First Read: Minth Group "2026 AIC: battery housing remains solid; robotics..."

研报英文原文证据摘录

First Read: Minth Group "2026 AIC: battery housing remains solid; robotics..."

Global Research

26 May 2026ab

First Read

EquitiesMinth Group

2026 AIC: battery housing remains solid; China

robotics and liquid cooling gaining traction Auto Parts

12-month rating Buy

12m price target HK$48.00

Key highlights

Prior : HK$42.60

Minth management attended the Asian Investment Conference 2026. Key highlights

include: 1) battery housing business is expected to deliver >20% revenue growth YoY in Price (22 May 2026) HK$38.62

2026F and remain the key driver of Minth's automotive parts business; 2) price inflation RIC: 0425.HK BBG: 425 HK

of raw materials, such as aluminum and plastic, might weigh on its gross margin; 3)

Trading data and key metrics

target Rmb500/300m revenue for robotics business and liquid cooling business in

2026F; 4) at least 30% dividend payout ratio in 2026F. 52-wk range HK$46.30-19.42

Market cap. HK$45.6b/US$5.83b

Battery housing business to deliver >20% revenue growth YoY in 2026F Shares o/s 1,182m (ORD)

Management guided >20% revenue growth YoY for battery housing business in 2026. Free float 60%

The company has established a comprehensive capacity footprint in Europe and forged Avg. daily volume ('000) 5,516

deep partnership with leading OEMs, including VW Group, Renault, Stellantis, BMW, Avg. daily value (m) HK$207.5

and Mercedes, cementing its position as the largest battery housing supplier in the Common s/h equity (12/26E) Rmb25.7b

European market. In China, Minth has entered the battery housing supply chains of P/BV (12/26E) 1.5x

Chery, BYD, and Chang'an. With the launch of new NEV models in the Europe and Net debt to EBITDA (12/26E) 0.7x

ramp-up of new orders in China, we expect the solid growth trajectory of this business

EPS (UBS, diluted) (Rmb)