Bank of America: Raises Target Price for Minsheng Group to HK$57, Bullish on Prospects for New Businesses.

Bank of America Securities released a research report stating that Minxi Group will achieve sustainable profit growth by 2026. Its new businesses including robots, solid oxide fuel cells, and liquid cooling systems are progressing well. The bank has raised Minxi's target price from 52 Hong Kong dollars to 57 Hong Kong dollars, and reiterated a "buy" rating. Management has stated that the robot business is expected to contribute 500 million yuan in sales to the company in 2026, including component sales and robot assembly. In addition, the company has started the component business of SOFC solutions, and has sent samples of interconnects, support structures, and bipolar plates to potential customers, while also receiving new orders for support structures, bipolar plates, and frames from SOFC customers in China. In terms of liquid cooling business, distribution pipes and liquid cooling boxes have started shipping at the end of 2025, and more new products such as liquid cooling plates and cooling liquid distribution devices will start shipping in the second half of 2026.