CMSC: MINTH GROUP (00425) enters the semiconductor market Siasun Robot & Automation field. Target price raised to 56 Hong Kong dollars.

CMSC released a research report, stating that MINTH GROUP (00425) is entering the semiconductor scene in the Siasun Robot & Automation field, with potential new breakthroughs in the AIDC field. The rating remains at "buy", with the target price raised from 42 Hong Kong dollars to 56 Hong Kong dollars. The report pointed out that Minth is a core supplier of Siasun Robot & Automation, a leading company in China. In February of this year, Minth collaborated with Leader Harmonious Drive Systems to provide joint modules for Siasun Robot & Automation, positioning itself in the North American core components track and having the opportunity to supply leading customers such as Tesla and Figure AI. The company is focusing on potential breakthroughs in the AIDC industry chain: the demand for fuel cell systems with high deployment efficiency is increasing rapidly, and the company has already established a presence in high-value core components such as SOFC and PEMFC fuel cell systems, with a technical reserve of over three years. Domestic customers have already achieved breakthrough orders, and the company is actively engaging with overseas customers, including Bloom Energy. Regarding the new target areas, the report stated that Minth expects its emerging businesses including humanoid Siasun Robot & Automation, AI liquid cooling, and eVTOL revenue to grow rapidly from around 800 million yuan in 2026 to 10 billion yuan in 2030. The revenue target for the humanoid Siasun Robot & Automation business in 2030 is 5 billion yuan.