国盛证券（002670）发布研报称，敏实集团(00425)作为外饰件和车身结构件领域龙头，持续拓展新产 品新客户，预计2025-2027年归母净利润分别为28.13/34.43/40.73亿元，同增21%/22%/18%，当前对应市 值PE分别为13/11/9x。考虑到电池盒等新产品处于上量阶段，海外市场加速布局，首次覆盖，给予"买 入"评级。 敏实传统业务地位稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻量化与智能 化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相关产品逐步打入欧美高端品牌供应链;同 时积极布局智能外饰，相关产品进展积极，已开发华为、丰田等知名客户。电池盒业务作为新能源核心 赛道，敏实已构建全球化供应体系，塞尔维亚、法国、波兰等工厂相继量产，2020-2024年营收CAGR 高达173%。同时延伸至前后碰撞模块、副车架、压铸结构件等产品并陆续收获订单，逐步实现电池盒 及车身底盘结构一体化，进而推动单车配套价值量的大幅提升。 新兴赛道多点突破，第二增长曲线加速成型 风险提示：行业需求不及预期风险、海外市场推进不及预期的风险、汇率波动风险、原材料价格波动风 险、数据滞后性 ...

全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度 敏实集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽车电池盒四大产品线。作 为全球化供应商，公司的业务布局广泛，服务宝马、奔驰、特斯拉、比亚迪等70余家国内外头部车企， 海外收入占比从2021年41%提升至2025H1的65%，全球化战略推进效果显著。业务结构持续优化，电池 盒业务作为重点发展的业务，2025H1营收占比达27%，跃升为第一大收入来源;铝件产品受益于汽车轻 量化趋势，2020到2024年营收CAGR为12%，毛利率维持30%以上。同时受益于产能利用率提升和成本 管控，公司的营收和净利润均实现较快增长。 国盛证券主要观点如下： 智通财经APP获悉，国盛证券发布研报称，敏实集团(00425)作为外饰件和车身结构件领域龙头，持续拓 展新产品新客户，预计2025-2027年归母净利润分别为28.13/34.43/40.73亿元，同增21%/22%/18%，当前 对应市值PE分别为13/11/9x。考虑到电池盒等新产品处于上量阶段，海外市场加速布局，首次覆盖，给 予"买入"评级。 风险提示：行业需求不及预期风险、海外市场推进不及 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 敏实集团（00425.HK） 电池盒放量驱动业绩高增，机器人等新兴赛道打开长期成长空间 全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度。敏实 集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽 车电池盒四大产品线。作为全球化供应商，公司的业务布局广泛，服务宝 马、奔驰、特斯拉、比亚迪等 70 余家国内外头部车企，海外收入占比从 2021 年 41%提升至 2025H1 的 65%，全球化战略推进效果显著。业务结 构持续优化，电池盒业务作为重点发展的业务，2025H1 营收占比达 27%， 跃升为第一大收入来源；铝件产品受益于汽车轻量化趋势，2020 到 2024 年营收 CAGR 为 12%，毛利率维持 30%以上。同时受益于产能利用率提 升和成本管控，公司的营收和净利润均实现较快增长。 外饰件业务稳健贡献，电池盒与结构件已成增长引擎。敏实传统业务地位 稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻 量化与智能化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相 关产品逐步 ...

Core Viewpoint - Minth Group reported a solid performance in the first half of 2025, with revenue, net profit attributable to shareholders, and operating profit reaching 12.287 billion, 1.277 billion, and 1.430 billion yuan respectively, representing year-on-year growth of 10.8%, 19.5%, and 21.9% [1][2] Financial Performance - The company's revenue, net profit attributable to shareholders, and operating profit for the first half of 2025 were 12.287 billion, 1.277 billion, and 1.430 billion yuan, showing year-on-year increases of 10.8%, 19.5%, and 21.9% [1][2] Business Growth Drivers - Revenue growth was primarily driven by increased capacity utilization in the battery box business and a rise in global order volume, with traditional exterior products performing well in international markets [2][3] - Cost reduction and efficiency improvement measures, along with economies of scale, contributed to a stable gross margin of 28.3%, a slight decrease of 0.2% year-on-year [2][3] Domestic and International Business Structure - Domestic revenue was 4.306 billion yuan, down 4.9% year-on-year, mainly due to a decline in market share among joint venture brands [2] - International business showed strong performance with revenue of 7.981 billion yuan, up 21.6% year-on-year, accounting for 65% of total revenue [2] - The company is deepening its "GLOCAL" strategy to enhance regional supply chain capabilities [2] Product Line Development and New Business Initiatives - The battery box business generated revenue of 3.582 billion yuan, up 49.9% year-on-year, securing new clients like Chery, BYD, and General Motors while expanding shares with Toyota and Volkswagen [2] - Revenue from aluminum parts, plastic parts, and metal trims was 2.469 billion, 2.867 billion, and 2.660 billion yuan respectively, showing year-on-year growth of 4.1%, 0.9%, and 4.6% [2] - The company is advancing in new business areas such as humanoid robots, eVTOL collaborations, and wireless charging systems, with strategic partnerships and ongoing projects [2][3] Future Outlook - The company is expected to benefit from the global shift towards electric and intelligent vehicles, with a robust overseas capacity layout to capture opportunities from Chinese automakers expanding abroad [3] - The digital transformation is accelerating with the global deployment of the SAP system, enhancing production monitoring and cost management [3] - Sustainable development initiatives are being expanded, focusing on low-carbon materials to support clients' carbon neutrality goals [3]

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [6][11]. Core Insights - The company is a global automotive parts supplier, ranked 70th among the top automotive parts companies worldwide, with partnerships with major clients such as Stellantis, Daimler, Volkswagen, Tesla, BYD, and Geely. The company is expected to benefit from its global presence and strong supply chain management [7]. - The traditional business segments (plastic parts, aluminum parts, and metal trims) provide stable cash flow, while the battery box business is projected to grow over 30% this year. The company is also entering emerging industries such as humanoid robots and low-altitude economy sectors, which could further expand its growth potential [7][8]. - The company’s revenue is expected to reach 23.1 billion RMB in 2024, with a projected net profit of 2.74 billion RMB in 2025, reflecting year-over-year growth rates of 18%, 17%, and 15% for the following years [8][10]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current stock price of HKD 25.96 and a market capitalization of 17.844 billion HKD. The stock has seen a significant increase of 145.01% over the past year [3][4]. Financial Performance - The company’s revenue is projected to grow from 20.524 billion RMB in 2023 to 34.104 billion RMB in 2027, with a gross profit margin of 28.94% expected in 2024, an increase of 1.7 percentage points year-over-year [10][12]. - The net profit is forecasted to increase from 1.903 billion RMB in 2023 to 3.692 billion RMB in 2027, with corresponding EPS growth from 1.654 RMB to 3.205 RMB over the same period [10][12]. Emerging Business Segments - The company is actively developing humanoid robots and low-altitude flying vehicles, with strategic partnerships established for component development. The humanoid robot market is expected to reach 21 billion RMB by 2030, with the company aiming for over 10% market share [7][8].

Company Overview - The company, Sensata Technologies, is a global leader in automotive exterior and body structural components, operating in 14 countries with 77 factories and 4 product lines (plastic parts, aluminum parts, metal trims, battery boxes) [1] - It serves over 70 automotive brands, including BMW, Mercedes-Benz, and Tesla, and has undergone three development phases: initial nurturing, lightweight transformation and globalization, and innovative development [1] - In 2020, the company restructured into four major business units and has become one of the largest suppliers of battery boxes and body structural components globally [1] Operational Turning Point - Capital expenditure is slowing down, indicating a clear trend of profit recovery [2] - The traditional main business has solidified its technical and customer advantages [3] - The metal trim segment is projected to generate revenue of 5.49 billion yuan in 2024, with a gross margin of 27.8% [3] New Business Development - The company has formed a strategic partnership with Zhiyuan Robotics, focusing on smart exteriors, electronic skin, integrated joint assemblies, and wireless charging, which may create new revenue growth opportunities [1] Financial Forecast - Revenue is expected to reach 27.1 billion yuan in 2025, 32.1 billion yuan in 2026, and 38.0 billion yuan in 2027, with net profit projected at 2.72 billion yuan, 3.19 billion yuan, and 3.74 billion yuan respectively [2] Capital Expenditure and Profitability - Capital expenditure as a percentage of revenue is expected to drop to 8% in 2024, the lowest in a decade, leading to positive free cash flow of 778 million yuan [3] - Gross margin is forecasted to rise to 28.94% in 2024, with net margin at 10.26% and ROE at 11.97%, benefiting from improved capacity utilization and cost control [3] Business Structure Optimization - Battery box revenue is projected at 5.34 billion yuan in 2024, accounting for 23.1% of total revenue, while traditional businesses (metal trims, plastics, aluminum) will maintain a combined revenue share of 70.3% [3] - The plastic segment is expected to generate 5.87 billion yuan in revenue with a gross margin of 25.1%, expanding into smart exterior integrated products [3] - The aluminum segment is projected to achieve revenue of 4.92 billion yuan with a gross margin of 33.3%, recognized by major clients like BMW and Tesla [3] Key Growth Drivers - The battery box business is expected to experience significant growth, particularly in the European market, with projected revenue of 5.338 billion yuan in 2024, driven by EU carbon emission policies [3] - The company has a competitive advantage in technology with its extrusion molding solution, which offers better airtightness and lower iteration costs compared to integrated die-casting [3] - Domestic market share is expected to rise to 15%-19% in 2023, positioning the company in the first tier, with localized operations reducing costs and fostering deep collaborations with clients like BMW and Daimler [3] - The gross margin for battery boxes is anticipated to improve to 21.43% in 2024, as capacity utilization increases, further enhancing profitability [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Insights - The company is positioned at a turning point in its operations, with a clear recovery in profitability and a slowdown in capital expenditures [2][4]. - The battery box business is identified as a significant growth driver, with strong momentum expected [2][4]. - Strategic collaboration in the robotics sector is anticipated to create a new growth curve for the company [3]. Summary by Sections Company Overview - The company is a leading global supplier of automotive exterior and structural components, operating in 14 countries with 77 factories and a diverse product line [1]. - It has evolved through three major development phases: initial establishment, lightweight transformation, and innovative development [1][14]. Operational Turning Point - Capital expenditure is projected to decrease, with the ratio of capital expenditure to revenue falling to 8% in 2024, the lowest in a decade [32][46]. - The company expects a recovery in gross margin and return on equity (ROE), with 2024 gross margin at 28.94% and net margin at 10.26% [32][41]. Traditional Business Segments - The traditional business segments, including metal trims, plastic parts, and aluminum components, continue to show stable growth [53]. - Revenue from metal trims is projected at 54.9 billion yuan with a gross margin of 27.8% in 2024 [53]. - The plastic segment is expanding into smart exterior integrated products, with revenue expected to reach 58.7 billion yuan and a gross margin of 25.1% [57]. Key Growth Segment: Battery Boxes - The battery box segment is expected to generate 53.4 billion yuan in revenue in 2024, marking a 51% increase year-on-year [61]. - The European market for new energy vehicles is anticipated to drive significant growth in this segment, with the company positioned as a key supplier [64]. Robotics Business Expansion - The company has formed a strategic partnership with Zhiyuan Robotics, focusing on smart exteriors and integrated solutions, which is expected to contribute to new revenue streams [3]. Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are 271 billion yuan, 321 billion yuan, and 380 billion yuan, respectively, with net profits of 27.2 billion yuan, 31.9 billion yuan, and 37.4 billion yuan [4].