Jefferies has issued a research report upgrading MINTH GROUP-100 (00425) to a "Buy" rating. The firm adjusted its profit forecasts for 2026 and 2027 to 3.2 billion and 3.8 billion yuan, respectively, and raised the target price from HK$32.1 to HK$47.2. The bank noted that the sales and profit margin outlook for the company's battery case business has improved. Additionally, the company has raised its revenue targets for new business segments, making its growth trajectory clearer. With the capital expenditure cycle likely peaking, the company may deliver more positive surprises regarding dividends. Management has guided for double-digit growth in both revenue and net profit for 2026. The sales and administrative expense ratio is expected to decline slightly, with capital expenditure capped at 2.5 billion yuan. The dividend payout ratio is anticipated to increase further.