20260901-招银国际-贝克微-02149.HK-Pricing_power_now_and_capacity_growth_next_Maintain_BUY_5页_1006kb

BaTeLab (2149 HK) Summary

Core Content Overview

BaTeLab (2149 HK) has reported strong performance in the first half of 2026 (1H26), with revenue rising 15.2% year-over-year (YoY) to RMB335.9 million and net profit increasing 38.2% YoY to RMB106.6 million. The gross profit margin (GPM) expanded by 2.0 percentage points (ppt) YoY to 53.8%, driven primarily by pricing power rather than volume growth. The company expects pricing for industrial, energy, and data-center analog products to remain firm, with capacity constraints persisting into 2027.

The analyst maintains a BUY rating, adjusting the target price (TP) from HK$57.00 to HK$52.75, based on a revised forward P/E of 11.2x for 2027E, down from the previous 17.0x for 2026E. The revised forecasts reflect a stronger GPM outlook, with net profit estimates for FY26-28E increased by 4%, 15%, and 4% respectively, despite a RMB40 million SBC for a potential new incentive plan and a 2H26E R&D rebound.

Key Financial Highlights

Revenue and Growth

• FY26E Revenue: RMB690 million (+18.2% YoY)
• FY27E Revenue: RMB763 million (+10.5% YoY)
• FY28E Revenue: RMB852 million (+11.8% YoY)

Gross Margin

• FY26E GPM: 53.5%
• FY27E GPM: 53.5%
• FY28E GPM: 52.5%

Net Profit and Growth

• FY26E Net Profit: RMB193.6 million (+58.7% YoY)
• FY27E Net Profit: RMB254.7 million (+31.6% YoY)
• FY28E Net Profit: RMB252.1 million (-1.0% YoY)

Earnings Per Share (EPS)

• FY26E EPS: RMB3.07
• FY27E EPS: RMB4.04
• FY28E EPS: RMB4.00

Return on Equity (ROE)

• FY26E ROE: 14.0%
• FY27E ROE: 15.9%
• FY28E ROE: 13.6%

Key Drivers and Outlook

• Pricing Power: Earnings growth in 1H26 was primarily driven by price increases, not shipment growth.
• Capacity Constraints: Foundry capacity is tight, limiting shipment growth. However, the initial ramp-up of the Nantong fab is expected to add 1-2k wafers per month, supporting volume-led growth from 2027E onwards.
• Product Mix and Channel Shifts: Direct sales increased 60.8% YoY to 31.9% of revenue, while distributor sales remained stable. The shift toward higher-margin products and direct sales is expected to reinforce margin resilience.
• P/E Adjustment: The analyst adjusted the forward P/E multiple to 11.2x for 2027E, reflecting a more optimistic outlook on future earnings and growth.

Risks

• Pricing-Cycle Reversal: A potential decline in pricing could affect profitability.
• Slower Capacity Ramp: Delays in the Nantong fab expansion might impact future growth.
• Trading Liquidity: Concerns over liquidity in the market may affect stock performance.

Analyst Contact

• Kevin ZHANG: (852) 3761 8727 / kevinzhang@cmbi.com.hk
• Aaron GUO: (852) 3916 3715 / aaronguo@cmbi.com.hk

Stock Performance

• Current Price: HK$32.40
• 1-Month Return: 8.0%
• 3-Month Return: -15.8%
• 6-Month Return: -24.5%

CMBIGM Ratings

• BUY: Potential return of over 15% over next 12 months
• HOLD: Potential return of +15% to -10% over next 12 months
• SELL: Potential loss of over 10% over next 12 months
• NOT RATED: Not rated by CMBIGM
• OUTPERFORM: Industry expected to outperform the relevant broad market benchmark
• MARKET-PERFORM: Industry expected to perform in-line with the relevant broad market benchmark
• UNDERPERFORM: Industry expected to underperform the relevant broad market benchmark

Important Disclosures

• The report is for informational purposes only and not an offer or solicitation to buy or sell any security.
• CMBIGM does not provide individually tailored investment advice.
• The value and returns of any investments are uncertain and may fluctuate.
• The information is based on analyses and interpretations of publicly available data and is not guaranteed for accuracy or completeness.
• CMBIGM may have investment banking relationships with the companies mentioned, which could create conflicts of interest.

Disclaimer

• The report is intended for the use of the intended recipients only.
• It may not be reproduced, reprinted, sold, redistributed, or published without prior written consent.
• CMBIGM is not a registered broker-dealer in the United States and is not subject to U.S. rules on research reports and analyst independence.
• The report is distributed in Singapore by CMBI (Singapore) Pte. Limited, an Exempt Financial Adviser, and is subject to Singapore regulatory requirements.