Group 1 - The core viewpoint of the report is that Minth Group (00425) achieved a revenue growth of 10.8% year-on-year in the first half of this year, reaching 12.3 billion RMB, which is in line with expectations [1] - The European business experienced rapid growth, increasing by 51% year-on-year, driven by the rising adoption of electric vehicles, despite a significant decline in the Chinese market [1][2] - The target price for Minth Group has been raised from 25 HKD to 35 HKD, based on a projected price-to-earnings ratio of 13 times for 2026 [1] Group 2 - The net profit forecast for 2025 has been moderately adjusted upward by 2% to 26.5 billion RMB, while the 2026 net profit forecast remains unchanged at 29 billion RMB [1][2] - The battery casing business is expected to continue being the main driver of profit growth for Minth, particularly due to the increasing adoption of new energy vehicles in Europe and a robust local production capacity [2] - Traditional businesses are anticipated to maintain stable growth through product category expansion and deepening penetration with domestic brands, effectively offsetting the weak demand for joint venture brands in the Chinese market [2]

Group 1 - The core viewpoint of the report is that Minth Group (00425) has shown a revenue growth of 10.8% year-on-year in the first half of the year, reaching 12.3 billion RMB, which is in line with expectations [1] - The European business has experienced rapid growth, increasing by 51% year-on-year, driven by the rising adoption rate of electric vehicles, despite a significant decline in the Chinese market [1][2] - The target price for Minth Group has been raised from 25 HKD to 35 HKD, reflecting a forecasted price-to-earnings ratio of 13 times for 2026 [1] Group 2 - The net profit forecast for 2025 has been adjusted upward by 2% to 26.6 billion RMB, while the 2026 net profit forecast remains unchanged at 29 billion RMB [2] - The battery casing business is expected to continue being the main driver of profit growth for Minth, particularly due to the increasing adoption of new energy vehicles in Europe and a solid customer base of original equipment manufacturers [2] - Traditional businesses are anticipated to maintain stable growth through product category expansion, an increased global brand OEM customer base, and deeper penetration with domestic Chinese brands, effectively offsetting the weak demand for joint venture brands in the Chinese market [2]

Core Viewpoint - Daiwa's report indicates that Minth Group (00425) experienced an 11% revenue growth in the first half of the year, which is below the expected 15% [1] Group 1: Financial Performance - The battery casing business maintained high growth, while other business units showed slow growth [1] - The company raised its full-year order booking target from 15 billion RMB to 16 billion RMB, focusing on securing orders from domestic automakers for battery casings and structural chassis components [1] - The company anticipates a compound annual growth rate (CAGR) of 16% in revenue and a CAGR of 20% in earnings per share from this year until 2027 [1] Group 2: Market Position and Strategy - Despite good performance with domestic automakers, the market share of joint ventures in China has declined, impacting overall performance [1] - Strong shipment volumes of battery casings boosted overseas business, with the company establishing partnerships with almost all major European automakers and gradually increasing production capacity [1] Group 3: Analyst Rating - Daiwa maintains a "Buy" rating for Minth Group, raising the target price from 32 HKD to 38 HKD [1]

Core Viewpoint - Daiwa's report indicates that Minth Group (00425) experienced an 11% revenue growth in the first half of the year, slightly below the expected 15% [1] Group 1: Financial Performance - The battery casing business continues to show high growth, while other business units are growing slowly [1] - The company has adjusted its full-year order booking target from 15 billion RMB to 16 billion RMB, focusing on securing orders from domestic automakers for battery casings and structural chassis components [1] - The company has successfully secured orders from Chery, BYD, Great Wall Motors, and Geely [1] Group 2: Market Position and Outlook - Despite good performance with domestic automakers, the reduction in market share from joint ventures in China has negatively impacted overall performance [1] - Strong shipment volumes of battery casings have boosted overseas business, with the company establishing partnerships with nearly all major European automakers [1] - Daiwa projects a compound annual growth rate (CAGR) of 16% for revenue and 20% for earnings per share from 2023 to 2027 [1] Group 3: Investment Rating - Daiwa maintains a "Buy" rating for Minth Group, raising the target price from 32 HKD to 38 HKD [1]