass production orders [2] - In the robotics sector, the company is concentrating on integrated joint modules, robotic electronic skin, smart masks, wireless charging systems, and limb structures, having signed a strategic cooperation agreement with Zhiyuan Robotics [2] - The projected net profit for the company is expected to reach CNY 2.76 billion, CNY 3.39 billion, and CNY 4.15 billion for 2025-2027 [2]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised from 42 HKD to 50 HKD, corresponding to a projected P/E ratio of 15.2 times for 2026 [1][3][6]. Core Insights - The company is experiencing rapid growth in its battery box business, which is driving performance improvements and valuation increases. Emerging businesses are gradually taking shape, contributing to overall growth [1][3]. - The company has secured significant orders for liquid cooling products, including immersion cooling cabinets and other components, with mass production expected to begin soon. These products are aimed at major semiconductor clients [2][3]. - The company is also expanding into new business areas such as eVTOL and robotics, having established strategic partnerships and received production orders from leading firms in these sectors [3]. Financial Projections - The company is projected to achieve net profits of 2.76 billion RMB in 2025, 3.39 billion RMB in 2026, and 4.15 billion RMB in 2027, reflecting a strong growth trajectory [4][10]. - Revenue is expected to grow from 20.52 billion RMB in 2023 to 38.01 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 20% [4][10]. - The gross margin is anticipated to improve slightly from 27.4% in 2023 to 29.5% in 2027, indicating enhanced operational efficiency [4][10].

Group 1 - The core viewpoint of the article highlights that Minth Group (00425) is expected to see a revenue growth rate of approximately 50% year-on-year for its battery box business in 2024 and the first half of 2025, benefiting from the increase in electric vehicle production in Europe [1][2] - The company has secured orders from major European automakers such as Volkswagen, Stellantis, and Renault, which positions it well to capitalize on the growing demand for electric vehicles [1] - The company is focusing on enhancing its production capacity and reducing costs, which is expected to lead to an increase in gross profit margins and profit elasticity [1] Group 2 - Minth Group is recognized as a leading global supplier of automotive exterior and body structural parts, with a diversified product line that includes plastic parts, metal and decorative parts, aluminum components, and battery boxes [2] - The traditional business of the company is experiencing steady growth, while the battery box segment is anticipated to contribute significantly to profit elasticity due to the rise in electric vehicle production in Europe [2] - The company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling systems, which are expected to create a third growth curve for the business [2] - The forecasted net profit for the company from 2025 to 2027 is projected to be 2.74 billion, 3.32 billion, and 3.99 billion yuan respectively, with corresponding EPS of 2.36, 2.85, and 3.43 yuan per share, indicating a favorable valuation with PE ratios of 13.4, 11.1, and 9.2 times [2]

Core Viewpoint - The report from Open Source Securities indicates that Minth Group (00425) is experiencing steady growth in its traditional business, with its battery box segment benefiting from the increase in electric vehicle production in Europe, which is expected to contribute to profit elasticity. The company has established a comprehensive global production capacity, creating a capacity barrier. Additionally, the company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling, which may form a third growth curve [1] Group 1 - The company is projected to achieve net profits attributable to shareholders of 2.74 billion, 3.32 billion, and 3.99 billion yuan for the years 2025 to 2027, with earnings per share (EPS) of 2.36, 2.85, and 3.43 yuan per share respectively [1] - The revenue growth rate for the battery box business is expected to be around 50% year-on-year for both 2024 and the first half of 2025 [1] - The company has secured orders covering popular electric vehicle platforms from European automakers such as Volkswagen, Stellantis, and Renault, which positions it to continue benefiting from the increase in electric vehicle production in Europe [1] Group 2 - The company is focusing on two main product systems in the low-altitude economy sector, having signed a strategic cooperation agreement with EHang Intelligent [1] - In the robotics field, the company is concentrating on integrated joint modules, robotic electronic skin, smart masks, wireless charging systems for robots, and limb structural components, and has signed a strategic cooperation agreement with Zhiyuan Robotics [1] - The company is also prioritizing the development and implementation of AI liquid cooling system-related products [1]