J.P. Morgan: Minth Group (0425.HK): First Investor Tour of Robotics Line and SOFC Products, Overweight Reiterated
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J.P. Morgan organized the first investor tour of Minth Group's humanoid robotics production line and solid oxide fuel cell (SOFC) component facilities, resulting in increased confidence regarding the company's execution capabilities and order visibility. Management reiterated its upgraded robotics revenue guidance of 500 million RMB for 2026, 1 billion RMB for 2027, and 5 billion RMB by 2030, supported by confirmed orders from Chinese clients including AgiBot, XPeng, Xiaomi, and UBTech.
The 2026 revenue target will concentrate heavily in the second half as manufacturing ramps up around June or July. Orders currently include approximately 300 million RMB from contract manufacturing for AgiBot, alongside component supply and European sales agency roles. This guidance excludes potential North American orders, where Minth is establishing a joint venture with Leader Drive. This venture aims to produce joint actuators locally in Tennessee by late 2026, anticipating potential US domestic content legislation. The company operates or plans six global robotics production bases, with Ningbo targeting a capacity of 450,000 units annually by the first half of 2027.
Beyond robotics, Minth is leveraging its automotive manufacturing expertise to expand into hydrogen energy components, focusing on SOFC and proton exchange membrane water electrolysis (PEMWE) technologies. The firm has secured small-batch orders for SOFC support structures and PEMWE bipolar plates. J.P. Morgan maintains an Overweight rating with a target price of 60.00 HKD, identifying Minth as its top pick in the Chinese auto parts sector.
Key exhibits
Exhibit 1
