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WUXI, China - Mingteng International Corporation Inc. (NASDAQ:MTEN), whose stock has surged over 240% year-to-date according to InvestingPro data, has signed a three-year technology development agreement with Jilin University to jointly develop a new hot-work die steel for die-casting molds, the company announced Tuesday.
The collaboration, which began in December 2024 and will continue through December 2027, aims to create die-casting molds with an average lifespan exceeding 80,000 cycles, improved thermal fatigue performance compared to imported 8407 die steel, and a 40% reduction in overall material costs. The company, with a market capitalization of $146 million, has maintained strong liquidity with a current ratio of 1.64.
Under the agreement, Mingteng’s wholly-owned subsidiary, Wuxi Mingteng Mould Technology Co., Ltd., will provide background technical data to Jilin University researchers. In return, the company will receive free usage rights for any patents resulting from the project.
The company has already completed fabrication of molds using the first batch of trial die steel materials, which have been delivered to selected customers for preliminary testing. According to the press release, initial customer observations indicate the materials are performing as expected.
Mingteng International plans to proceed with small-batch validation to further assess consistency and suitability for commercial use.
Yingkai Xu, Chairman and CEO of Mingteng International, stated that the collaboration aims to match the technical expertise of leading international competitors while achieving cost-effective production.
Mingteng International specializes in automotive mold development and supply, with a focus on molds used in auto parts including turbocharger systems, braking systems, and components for new energy electric vehicles. While the company has achieved 23% revenue growth in the last twelve months, InvestingPro analysis suggests the stock is currently trading above its Fair Value. InvestingPro subscribers have access to 12 additional investment tips for MTEN, including detailed valuation metrics and growth indicators.
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