Citi reiterates "Buy" rating on Minth, lists potential catalysts for a 90-day price increase observation list

Citi's research report indicates that Minth Group (00425.HK) has announced a framework agreement with Leaderdrive (688017.SH) to establish a joint venture in the United States to engage in the assembly of humanoid robot joint modules. Minth's wholly-owned subsidiary, Min California Minth, will hold a 60% stake in the joint venture, while Leaderdrive will retain a 40% stake.

Citi believes that this collaboration aims to strategically combine Minth's advantages in local production and robot/parts manufacturing with Leaderdrive's technological leadership in the gearbox field; it is expected that the partnership will significantly increase order volumes from U.S. humanoid robot manufacturers; and the joint venture is anticipated to be officially established in the second half of this year, at which point the company should provide further details regarding revenue and production prospects.

Citi reiterates a "Buy" rating on Minth; target price of 46 yuan; and includes it in the potential upside catalyst watchlist within 90 days