Minth (0425.HK)

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Minth (0425.HK)

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05 Jul 2026 20:17:24 ET │ 12 pages

1H26 Earnings Preview; Open 90D Upside CW

CITI'S TAKE

We open a 90-day upside catalyst watch on Minth, given (1) double-digit %

YoY growth for its 1H26 earnings (+12% YoY per Citi Estimates) driven by

robust European NEV sales, better than most domestic peers suffering from Buy

lukewarm domestic sales and margin pressure; (2) attractive risk-reward Catalyst Watch: Upside

with current 2026 P/E valuation at 8.7x (close to 1SD below average level

Price (03 Jul 26 16:10) HK$28.66since 2020); (3) Unitree’s A-share IPO and Tesla Optimus (Daily Beirut, 5

July) pilot production in Jul/Aug could boost investor sentiment on the Target price HK$56.00

humanoid robot theme. According to our investor feedback, some investors Expected share price return 95.4%

are mainly worried about potential downside risk to 1H26 earnings due to

Expected dividend yield 3.3%weak China domestic sales and aluminum/plastic cost inflation. We believe

investors could “buy the dip” if 1H26 earnings is in-line with guidance under Expected total return 98.7%

the current valuation and given potential Unitree/Tesla catalysts.. Market Cap HK$33,573M

US$4,281M

1H26 results preview — We expect 1H26 revenue at Rmb13.4bn (+9% YoY growth)

mainly driven by robust European NEV sales (5M26 Western Europe NEV sales +29%

YoY) while partially dragged by weak China sales, GPM resilient at 28.3% (YoY flat)

thanks to cost pass-through and internal cost control, and net profit at Rmb1.43bn

(+12% YoY). Price Performance

(RIC: 0425.HK, BB: 425 HK)

Further reading — Global Autos - Chinese Brands in W. Europe (May 2026)

Kyle Wu AC

+852-2501-8483

Earnings Summary kyle.wu@citi.com

Year to Net Profit Diluted EPS EPS growth P/E P/B ROE Yield Jeff Chung