稳固增长的预期来自电池外壳、机器人和AIDC。

Solidgrowth outlook from battery housing, Target PriceHK$42.00(Previous TPHK$38.00)Up/Downside17.3%Current PriceHK$35.80 Maintain BUY.Weexpectsolid2H25E earningsfor Minth, with FY25E net profitto rise 17% YoY.We alsoexpect its net profit to rise even faster in FY26-27E,aided by continued growth in battery housing and new business contribution We expect solid 2H25E earnings. We revise up our Minth’s 2H25Erevenue forecast by 1% to RMB13.7bn (+13% YoY) due topotentiallyhigherrevenue fromits aluminium and battery housing businesses amid rawmaterialpricehikes.We maintain our 2H25E GPM forecast of 29.1% givenMinth’s abilitytopass through the majority of rawmaterial price hikestocustomers. We expect its R&D ratio to rise 0.4ppts HoH in 2H25Ein a bid Ji SHI, CFA(852) 3761 8728shiji@cmbi.com.hk Wenjing DOU,CFA(852) 6939 4751douwenjing@cmbi.com.hk Austin Liang(852) 3900 0856austinliang@cmbi.com.hk Manageable tariff risk.Apart from limited margin dent from aluminium pricehike, we are of the view that the current US tariffs also have limited impacton Minth’s margins, as only less than 4% of its revenue is exposed to the Newbusinesses may start meaningful revenue contribution fromFY27E,as battery housing is likely to continue fast growth in FY26E. Weproject NEV sales volume in Europe to rise 16% YoY in 2026E (detailsin our2026 outlookreport), which could benefit Minth’s battery housingbusiness, especially as European brands are grabbing market share fromTesla. We are of the view that Minth’snew components for humanoid robotsandAI server liquid cooling system are well on track,following itsannouncements in Nov-Dec 2025. We project these two businesses tocontribute a revenue of more than RMB1bn in FY27E, which has not beenfully priced in, in our view.We also expect door sealing system and other Valuation/Key risks.We maintain our BUY rating and lift target price fromHK$38.00 to HK$42.00,stillbased on 13x(unchanged)our revised FY26EEPS.Key risks to our rating and target price include lower revenue/margins,higher risks in overseas operation than we expect, anda sector de-rating. Source: FactSet Related Report“Minth Group (425 HK)-Well on track; new businesses as a call option”-28Aug2025 Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst coveredin this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of anyof the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD:Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broadmarket benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad marketbenchmark over next 12 months Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly ownedsubsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest ins