Global Research Solid outlook for auto parts business Management believes that Minth's auto parts business possesses solid growth momentum, primarily driven by: 1) a comprehensive global capacity layout, which could mitigate potential impacts from trade friction risks and meets OEMs' requirements of localised supply, thereby supporting the overseas business expansion; 2) rising content value per vehicle through product integration and systematization; 3) active expansion in low-penetrated new regions, such ...

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]

Group 1 - The Hang Seng Index rose by 0.2%, gaining 52 points to reach 26,210 points, while the Hang Seng Tech Index fell by 0.20%. The early trading volume in Hong Kong was HKD 120.4 billion [1] - Baidu Group's autonomous driving service platform, "萝卜快跑," reported over 250,000 weekly orders as of October 31, with 100% being fully autonomous orders, leading to a more than 6% increase in Baidu's stock price [1] - Tencent established a new company, "阅漫网络科技," in Hainan, resulting in a 1.67% increase in Tencent's stock price [2] Group 2 - Coal stocks continued to rise, with institutions optimistic about the coal cycle and potential price increases due to stricter safety regulations. "力量发展" rose by 5.84% and "易大宗" by 4.6% [2] - Huazhu Group's stock increased by 4.95% following the launch of its "全季大观" brand, with institutions viewing the brand upgrade positively [3] - Minmetals Group's stock rose over 5% after announcing that its subsidiary received orders for AI server liquid cooling products [4] Group 3 - Jiangxi Copper's stock fell by over 3% due to a decline in copper concentrate smelting fees affecting gross margins, although institutions expect the overall impact to be manageable [5] - Gold stocks continued to weaken, with spot gold prices dropping below USD 3,980, leading to declines in stocks like Lingbao Gold by 5% and Jihai Resources by 4.96% [5] - Stablecoin-related stocks collectively declined, with Guotai Junan International falling by 12% and Lion King Holdings by 3.6% [5]

Core Viewpoint - The company held a half-year performance briefing on September 3, 2025, to discuss its operational and financial status with investors [1][2]. Group 1: Meeting Details - The performance briefing was announced on August 26, 2025, and was conducted via the Shanghai Stock Exchange's online platform [2]. - Key executives, including the Chairman and General Manager, participated in the meeting to address investor inquiries [2]. Group 2: Investor Questions and Company Responses - The company confirmed it will adhere to legal disclosure requirements regarding procurement or construction contracts [2]. - The first phase of the computing power data center project has been completed and is operational as of December 31, 2024 [2]. - The company highlighted its core technologies in liquid cooling systems, including various design and application studies [3]. - The company acknowledged the impact of macroeconomic factors on stock price fluctuations and emphasized its focus on core business development [4]. - The decline in net profit for the reporting period was attributed to increased competition, lower sales prices, and rising operational costs [4]. - As of June 30, 2025, the company reported an order backlog amounting to 976.53 million yuan [4]. - The company is committed to improving operational quality and profitability while focusing on high-quality development [4].

Core Viewpoint - The company held a half-year performance briefing on September 3, 2025, to discuss its operational and financial status with investors, addressing key concerns raised by them [1][2]. Group 1: Meeting Overview - The performance briefing was conducted via the Shanghai Stock Exchange's online platform, allowing for interactive communication with investors [1][2]. - Key executives, including the chairman and general manager, participated in the meeting to provide insights into the company's performance [2]. Group 2: Investor Questions and Company Responses - The company confirmed it will adhere to legal disclosure requirements regarding procurement or construction contracts [2]. - The first phase of the computing power room has been completed and is operational, but specific revenue details were not disclosed [2][4]. - The company highlighted its core technologies in liquid cooling systems, including various research areas and applications [3]. - The company acknowledged the decline in stock price due to macroeconomic factors and emphasized its focus on core business and improving operational performance [4]. - The net profit attributable to shareholders decreased due to intense market competition, increased sales and R&D expenses, and rising operational costs from the completed data center project [4]. - As of June 30, 2025, the company had an order backlog amounting to 976.53 million yuan [4]. - The company is committed to enhancing its core competitiveness and improving profitability, with a focus on high-quality development [4].