智通财经APP获悉，芯片股集体走高，截至发稿，贝克微(02149)涨6.94%，报58.7港元；中电华大科技 (00085)涨3.8%，报1.64港元；英诺赛科(02577)涨2.41%，报102港元；华虹半导体(01347)涨2.16%，报52 港元。 消息面上，9月13日，据商务部官网公告，依据《中华人民共和国反倾销条例》第十六条的规定，商务 部决定自2025年9月13日起对原产于美国的进口相关模拟芯片进行反倾销立案调查。同日，商务部发布 公告，就美国对华集成电路领域相关措施发起反歧视调查。 中信证券指出，近年来如德州仪器等海外大厂扩产积极同时在国内市场广泛采取积极的价格措施以抢占 丢失的市场份额，导致模拟芯片领域的国产替代节奏放缓，同时国内外厂商盈利均承压。2025年以来， 关税事件导致下游客户国产替代意愿增强，6-8月德州仪器涨价动作也意味着前期竞争策略发生调整。 后续随着反倾销调查推进，本土厂商有望迎来更好的市场环境，盈利能力也有望随之修复。本次反倾销 调查主要聚焦通用接口和栅极驱动芯片，前期布局较多厂商；我们认为更加需要关注的是中长期整个模 拟芯片板块国产替代趋势，更多厂商有望受益。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02149 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | ...

Core Viewpoint - The company, 贝克微, reported a slight revenue increase of 0.4% to 2.92 billion RMB in 1H25, achieving a historical high despite a high base in 1H24, and demonstrated strong profitability with a net profit growth of 14.9% to 77 million RMB [1][2][3] Financial Performance - Revenue for 1H25 reached 2.92 billion RMB, a 0.4% increase from 2.91 billion RMB in 1H24, reflecting a year-on-year growth of 42% [1] - Gross margin maintained at 51.8%, up 0.5 percentage points year-on-year, while net profit increased by 14.9% to 77 million RMB, with a net profit margin of 26.4%, up 3.3 percentage points year-on-year [1][2] - The company adjusted its revenue growth forecast for 2025 from 25% to 16% due to capacity constraints, while net profit forecast was slightly adjusted to 202 million RMB, reflecting a 21% year-on-year growth [2] Product Development - The company added 130 new SKUs in 1H25, bringing the total to 850, with an annual forecast of over 200 new SKUs to support long-term revenue growth and market penetration [1][2] Strategic Adjustments - Management is strategically reducing reliance on major clients and diversifying the distribution network, which may impact short-term sales but is expected to enhance business resilience in the long term [2] - The company is experiencing a 21% year-on-year increase in inventory, indicating adjustments in customer structure that may affect short-term revenue growth [2] Market Outlook - The industrial-grade analog chip market shows signs of recovery, influenced by price adjustments from competitors and improved industrial outlooks, although revenue growth in the second half may be constrained by wafer factory capacity issues [2] - The company’s business model and self-developed EDA platform are expected to sustain high profit margins, with projected gross margins above 50% and net margins above 26% for FY25/26E [2] Investment Rating - The company maintains a "Buy" rating with a target price of 93 HKD, based on a 26.6 times forecasted P/E ratio for 2025, reflecting a favorable valuation compared to industry peers [3] - The current valuation corresponds to 17.4 times and 13.8 times forecasted P/E ratios for 2025 and 2026, significantly lower than the average of domestic and international peers [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 93, indicating a potential upside of 53.0% from the current price of HKD 60.80 [3][9]. Core Views - The company has demonstrated strong profitability during its strategic adjustments, with a slight revenue increase of 0.4% year-on-year in 1H25, reaching RMB 292 million, despite a high base from 1H24 [1]. - The gross margin remains robust at 51.8%, reflecting a year-on-year improvement of 0.5 percentage points, while net profit increased by 14.9% to RMB 77 million, with a net margin of 26.4% [1]. - The company is focused on the industrial-grade long-tail chip market, expanding its product matrix and maintaining a solid IP/EDA design platform, which supports its long-term growth outlook [1][9]. Financial Summary - Revenue projections for FY25E are set at RMB 672 million, with a year-on-year growth rate of 16.1%, down from previous estimates due to capacity constraints [2][10]. - The company expects to maintain a gross margin above 50% and a net margin above 26% in FY25/26E, supported by its business model and self-developed EDA platform [9][10]. - The earnings per share (EPS) is projected to reach RMB 3.20 in FY25E, with a price-to-earnings (P/E) ratio of 17.4 times [2][10]. Market Position - The company is positioned favorably within the semiconductor industry, with a market capitalization of HKD 1,094.4 million and a significant increase in stock performance over the past months [4][6]. - The average P/E ratio of comparable companies in the industry is significantly higher, indicating that the company's current valuation may be attractive [11].

Core Viewpoint - The recent stock transfer of Baker Hughes (02149) from BNP Paribas to HSBC reflects a significant market movement, alongside the company's financial performance for the first half of 2025, indicating modest growth in revenue and a notable increase in net profit [1] Financial Performance - The company reported a revenue of approximately 292 million HKD for the first half of 2025, representing a year-on-year growth of 0.4% [1] - Gross profit was about 151 million HKD, showing a year-on-year increase of 1.4% [1] - Net profit reached 77.148 million HKD, which is a year-on-year growth of 14.95% [1] - Earnings per share stood at 1.274 HKD [1] Stock Transfer - On August 22, the shareholders of Baker Hughes transferred shares from BNP Paribas to HSBC, with a market value of 57.9564 million HKD, accounting for 5.26% of the total shares [1]

Core Viewpoint - The recent stock transfer of Baker Hughes (02149) from BNP Paribas to HSBC reflects a significant market movement, alongside the company's financial performance for the mid-year 2025, indicating stable revenue growth and improved net profit [1] Financial Performance - The company reported a revenue of approximately 292 million HKD for the mid-year 2025, representing a year-on-year growth of 0.4% [1] - Gross profit was around 151 million HKD, showing a year-on-year increase of 1.4% [1] - Net profit reached 77.148 million HKD, marking a substantial year-on-year growth of 14.95% [1] - Earnings per share stood at 1.274 HKD [1] Stock Transfer - On August 22, the shareholders transferred Baker Hughes' stock from BNP Paribas to HSBC, with a market value of 57.9564 million HKD, accounting for 5.26% of the total shares [1]

Group 1 - RAYS Capital Partners Limited increased its stake in Baker Micro (02149) by purchasing 5,000 shares at a price of 62.3249 HKD per share, totaling approximately 0.316 million HKD [1] - After the purchase, RAYS Capital Partners Limited's total shareholding in Baker Micro reached 1.983 million shares, representing an ownership percentage of 11.01% [1]

Group 1 - RAYS Capital Partners Limited increased its stake in Baker Micro (02149) by purchasing 5,000 shares at a price of 62.3249 HKD per share, totaling approximately 311,600 HKD [1] - After the purchase, RAYS Capital's total shareholding in Baker Micro reached 1.983 million shares, representing a new ownership percentage of 11.01% [1]

Core Viewpoint - Baker Micro (02149) reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating improved management efficiency and reduced administrative expenses [1] Financial Performance - Revenue for the first half of 2025 was approximately 292 million, representing a year-on-year growth of 0.4% [1] - Gross profit was around 151 million, showing a year-on-year increase of 1.4% [1] - Net profit reached 77.148 million, reflecting a year-on-year growth of 14.95% [1] - Earnings per share stood at 1.274 [1] Cost Management - The increase in net profit was primarily attributed to enhanced management efficiency and a reduction in administrative expenses [1] - There was also a decrease in research and development expenditures [1]

Group 1 - The core viewpoint of the article is that 贝克微 (Beck Micro) reported a slight increase in revenue and a significant rise in profit for the six months ending June 30, 2025 [1] - The company's revenue increased by 0.4% to RMB 291.7 million [1] - The profit for the same period rose by 14.9% to RMB 77.1 million [1] Group 2 - The board of directors has decided not to recommend the distribution of an interim dividend for the six months ending June 30, 2025 [1]