Kaiyuan Securities has published a research report stating that MINTH GROUP (00425) maintains steady growth in its traditional business, while its battery box business is expected to benefit from European electric vehicle volume growth, potentially contributing to profit elasticity. The company has established a comprehensive global production capacity layout, creating capacity barriers.

Additionally, the company is actively exploring new sectors including low-altitude economy, robotics, and AI liquid cooling systems, which may form a third growth curve. The firm expects the company's net profit attributable to shareholders to reach 27.40 billion yuan, 33.18 billion yuan, and 39.86 billion yuan for 2025-2027 respectively, with EPS of 2.36 yuan, 2.85 yuan, and 3.43 yuan per share. The firm initiated coverage with a "Buy" rating.

The report indicates that the company's battery box business revenue growth rate was approximately 50% year-over-year in both 2024 and H1 2025. The company's orders cover popular electric vehicle platforms from European automakers including Volkswagen, Stellantis, and Renault, positioning it to continuously benefit from European electric vehicle volume growth. With improving capacity utilization rates and cost reduction efficiency measures, gross margins continue to rise, bringing profit elasticity.

Furthermore, in the low-altitude economy sector, the company focuses on two major product systems: aircraft body and rotor, and has signed a strategic cooperation agreement with EHang Intelligent. In the robotics field, the company focuses on integrated joint modules, robot electronic skin, smart masks, robot wireless charging systems, and limb structural components, having signed a strategic cooperation agreement with Zhiyuan Robotics. Additionally, the company is prioritizing the layout and promotion of AI liquid cooling system-related product development and implementation.