大和表示，根据Global Market Insights的数据，全球数据中心液冷系统市场规模在今年可能达到60亿美 元，并在2030年增长至120亿美元;预计在2026至2030年间，敏实有望在价值链中获得3%至5%的市场份 额。 大和发布研报称，重申敏实集团(00425)"买入"评级;基于分类加总估值法，将目标价从40港元上调至52 港元;又将今明年净利润预测上调4%至5%，以反映其业务的增量变化。 该行审视了敏实集团的盈利预测，并纳入了一些正面的业务更新。其中，去年欧洲新能源汽车销售量年 增约30%，达到300万辆。自今年初起，德国恢复了针对中低收入家庭的国家新能源汽车购买补贴，认 为这将为欧洲在今年实现中十位数的新能源汽车销售增长提供强劲动力。目前，集团70%的电池外壳订 单来自欧洲客户。 ...

该行审视了敏实集团的盈利预测，并纳入了一些正面的业务更新。其中，去年欧洲新能源汽车销售量年 增约30%，达到300万辆。自今年初起，德国恢复了针对中低收入家庭的国家新能源汽车购买补贴，认 为这将为欧洲在今年实现中十位数的新能源汽车销售增长提供强劲动力。目前，集团70%的电池外壳订 单来自欧洲客户。 大和表示，根据Global Market Insights的数据，全球数据中心液冷系统市场规模在今年可能达到60亿美 元，并在2030年增长至120亿美元; 预计在2026至2030年间，敏实有望在价值链中获得3%至5%的市场份 额。 智通财经APP获悉，大和发布研报称，重申敏实集团(00425)"买入"评级; 基于分类加总估值法，将目标 价从40港元上调至52港元; 又将今明年净利润预测上调4%至5%，以反映其业务的增量变化。 ...

相关事件 大行评级｜里昂：上调敏实集团目标价至43港元，或受惠于德国电动车补贴 大行评级｜大和：上调敏 实集团目标价至52港元，上调今明年净利润预测 里昂发表报告指，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。该行预 测敏实三大核心市场今年全面增长：欧洲电动车销量持续扩张、中国合资企业竞争力提升，以及北美因 关税政策带动产能增加。该行将其目标价由36港元上调至43港元，维持"跑赢大市"评级。 ...

大和重申集团"买入"评级，基于分类加总估值法，将目标价从40港元上调至52港元；将今明年净利润预 测上调4%至5%，以反映其业务的增量变化。 大和发表研报指，审视了敏实集团的盈利预测，并纳入了一些正面的业务更新。自今年初起，德国恢复 了针对中低收入家庭的国家新能源汽车购买补贴，认为这将为欧洲在今年实现中十位数的新能源汽车销 售增长提供强劲动力。集团70%的电池外壳订单来自欧洲客户。 此外，根据Global Market Insights的数据，全球资料中心液冷系统市场规模在今年可能达到60亿美元， 并在2030年增长至120亿美元；预计在2026至2030年间，敏实有望在价值链中获得3%至5%的市场份 额。 ...

Vi e w p o i n t | Limited impact from Mexico tariff hike — Mexico imposes new tariffs on cars and auto parts for China (link, Automotive Logistics, 12 Jan), with new tariff rate up to 50% (from ~20%). Given Minth achieved localized procurement complying with the US-Mexico-Canada Agreement (USMCA) rules, we think the tariff hike would pose limited impacts on Minth (~USD1mn in 2026E). 21 Jan 2026 10:58:55 ET │ 12 pages Minth (0425.HK) Upside Risk in AI Liquid Cooling + EU Sales; Open 90D +ve CW CITI'S TAKE W ...

Summary of Minth Investor Day Conference Call Company Overview - **Company**: Minth - **Industry**: Auto Parts Manufacturing - **Established**: 1992 - **Key Products**: Design, manufacturing, and sales of auto trims, decorative parts, body structural parts, and other auto parts - **Production Facilities**: Over 40 in China and overseas Key Business Targets - **Sales Target**: RMB72 billion for auto-parts business by 2030, representing a 22% CAGR from 2025 to 2030 [2] - Breakdown of sales targets: - RMB30 billion for battery housing (31% CAGR) - RMB20 billion for plastic parts (27% CAGR) - RMB11.5 billion for aluminum parts (17% CAGR) - RMB10.5 billion for trims and metal parts (13% CAGR) - **Emerging Sectors Revenue Target**: RMB10 billion by 2030, including: - RMB5 billion for humanoid robot components - RMB4 billion for liquid cooling products - RMB1 billion for eVTOL components [3] Growth Drivers - **Global Trends**: Accelerating vehicle electrification and intelligence [2] - **Market Expansion**: Growth in Europe for plastic business and sealing systems [2] - **Revenue Distribution**: By 2030, expected revenue distribution is 30% from China, 30% from Europe, and 30% from North America [2] Financial Projections - **Earnings Growth**: Targeting 20% CAGR from 2025 to 2030 and 15% ROE by 2030 [2] - **Revised EPS Estimates**: Increased by 0.4% for 2025, 0.6% for 2026, and 1.8% for 2027 [4] - **New Price Objective**: Raised to HKD50 from HKD43, maintaining a Buy rating [4] Revenue and Profitability Insights - **2025 Revenue Estimates**: - Total: RMB26.3 billion - Battery housing: RMB9.7 billion - Legacy business: RMB20.4 billion [20] - **Profit Margins**: Expected improvement in gross margin and operating expenses discipline [16] Market Position and Competitive Landscape - **Aluminum Parts Market**: Anticipated market share gain due to competitor exits [17] - **Plastic Parts Growth**: Expected 10% revenue growth in 2025, driven by contributions from Chinese and European OEMs [17] Technology and Innovation - **Emerging Sectors**: Highlighted technology advantages in liquid cooling and humanoid robot components [19] - **Partnerships**: Established partnerships with top AI server ODMs in Taiwan for liquid cooling products [19] Risks and Challenges - **Downside Risks**: Increasing trade tariffs, volatile margins in overseas plants, lower margins in battery housing, and foreign exchange volatility [24] Conclusion - **Investment Rationale**: Positive outlook on Minth's revenue growth from both traditional and new businesses, with a focus on vehicle electrification and intelligence [14]

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]