---
title: "JP Morgan downgraded FUYAO GLASS to \"Neutral,\" with MINTH GROUP as the industry favorite"
description: "JP Morgan downgraded FUYAO GLASS to \"Neutral,\" lowering the target price from 80 yuan to 70 yuan due to increased market competition. MINTH GROUP is viewed as the preferred choice, maintaining an \"Ove"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/275290966.md"
published_at: "2026-02-09T08:46:47.000Z"
---

# JP Morgan downgraded FUYAO GLASS to "Neutral," with MINTH GROUP as the industry favorite

> JP Morgan downgraded FUYAO GLASS to "Neutral," lowering the target price from 80 yuan to 70 yuan due to increased market competition. MINTH GROUP is viewed as the preferred choice, maintaining an "Overweight" rating with a target price of 70 yuan, due to its strong positioning and attractive valuation in the electric vehicle market. The bank is optimistic about the battery supply chain, expecting a growth rate of over 40%

JP Morgan published a research report, stating that Chinese automotive parts manufacturers may face a challenging market environment in the coming year, primarily due to multiple pressures from the slowdown in domestic automobile and electric vehicle production growth, the appreciation of the Renminbi, and rising commodity prices. The bank downgraded FUYAO GLASS (03606.HK) to "Neutral," citing that although the company maintains over 80% market share in China, signs indicate that industry competition is intensifying, lowering its target price from 80 yuan to 70 yuan.

MINTH GROUP (00425.HK) remains the bank's preferred stock and is the only one in the Chinese automotive parts sector to maintain an "Overweight" rating. This is mainly based on its strong positioning and business share in the EU electric vehicle market, as well as its currently attractive valuation level (2026 forecast P/E ratio of 11 times) — the current valuation has not fully reflected its potential upside in AI server liquid cooling or humanoid robot business opportunities. Target price is 70 yuan.

Outside the automotive parts sector, the bank is optimistic about the battery supply chain due to its high business coverage in the energy storage system field (with growth expected to exceed 40%), maintaining "Overweight" ratings for CATL (03750.HK) and Enjie Co., Ltd. (002812.SZ)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.