机构：东吴证券 研究员：黄细里/郭雨蒙/刘力宇 海外营收为主要增量，把握欧洲电动化机遇：2025 年公司海外收入163.32 亿元，同比+18.1%，主要得 益于公司在欧洲电动车市场的快速扩张。客户拓展方面，公司25 年突破了欧洲丰田结构件业务、北美 首款储能电池盒产品；首次突破欧洲雷诺及北美福特保险杠总成业务，成功巩固并扩大在北美头部电动 车企的供货份额。 聚焦AI、机器人、低空经济、智能出行等领域，布局第二成长曲线： 1）机器人领域，公司聚焦于一体化关节模组、机器人电子皮肤、智能面罩、机器人无线充电系统和肢 体结构件等，2025 年已经完成对多个客户的小批量供货；2） 低空经济领域，公司聚焦低空飞行器机体 和旋翼，已与亿航智能签署战略合作协议并获得量产订单；3）AI 领域，公司已布局液冷板模组、分水 器、液冷分破单元、浸没式液冷柜等产品，分水器和浸没式液冷柜等液冷产品已获得中国台湾地区客户 订单并于2025年开始批量交付。 盈利预测与投资评级：2025 年公司业绩符合我们的预期，因此我们维持对公司2026-2027 年归母净利润 为32.57 亿元、38.78 亿元的预测，并预计公司2028 年归母净利润 ...

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]