11月7日晚间，博威合金（601137）宣布拟投资不超过1.5亿美元在摩洛哥投资建设生产基地，建设年产 3万吨特殊合金电子材料带材项目。该项目预计在2026年10月开工，目标项目建设期36个月，预计投资 收益率16.72%。本项目建设还需完成境内主管部门相关核准及备案手续，也需经过摩洛哥本地相关部 门审批及登记。 据了解，博威合金本次海外生产基地建设主要的目标市场为北美、欧洲区域的目标客户。在本轮关税博 弈中，美国对摩洛哥商品征收10%关税，远低于对越南、欧盟，以及同类非洲国家阿尔及利亚和突尼斯 的税率。作为与美国签有自由贸易协定的少数国家之一，摩洛哥是此次关税调整中受影响最小的国家之 一，其在美国经济战略中享有优待地位。 在此背景下，出海企业在摩洛哥投资建厂动作逐渐密集。比如，雷迪克今年启动摩洛哥投资建厂，计划 投资3000万美元建设摩洛哥丹吉尔市汽车轴承生产基地，强化供应链韧性、提升海外客户交付效率是雷 迪克的主要考虑。豪美新材也与凌云股份合作在摩洛哥设立合资公司，建设新能源电池壳体、车身结构 件、高强度辊压件等配套供货能力。 博威合金表示，摩洛哥的政策、法律、商业环境、文化环境与国内存在较大区别，企业亦 ...

Accessible version Minth Wins liquid cooling orders for AI servers: raise PO to HK$43, reiterate Buy Reiterate Rating: BUY | PO: 43.00 HKD | Price: 36.14 HKD Announced liquid cooling orders from two AI server clients On 3 Nov, Minth announced new orders for its liquid cooling for AI servers from two Taiwanese AI server manufacturers, with deliveries starting by end-2025 (see details on page 3). We believe the announcement marks Minth's official entry into the AIDC sector. The company currently provides imme ...

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]

Core Insights - The company reported a revenue of 5.582 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.40% [1] - The net profit attributable to shareholders was 143 million yuan, with a non-recurring net profit of 140 million yuan [1] - Operating cash flow net amount increased by 244.47% to 74.05 million yuan, indicating significant improvement in cash flow management [1] Automotive Lightweight Business - The automotive lightweight business has established a full industry chain layout of "materials-components-systems," generating a revenue of 962 million yuan in the first half of the year with a gross margin of 14.16%, nearly 10 percentage points higher than traditional industrial profiles [1] - The company has formed a "domestic + overseas" dual-base pattern with its Wuhu base in Anhui and a joint venture factory in Morocco, supplying high-value-added products to leading automotive companies [1] - The company is positioned to benefit from the increasing penetration rate of new energy vehicles [1] System Windows Business - The recovery in consumer demand and policy incentives provide strong support for the system windows segment [1] - The Beikelo brand achieved a revenue of 303 million yuan in the first half of the year, reflecting a year-on-year growth of 27.95% through a dual-driven approach of "engineering + retail" [1] - The energy-saving performance indicators of system windows have reached industry-leading levels, aligning with the trend of increasing green building penetration under the "dual carbon" policy [1] R&D Investment - The company has continuously increased its R&D investment, with expenses exceeding 180 million yuan in the first three quarters of 2025, a year-on-year increase of 21.28% [2] - The company is accelerating the construction of the "automotive lightweight components production base in East China" through changes in fundraising projects, creating a positive cycle of capacity expansion and technological innovation [2] - This investment is expected to provide solid support for the company's long-term value development [2]

Core Insights - The company reported a total revenue of 5.582 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.40% [2] - The net profit attributable to shareholders decreased by 16.68% to 143 million yuan during the same period [2] - The company significantly improved its cash flow management, with net cash flow from operating activities reaching approximately 74.05 million yuan, an increase of 244.47% year-on-year [2] Financial Performance - In Q3 2025, the company achieved approximately 2 billion yuan in revenue, a year-on-year growth of 16.37% [2] - The net profit attributable to shareholders for Q3 was 51.41 million yuan, reflecting a year-on-year increase of 6.41% [2] - The company's net profit excluding non-recurring items for Q3 was 52.54 million yuan, up 13.06% year-on-year [2] Business Strategy and Development - The company is a major domestic manufacturer of aluminum profiles, focusing on R&D, manufacturing, and sales [2] - It is actively transitioning towards lightweight materials, with R&D expenses exceeding 180 million yuan in the first three quarters, a year-on-year increase of 21.28% [2] - The company is investing in post-processing capabilities for automotive lightweight components and is establishing a processing base in Wuhu, Anhui [3] Market Expansion - The company has established over 400 designated projects in automotive lightweighting as of the end of 2024, with 70 new projects added in the first half of 2025 [3] - A joint venture with Lingyun Co. in Morocco aims to produce components for the European and North African markets, enhancing the company's supply capabilities [3] - The company has redirected remaining funds from convertible bonds to the new "Automotive Lightweight Components East China Production Base Project," indicating confidence in the growth of its lightweight business [3]

Core Viewpoint - Huazhong Automotive (06830) saw a significant stock increase of over 26% in early trading, currently up 22.64% at HKD 0.325, with a trading volume of HKD 5.868 million [1] Group 1: Strategic Partnership - On October 15, Huazhong Automotive and Moli Technology held a strategic cooperation signing ceremony in Xiangshan, Ningbo [1] - The partnership will focus on four key areas: AI empowerment, embodied robotics applications, dexterous hand development applications, and lightweight material innovation [1] Group 2: Company Background - Huazhong Automotive specializes in automotive interior and exterior parts as well as body structure components, and is a Hong Kong-listed company under Ningbo Huaxiang (002048) Group [1] - Moli Technology is an AI technology enterprise focusing on algorithm research and applications in robotic vision, position control, force control, and intelligent end-effectors [1] - Moli Technology has developed various robots, including flying inspection robots, ironing robots, polishing robots, and assembly robots [1]

Core Viewpoint - Jiangsu Bojun Industrial Technology Co., Ltd. (Bojun Technology) expects a significant increase in net profit for the first three quarters of 2025, driven by the booming electric vehicle (EV) industry and increased orders [1] Financial Performance - The projected net profit for the first three quarters is between 552 million to 662 million yuan, representing a year-on-year growth of 50% to 80% [1] - For the third quarter alone, the expected net profit is between 244 million to 285 million yuan, showing a year-on-year increase of 80% to 110% [1] Industry Context - The EV industry continues to thrive, with increasing penetration rates in China, supported by policies favoring smart connectivity and high-end manufacturing [1] - The demand for body structure components is rising as downstream automakers accelerate production and model iterations [1] Competitive Advantages - Bojun Technology's core strengths lie in its modular body products and proprietary technology, which help reduce assembly time and costs for automakers [2] - The company has invested 68.39 million yuan in R&D in the first half of 2025, a 21.08% increase year-on-year, and holds 109 patents, enhancing its technological edge [2] Market and Capacity Expansion - Bojun Technology has established a production network covering key automotive industry clusters, with bases in Jiangsu, Chongqing, and plans for further expansion in various regions [3] - The company is positioned to benefit from the upcoming production cycles of new models from brands like Leap Motor and Geely [3] Long-term Outlook - The company is well-aligned with the industry's trend towards lightweight and modular components, which are expected to be crucial for future growth [4] - To maintain its market position, Bojun Technology needs to diversify its customer base and enhance product value [4]

Core Insights - Tesla's CEO Elon Musk recently showcased the company's humanoid robot "Optimus" demonstrating martial arts skills, highlighting the advanced capabilities of AI [1] - Tesla plans to launch the third generation of "Optimus" by the end of 2025, with mass production starting in 2026 and a target of one million units by 2030, indicating a rapid acceleration in the humanoid robot industry [1] Company Overview - Changying Precision has a long-standing partnership with Tesla, having supplied critical components for Tesla's electric vehicles, which positions the company well to enter the robot supply chain [2] - The demand for precision components in humanoid robots aligns with Changying Precision's core business, as the robots require high-precision parts for joints, torso, and hands [2] Product Capabilities - Changying Precision is capable of developing parts from various materials, including aluminum, magnesium, titanium alloys, and engineering plastics, using multiple manufacturing processes [3] - The company currently supplies over 400 part numbers for humanoid robots, primarily focusing on transmission components [3] Market Trends - Tesla's strategic shift towards AI and robotics, with an expectation that 80% of its value will come from the Optimus robot, suggests increased resource allocation to robot projects [4] - Changying Precision is expected to benefit from this shift, potentially capturing a significant share of the humanoid robot components market [4] Financial Performance - In the first half of the year, Changying Precision's revenue from overseas humanoid robot parts exceeded 35 million yuan, a significant increase compared to 10.11 million yuan for the entire year of 2024 [4] - From January to August, the company's revenue from humanoid robot components reached 80 million yuan, indicating accelerated growth [4] Future Outlook - The humanoid robot industry is projected to reach a trillion-level market size in the next decade, with Tesla likely to become a leading player due to its AI technology and production capabilities [5] - Changying Precision's deep integration with Tesla is expected to enhance its brand recognition and market position in the robot components sector, paving the way for future collaborations with other robot manufacturers [5]

Group 1: Financial Performance - The company achieved a revenue of 3.45 billion yuan in the first half of the year, representing a year-on-year growth of 6.2% [1] - The net profit attributable to shareholders reached 573 million yuan, with a year-on-year increase of 27.4% [1] - In Q2, the company reported a revenue of 1.784 billion yuan, showing a year-on-year growth of 11.0% and a quarter-on-quarter growth of 7.1% [1] - The net profit attributable to shareholders in Q2 was 316 million yuan, reflecting a year-on-year increase of 44.9% and a quarter-on-quarter increase of 22.8% [1] - The company’s gross margin improved in Q2, with a quarter-on-quarter increase of 2.6 and 1.0 percentage points [1] Group 2: Strategic Transformation and Market Expansion - The company is accelerating its transformation into a modular and system-level supplier, focusing on core components such as the three-electric system and intelligent driving systems [2] - The proportion of large components (over 8kg) in the product mix exceeded 15% in the first half of the year [2] - The company’s overseas sales revenue accounted for 53.8% of total revenue, with an overseas gross margin of 33.0% [2] - The company is expanding its production capacity in Mexico and Malaysia to enhance local collaboration and reduce logistics costs [2] Group 3: Robotics Business Development - The company is leveraging its die-casting advantages to expand into the robotics sector, focusing on precision parts for robots and wearable devices [3] - The acquisition of 71% of Zhuoerbo has been approved, which will enhance the company's capabilities in micro-motor precision components and emerging fields like drones and industrial automation [3] - The company expects to synergize resources across subsidiaries to develop a comprehensive product matrix in the robotics sector, creating a second growth curve [3]