就2025年下半年，该行预期公司净利润按年增长14%至14亿元，受铝制品及电池外壳业务收入强劲增长 所带动。同时，相信原材料价格上升影响可控，因公司对OEM具强大议价能力，故预期毛利率将按年 持平于29.4%。而关税影响亦有限，涉及收入不足5%。加上机械人业务加速发展，该行将敏实的目标价 由40港元升至55港元，维持"买入"评级。 星展发表研报指，中国及欧洲电动车销售强劲增长，加上全球汽车原始设备制造商(OEM)转向电动车， 正带动敏实集团的电池外壳业务(BBU)快速增长。该业务未完成订单总额超过1000亿元。在总订单累积 逾2500亿元的支持下，该行预测公司2024至2026财年的盈利年复合增长率达约20%，支持估值上行。 ...

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating for Sensata Technologies (00425) and raises the target price from HKD 43 to HKD 50, while lowering the earnings forecasts for 2025, 2026, and 2027 by 7%, 12%, and 18% respectively due to rising costs impacting profit margins [1] Group 1: Financial Performance - The mid-term growth rate forecast has been increased from 7% to 9% based on higher-than-expected revenue from humanoid robots, liquid cooling, and electric vertical takeoff and landing aircraft businesses [1] - Sensata's stock price has risen 35% year-to-date, significantly outperforming the Hang Seng Index's increase of approximately 4%, indicating heightened market expectations for its humanoid robot and liquid cooling business orders [1] Group 2: Strategic Developments - Sensata has established a competitive advantage in global production layout compared to other Chinese suppliers, with factories in the United States, Canada, and Mexico [1] - The company announced a joint venture with Greentown Harmonic (688017.SH) in the U.S. to expand its humanoid robot joint module assembly business in the North American market [1] Group 3: Market Outlook - In light of global geopolitical uncertainties, there is an expectation that Sensata will have greater opportunities to secure orders from U.S. clients [1] - The battery casing business is anticipated to continue supporting the company's growth in the coming years [1] - Market speculation surrounds the potential return of founder Qin Ronghua at the upcoming shareholder meeting in May, which could serve as a significant catalyst for the company [1]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating for Sensata Technologies (00425) and raises the target price from HKD 43 to HKD 50, while lowering the earnings forecasts for 2025, 2026, and 2027 by 7%, 12%, and 18% respectively due to rising costs impacting profit margins [1] Group 1: Financial Performance - The mid-term growth rate forecast for Sensata has been increased from 7% to 9% based on higher-than-expected revenue from humanoid robots, liquid cooling, and electric vertical takeoff and landing aircraft businesses [1] - Sensata's stock price has risen 35% year-to-date, significantly outperforming the Hang Seng Index's increase of approximately 4%, indicating heightened market expectations for its humanoid robot and liquid cooling business orders [1] Group 2: Strategic Developments - Sensata has established a competitive advantage in global production layout compared to other local Chinese suppliers, with factories in the United States, Canada, and Mexico [1] - The company announced a joint venture with Greentown Harmonic (688017.SH) in the U.S. to expand its humanoid robot joint module assembly business in the North American market [1] Group 3: Market Outlook - In light of global geopolitical uncertainties, there is a belief that Sensata will have greater opportunities to secure orders from U.S. clients, with expectations that the battery casing business will continue to support company growth in the coming years [1] - Anticipation surrounds the potential return of founder Qin Ronghua at the upcoming shareholder meeting in May, which could serve as a significant catalyst for the company [1]

机构：中信建投证券 敏实集团此前已前瞻性布局人形机器人业务，依托汽车零部件领域积淀的精密制造、机电及总成设计经 验，自主推进人形机器人关节总成的研发布局、客户拓展与样品交付，可复用现有汽车零部件产能与工 艺体系，形成了从结构件到关节模块的成熟技术落地路径。绿的谐波为国内谐波减速器 行业绝对龙头，在精密传动领域拥有深厚技术积淀与核心专利，产品技术指标领先，是头部人形机器人 项目核心供应商，技术实力获全球认可。双方设立北美合资公司，实现核心技术与本地产能深度融合， 一方面依托绿的谐波技术优势打造高竞争力关节模组产品，另一方面凭借北美本地产能形成显著拿单优 势，贴近本土核心客户需求，同时有效规避国际贸易关税壁垒及地缘政治风险，实现成本与供应链双重 优化，打开北美人形机器人市场成长空间。 研究员：程似骐/陶亦然/马博硕/朱玥/许琳 核心观点 敏实集团与绿的谐波就北美设立合资公司达成框架协议，依托公司全球化 + 本地化的制造运营核心优 势与绿的谐波的精密传动技术专长实现强强联合，卡位北美人形机器人核心部件赛道，北美本地产能布 局进一步强化全球化竞争壁垒；同时公司主业基本面稳健，欧洲新能源汽车市场需求有望延续增长， AI ...

证券之星消息，根据企查查数据显示比亚迪（002594）公布了一项国际专利申请，专利名为"电池外壳、电池、电池包和用电设备"，专利申请号 为PCT/CN2025/079373，国际公布日为2026年2月5日。 专利详情如下： | (12)按照专利合作条约所公布的国际申请 | (19)世界知识产权组织 | ! | | | | | --- | --- | --- | --- | --- | --- | | ■ 家 同 | (10)国际公布号 | (43) 国际公布日 | WO 2026/025881 A1 | | | | 2026年2月5日(05.02.2026) | (51) 国际专利分类号: | 姬曦威(JI,Xiwei):中国广东省深 | | | | | 518118 (CN)。 | H01M 50/593 (2021.01) | H01M 50/15 (2021.01) | 圳市坪山区比亚迪路3009号 518118(CN)。尹 | | | | 小强(YIN,Xiaoqiang);中国广东省深圳市坪山 | (21) 国际申请号: | PCT/CN2025/079373 | 区比亚迪路3009号 518118 ...

敏实集团(00425)涨近3%，截至发稿，涨1.83%，报36.76港元，成交额4701.91万港元。 大华继显发布研报称，根据敏实集团管理层制定的战略目标，公司将于2030年实现营业收入720亿元人 民币，即未来五年收入年均复合增长率将超过20%，高于该行预测的13%及市场普遍预期的14%至 15%。该行认为，公司额外的增长因素将来自于智能外饰部件、液冷部件、人形机械人部件、电动垂直 起降飞行器部件及无线充电部件等新产品线。 大华继显续指，虽然近期铝价上涨，但公司拥有良好成本转嫁机制，预计2026年毛利将保持平稳。里昂 认为，德国近期推出电动车补贴，极可能成为欧洲领先电池外壳供应商敏实集团的业务催化剂。该行亦 对铝价上涨担忧较低，预期铝制品毛利率将因新增订单及杠杆效应获更大缓冲空间。 ...

大华继显发布研报称，根据敏实集团管理层制定的战略目标，公司将于2030年实现营业收入720亿元人 民币，即未来五年收入年均复合增长率将超过20%，高于该行预测的13%及市场普遍预期的14%至 15%。该行认为，公司额外的增长因素将来自于智能外饰部件、液冷部件、人形机械人部件、电动垂直 起降飞行器部件及无线充电部件等新产品线。 智通财经APP获悉，敏实集团(00425)涨近3%，截至发稿，涨1.83%，报36.76港元，成交额4701.91万港 元。 大华继显续指，虽然近期铝价上涨，但公司拥有良好成本转嫁机制，预计2026年毛利将保持平稳。里昂 认为，德国近期推出电动车补贴，极可能成为欧洲领先电池外壳供应商敏实集团的业务催化剂。该行亦 对铝价上涨担忧较低，预期铝制品毛利率将因新增订单及杠杆效应获更大缓冲空间。 ...

Core View - Minth is expected to achieve solid earnings in 2H25, with a projected FY25 net profit increase of 17% YoY, driven by growth in battery housing and contributions from new businesses such as humanoid robot parts and AI server liquid cooling systems [1]. Revenue and Profit Forecasts - The revenue forecast for Minth in 2H25 has been revised up by 1% to RMB13.7 billion, reflecting a 13% YoY increase, primarily due to higher expected revenue from aluminium and battery housing businesses amid rising raw material prices [2]. - The net profit forecast for 2H25 has been increased by 3% to RMB1.4 billion, representing a 14% YoY growth, while the gross profit margin (GPM) is maintained at 29.1% [2]. Tariff and Margin Risks - The impact of US tariffs on Minth's margins is considered manageable, as less than 4% of its revenue is exposed to the additional 25% tariff effective from May 2025, and products from its Mexico plant are exempt from these tariffs [3]. New Business Contributions - New businesses are anticipated to start making significant revenue contributions from FY27, with battery housing expected to grow rapidly in FY26. NEV sales in Europe are projected to rise by 16% YoY in 2026, benefiting Minth's battery housing segment [4]. - Revenue from new components for humanoid robots and AI server liquid cooling systems is expected to exceed RMB1 billion in FY27, along with additional contributions from door sealing systems and other new businesses projected to exceed RMB0.5 billion [4]. Valuation and Target Price - The target price for Minth has been raised from HK$38.00 to HK$42.00, maintaining a BUY rating based on a 13x multiple of the revised FY26 EPS [5].

Investment Rating - The report maintains a BUY rating for Minth Group, indicating a potential return of over 15% over the next 12 months [1][8]. Core Insights - The company is expected to see solid earnings growth in the second half of 2025, with a projected net profit increase of 17% year-over-year for FY25E. This growth is anticipated to accelerate further in FY26-27E, driven by the expansion in battery housing and contributions from new business segments such as humanoid robots and AI server liquid cooling systems [1][8]. - Revenue forecasts for FY25E, FY26E, and FY27E have been revised upwards by 3-6%, reflecting a positive outlook for the company's performance in these years [8][10]. Financial Summary - For FY25E, revenue is projected at RMB 25,945 million, with a year-over-year growth of 12.1%. Net profit is expected to reach RMB 2,708 million, reflecting a 16.8% increase [2][12]. - The company’s earnings per share (EPS) for FY25E is estimated at RMB 2.36, with a price-to-earnings (P/E) ratio of 13.5x [2][12]. - The gross profit margin is expected to be 28.7% for FY25E, with operating and net margins projected at 12.1% and 10.4%, respectively [10][12]. Share Performance - The target price for Minth Group has been set at HK$42.00, representing a 17.3% upside from the current price of HK$35.80 [3]. - The market capitalization of the company is approximately HK$42,313.8 million, with an average turnover of HK$228.4 million over the past three months [3]. Shareholding Structure - The largest shareholder is Chin Jong-Hwa's family, holding 38.1% of the shares, followed by Invesco Asset Management with 6.0% [4]. Growth Projections - The company anticipates a 16% year-over-year increase in NEV sales volume in Europe for FY26E, which is expected to benefit its battery housing business significantly [8]. - New business segments are projected to contribute over RMB 1 billion in revenue by FY27E, with additional contributions from door sealing systems and other new businesses expected to exceed RMB 0.5 billion [8]. Valuation - The report maintains a target price based on a P/E ratio of 13x for the revised FY26E EPS, reflecting confidence in the company's growth trajectory [8].

Core Viewpoint - Daiwa has reiterated a "Buy" rating for Minth Group (00425) and raised the target price from HKD 40 to HKD 52, adjusting net profit forecasts for this year and next by 4% to 5% to reflect positive business updates [1] Group 1: Business Performance - The sales volume of electric vehicles in Europe increased by approximately 30% last year, reaching 3 million units [1] - Germany has reinstated national subsidies for electric vehicle purchases for low- to middle-income households, which is expected to drive strong double-digit growth in electric vehicle sales across Europe this year [1] - Currently, 70% of Minth Group's battery casing orders come from European clients [1] Group 2: Market Insights - According to Global Market Insights, the global liquid cooling systems market for data centers is projected to reach USD 6 billion this year and grow to USD 12 billion by 2030 [1] - Minth Group is expected to capture a market share of 3% to 5% in the value chain between 2026 and 2030 [1]