2025 年，美时集团在多个方面实现了显著的业务变化和增长。首先，公司的 主业——欧洲新能源电池盒业务表现出色，上半年收入增速非常快，随着欧洲 产能提升，预计未来盈利性将进一步提高，从而提升整体利润率。其次，公司 积极布局新兴业务，包括机器人、液冷和低空领域，这些新业务已经取得了显 著进展，为公司打开了新的成长空间，并带动 PE 的提升。此外，公司经营状 况改善，特别是现金流改善，预期分红率提升，使得 PE 有望回到之前水平。 美时集团为何能够在机器人等新兴业务上取得成功？ 敏实集团 20251124 摘要 美时集团通过过往在汽车外饰件领域的技术积累和全球化布局优势，成 功拓展至机器人、液冷等新兴业务，这些业务与现有产品在结构件和生 产工艺上具有共通性，使其能迅速抓住产业发展机会。 公司目前处于产能收获期，经营效率提升，盈利状况改善。2024 年起 资本开支明显下降，2025 年上半年仅为 9 亿元。毛利率从 2023 年的 19%提高到 2025 年上半年的 23%，受益于国内外市场良好表现和海外 成熟产能布局。 欧洲新能源市场对美时集团电池盒业务产生积极影响，2025 年欧洲新 能源车渗透率目标为 25. ...

液冷：当下算力中心规模快速增长，加之服务器机柜功耗提升。政策端能耗要求PUE 日趋严格，行业 端散热需求提升，液冷成主要方向。公司2022 年布局汽车水冷板产品，现已开启液冷板产能建设。展 望未来，公司积极把握人工智能的快速发展，凭借自身技术及客户关系优势，有望实现订单突破。 低空经济：低空经济稳步推进，2026 年市场空间有望达万亿。公司成立敏翼科技，总经理产业履历深 厚，未来有望成低空领域核心供应商。目前公司已与亿航智能于2025 年7 月签署战略合作协议，共同研 发和生产eVTOL 电动垂直起降飞行器的关键部件。 投资建议：汽车主业加速成长，新业务有望陆续落地公司汽车业务受益欧洲新能源提速，电池盒业务推 动主业加速增长。新业务方面，公司前瞻布局多元化业务赛道，机器人、液冷、低空等业务新进展不断 推进，打造全新增长曲线。同时，随着公司进入产能收获期，资本开支下降，现金流改善，未来分红率 有望提升，公司估值中枢有望持续回升至2024 年以前水平，看好公司后续迎来"戴维斯双击"。预计公 司2025-2027 年归母净利润分别为28.1、33.1、40.6 亿元，对应PE 分别为12.9X、11.0X、8.9X ...

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company is experiencing accelerated growth in its core automotive business, driven by the rapid adoption of new energy vehicles in Europe, while also making significant strides in new business areas such as robotics, liquid cooling, and low-altitude economy [10][18]. Summary by Sections Company Overview - The company is a global leader in automotive exterior parts and has successfully expanded into the battery box business since 2017, becoming one of the top players in this sector. The ongoing increase in the penetration of new energy vehicles in Europe is expected to further boost the company's core business growth [3][7]. Business Performance - The company is entering a capacity harvesting phase, with operational efficiency improving and profitability on an upward trajectory. The capital expenditure peaked in 2022 at 34.1 billion, but is projected to decrease significantly in 2024, supporting future dividend increases [6][26]. Battery Box Business - As one of the largest battery box suppliers globally, the company benefits from Europe's clear carbon reduction goals and the resurgence of electric vehicle subsidies. The penetration rate of new energy vehicles in Europe is expected to reach approximately 19.6% in 2024, with significant growth anticipated in subsequent years [7][49]. New Business Ventures - The company is strategically diversifying into multiple business areas, including robotics, liquid cooling, and low-altitude economy, which are expected to create new growth trajectories. The robotics sector is projected to see significant advancements by 2025, while liquid cooling is becoming increasingly important due to rising energy efficiency demands [8][9]. Financial Projections - The company is expected to see substantial increases in net profit, with projections of 28.1 billion, 33.1 billion, and 40.6 billion for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 12.9X, 11.0X, and 8.9X [10][18].

Core Insights - The company has experienced significant growth in its battery box business, driven by the rapid expansion of the European electric vehicle market, resulting in a year-on-year revenue increase of 10.8% to 12.287 billion RMB and a net profit growth of 19.5% to 1.277 billion RMB [1] - The battery box business has seen a nearly 50% year-on-year increase in revenue, reaching 3.582 billion RMB, which now accounts for 29.2% of total revenue, marking it as the largest revenue source for the company [1] - The company is actively exploring new sectors such as AI, robotics, low-altitude economy, and smart mobility, aligning with its strategic goal of achieving 82 billion RMB in revenue by 2030, representing a compound annual growth rate of 23% from 2024 to 2030 [1] Group 1 - The company announced new orders for AI liquid cooling systems from a Taiwanese AI server manufacturer, with product deliveries expected to begin in mid-November [2] - The company has also passed technical validation for a splitter system from another Taiwanese AI server liquid cooling system manufacturer, with initial product deliveries anticipated by the end of December [2] - An investor visit to the AI liquid cooling and robotics production lines is scheduled, which may enhance investor confidence and act as a short-term catalyst [2] Group 2 - Emerging businesses are entering a high growth phase, with projected revenue and adjusted profit compound annual growth rates of 14.2% and 18.2% respectively for the fiscal years 2024 to 2027, although current growth rates are slower than the company's strategic targets [3] - If the company can meet its strategic goals, it may present a potential surprise for investors [3] - The current valuation corresponds to approximately 12.7 times the forecasted FY25E price-to-earnings ratio, which is higher than the average over the past five years, but the expansion of emerging business applications is expected to drive upward valuation [3]

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].

Core Viewpoint - JPMorgan released a report stating that Minth Group (00425) has launched an employee stock incentive plan focusing on key personnel in emerging fields such as humanoid robots, electric vertical takeoff and landing aircraft, and AI server liquid cooling systems [1] Group 1: Company Developments - Minth Group maintains a target price of HKD 70 and an "Overweight" rating, which was previously raised last month [1] - The company announced it has received two orders from Taiwanese AI server manufacturers, marking its first orders for AI server liquid cooling products, expected to be delivered in batches starting November and December this year [1] Group 2: Financial Goals and Projections - The company's goal is to achieve automotive parts revenue of RMB 72 billion by 2030, including RMB 30 billion from battery box business [1] - Although the current backlog of undelivered orders does not meet this target, management believes future revenue growth will be driven by new product expansion and changes in competitive landscape [1] - JPMorgan agrees with management's optimistic view on the battery box business, projecting a compound annual growth rate (CAGR) of approximately 30% for this segment by 2030 [1] - Overall, the group is expected to achieve a CAGR of 15% in revenue from the second half of this year through 2027 [1]

Group 1 - The core viewpoint of the article highlights that Minth Group (00425) has launched an employee stock incentive plan focusing on key personnel in emerging fields such as humanoid robots, electric vertical takeoff and landing aircraft, and AI server liquid cooling systems [1] - Morgan Stanley maintains a target price of HKD 70 and an "overweight" rating for the company, reflecting confidence in its growth prospects [1] - The company has secured two orders from Taiwanese AI server manufacturers, marking its first orders for AI server liquid cooling products, with deliveries expected in November and December of this year [1] Group 2 - The company's goal is to achieve automotive parts revenue of RMB 72 billion by 2030, including revenue of RMB 30 billion from battery box business [1] - Although the current backlog of undelivered orders does not meet this target, management believes future revenue growth will be driven by new product expansion and changes in the competitive landscape [1] - The bank agrees with management's optimistic view on the battery box business, projecting a compound annual growth rate of approximately 30% for this segment by 2030 [1] Group 3 - Overall, the group anticipates a compound annual growth rate of 15% for the company's revenue from the second half of this year through 2027 [1]

Core Insights - JPMorgan's research report highlights that Sensata Technologies has launched an employee stock incentive plan focusing on key personnel in emerging fields such as humanoid robots, electric vertical takeoff and landing (eVTOL) aircraft, and AI server liquid cooling systems [1] - The company has secured two orders from Taiwanese AI server manufacturers, marking its first orders for AI server liquid cooling products, with deliveries expected in November and December of this year [1] - The company's target is to achieve automotive parts revenue of 72 billion yuan by 2030, including 30 billion yuan from battery box business [1] - Although the current backlog of undelivered orders does not meet this target, management believes future revenue growth will be driven by new product expansion and changes in competitive landscape [1] - JPMorgan agrees with management's optimistic outlook on the battery box business, projecting a compound annual growth rate of approximately 30% until 2030 [1] - The firm maintains a target price of 70 HKD and a "buy" rating, which was previously upgraded last month [1]

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 (00425) has seen a stock price increase of over 4%, currently trading at 37.6 HKD, following the announcement of new orders for AI server immersion cooling cabinets from a Taiwanese AI server manufacturer [1] Group 1: Company Developments - Minth Group's subsidiary, Precision Industry, has received orders for the design, development, and production of AI server immersion cooling cabinets, with technical validation already completed [1] - The first batch of products is expected to be delivered by mid-November 2025 [1] - Additionally, the group has passed technical validation for a splitter from another Taiwanese AI server liquid cooling system manufacturer, with initial product deliveries anticipated by the end of December 2025 [1] Group 2: Market Position and Growth Potential - Minth Group 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 create a third growth curve [1]