贝克微（02149）：私募完成，现着眼于执行

BaTeLab (2149 HK) Privateplacementcompleted,noweyesonexecution Target PriceHK$69.50Up/Downside37.1%Current PriceHK$50.70 BaTeLab raised HK$120mnfroma private placement on 21 May(link),with3mn shares at HK$40. The company will use the net proceeds to 1) increase theinvestment in upstream manufacturing resources (including but not limited tobuilding its own wafer fabs and strengthening cooperation with existing waferfabs) and 2) other general working capital. China Semiconductors Lily YANG, Ph.D(852) 3916 3716lilyyang@cmbi.com.hk We expect the recent issuancetohelp thecompany secure its upstreamfabricationcapability, which is crucial for BaTeLab’s future expansion given thelong-tail nature of the industrial-grade analog IC market. We also expect thefundraisedto bolster the company's cash reserves, injecting more liquidity supportinto its operations.BaTeLab’sshare price closed at HK$47.6 on 21 May, up 6.6%. Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk BaTeLab remains one of our top picks with robust revenuegrowth(27%-33% YoY during 2025E-27E)and high profitability(53%-54% GPM during2025E-27E).Reiterate BUY with unchanged TP at HK$69.5. Jiahao Jiang(852) 39163739JiangJiahao@cmbi.com.hk Private placementofHK$120mn.The total issuancewas3mn shares,accountingfor4.76% of its total shares post-placement. The placing price ofHK$40 representeda discount of 10.41% to the closing price of HK$44.65 on20 May 2025 (the date on which the Placing Price was fixed), or 11.39% tothe average closing price for the last five consecutive trading days prior to 20May 2025. The lock-up period is 90 days. Reiterate BUY withunchanged TP at HK$69.5.Weproject thecompany’srevenue to grow to RMB770mn in 2025E, up 33% YoY. NP is expected togrow to RMB217mn, up 30% YoY.The stock is currently tradingat 12.9x2025E P/E or 0.43 PEG, which is very attractive in our view, giventhatdomesticpeers are trading at an average38x2025E P/Eand 74x 2026E P/E.Potentialrisksinclude:1)volatileeconomicconditions;2)changeinrelationship with its core customers or suppliers; and 3) slower-than-expectedintroduction of new productcategories. Source: FactSet Source: Bloomberg, CMBIGM estimates Source: Bloomberg, CMBIGM estimates Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issuedby The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852)3900 0888Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable for the purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluateparticular inves