Futu: Raised target price for MINTH GROUP (00425) to HKD 47.7. Siasun Robot & Automation and liquid cooling business are progressing in an orderly manner.

Futu released a research report stating that it has raised the target price for MINTH GROUP (00425) to HKD 47.7. The company's gross margin in the first half remains resilient, and the Siasun Robot & Automation and liquid cooling businesses are progressing in an orderly manner. Management reiterated the guidance for double-digit growth for the entire year, with emerging business revenue for the first half approximately RMB 100 million, where Siasun Robot & Automation and liquid cooling contributed 70% and 30% respectively. Management maintains the target for annual emerging business revenue at RMB 800 million. Futu pointed out that the Siasun Robot & Automation components of MINTH GROUP began deliveries in June, and the integration of Siasun Robot & Automation ODM production also commenced in June, expecting to contribute approximately RMB 300 million in revenue in the second half of the year. Management mentioned that a recent order for masks was received from one of the three major Siasun Robot & Automation customers in the U.S., and other structural components are in the final quotation review stage. MINTH GROUP's liquid cooling products include cold plate modules, CDU, immersion cooling cabinets, manifolds, and BBU, with the manifolds having passed Cooler Master supplier certification and received orders. The CDU has completed customer testing and obtained UL certification, while the cold plates, immersion cooling cabinets, and BBU are undergoing customer testing or third-party certification.