---
title: "Daiwa downgraded MINTH GROUP's target price to 50 yuan, maintaining a \"Buy\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/280410121.md"
description: "Daiwa has lowered the target price for MINTH GROUP to 50 yuan, maintaining a \"Buy\" rating. Although revenue growth in the traditional automotive parts business is slowing down in 2025, the performance of the plastic and metal decoration business is good, and the overall gross profit margin remains stable. Management stated that fluctuations in aluminum and plastic prices have a limited impact on long-term profitability. The traditional automotive parts business generated 2.7 billion yuan in free cash flow last year, with the dividend payout ratio increasing to 30%. Considering that revenue and profit margins are below expectations, the net profit forecast for 2026 to 2027 has been revised down by 12% to 14%"
datetime: "2026-03-25T04:00:14.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280410121.md)
  - [en](https://longbridge.com/en/news/280410121.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280410121.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/280410121.md) | [繁體中文](https://longbridge.com/zh-HK/news/280410121.md)


# Daiwa downgraded MINTH GROUP's target price to 50 yuan, maintaining a "Buy" rating

Daiwa published a research report stating that MINTH GROUP (00425.HK) will experience a slowdown in revenue growth for its traditional automotive parts business in 2025. However, benefiting from the resilience of its plastic and metal decoration business, the overall gross margin of the traditional business remains stable. Management emphasized that fluctuations in aluminum and plastic prices have minimal impact on the company's long-term profitability. Thanks to improved operational efficiency and strict capital expenditure control, the traditional automotive parts business generated RMB 2.7 billion in free cash flow last year, and with the dividend payout ratio increased to 30%, it provides funding for shareholder returns and investments in emerging businesses.

The firm has lowered its net profit forecast for MINTH's traditional automotive parts business revenue and profit margins, reducing its 2026 to 2027 net profit forecast by 12% to 14%, and has adjusted the target price from HKD 52 to HKD 50, maintaining a "Buy" rating

### 相关股票

- [MINTH GROUP (00425.HK)](https://longbridge.com/zh-CN/quote/00425.HK.md)

## 相关资讯与研究

- [DBS downgrades MIXUE Group Class H (2097) to a Hold](https://longbridge.com/zh-CN/news/280429043.md)
- [Mixue Group appoints Zhang Hongfu as co-chairman](https://longbridge.com/zh-CN/news/280280387.md)
- [S&P Places United Energy Group on CreditWatch Negative on Continued Iran Conflict](https://longbridge.com/zh-CN/news/280299870.md)
- [MIXUE Group Overhauls Leadership as It Advances Multi-Brand Global Strategy](https://longbridge.com/zh-CN/news/280256183.md)
- [China Beststudy Education Group (3978) Receives a Buy from Guoyuan Securities (HK)](https://longbridge.com/zh-CN/news/280058259.md)