蘇州貝克微電子股份有限公司 BaTeLab Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號：2149 2024 年度報告 BaTeLab Co., Ltd. 蘇州貝克微電子股份有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 董事長致辭 | 4 | | 財務摘要 | 5 | | 管理層討論及分析 | 6 | | 董事、監事及高級管理層履歷 | 18 | | 企業管治報告 | 22 | | 董事會報告 | 41 | | 監事會報告 | 60 | | 環境、社會及管治報告 | 62 | | 獨立核數師報告 | 93 | | 損益及其他全面收益表 | 98 | | 財務狀況表 | 99 | | 權益變動表 | 101 | | 現金流量表 | 102 | | 財務報表附註 | 104 | 公司資料 董事會 執行董事 李真先生 （董事長） 張廣平先生 李一先生 非執行董事 孔建華先生 周雨楓先生 （於2024年4月15日辭任） 獨立非執行董事 趙鶴鳴先生 溫承革先生 馬明先生 康元書女士 聯席公司秘書 李一先生 張啟昌先生 （CPA、FCCA） 授權代表 李真先生 張啟 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 蘇州貝克微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2149） 截 至2024年12月31日止年度 年度業績公告 財務概要 | | | 截 | 至12月31日止年度 | | | --- | --- | --- | --- | --- | | | | 2024年 | 2023年 | 變 動 | | | | 人民幣千元 | 人民幣千元 | % | | 收 | 入 | 578,807 | 463,881 | 24.8 | | 銷售成本 | | (271,890) | (206,770) | 31.5 | | 毛 | 利 | 306,917 | 257,111 | 19.4 | | 研究及開發開支 | | (129,220) | (119,147) | 8.5 | | 除稅前利潤 | | 165,960 | 109,158 ...

Investment Rating - The report reiterates a BUY rating for BaTeLab with an unchanged target price of HK$49.80, corresponding to a 20.4x 2024E P/E [2]. Core Insights - BaTeLab's management emphasizes the industrial market's lower R&D costs and long-tail characteristics, allowing for cost efficiency through proprietary EDA software and a reusable IP library [2]. - The company is focusing on patterned wafers, which are believed to provide higher marketing efficiency while keeping operational costs low [2]. - Management acknowledges concerns regarding high revenue reliance on distributor channels, stating that customer concentration is channel-specific and the actual customer base is diverse [2]. - Future revenue growth is expected to be driven by semiconductor localization, with plans to expand the product portfolio by approximately 100 SKUs annually [2]. - Management anticipates a gradual recovery in market demand and expects accelerated growth in the analog IC market over the next 5-10 years [2]. - The company's gross profit margin is projected to remain stable within the range of 53-55%, despite a lower-than-expected GPM of 51.3% in 1H24 due to increased inventory provisions [2]. Financial Summary - Revenue is forecasted to grow from RMB 464 million in 2023 to RMB 650 million in 2024, representing a year-on-year growth of 40.2% [3]. - The gross profit margin is expected to be 53.8% in 2024, down from 55.4% in 2023 [3]. - Operating profit is projected to increase from RMB 113 million in 2023 to RMB 154 million in 2024, with a year-on-year growth of 36.1% [3]. - Net profit is anticipated to rise from RMB 146.3 million in 2023 to RMB 210.5 million in 2024, reflecting a year-on-year growth of 43.9% [3]. - The company reported a P/E ratio of 10.8x for 2024E, which is considered attractive compared to the industry [2][3]. Market Position - BaTeLab's market capitalization is approximately HK$396.8 million, with a current share price of HK$26.45, indicating an upside potential of 88.3% to the target price [4]. - The company has a diverse shareholding structure, with the largest shareholders holding 53.5% and 39.5% of the shares [4]. - The stock has shown a 1-month performance of -3.5% and a 3-month performance of 7.7% [4].

Financial Performance - Revenue for the first half of 2024 reached RMB 290.6 million, a 42.1% increase year-over-year[14] - Gross profit margin stood at 51.3% for the first half of 2024[14] - Net profit for the first half of 2024 was RMB 67.1 million, compared to RMB 45.9 million in the same period last year[12] - Revenue increased by 42.1% from RMB 204.4 million in the first half of 2023 to RMB 290.6 million in the first half of 2024, driven by new industrial products and deeper customer engagement[18] - Gross profit rose by 31.9% from RMB 112.9 million in the first half of 2023 to RMB 149.0 million in the first half of 2024, while gross margin decreased from 55.2% to 51.3% due to inventory provisions[22] - Profit before tax increased by 46.3% from RMB 45.9 million in the first half of 2023 to RMB 67.1 million in the first half of 2024, driven by a significant rise in sales revenue[32] - Net profit for the period increased by 46.3% from RMB 45.9 million in the first half of 2023 to RMB 67.1 million in the first half of 2024, reflecting strong revenue growth[34] - Adjusted net profit (non-HKFRS measure) for the first half of 2024 was RMB 67.1 million, compared to RMB 56.6 million in the first half of 2023, after adjusting for listing expenses and share-based payments[35] - Revenue for the six months ended June 30, 2024, increased to RMB 290.554 million, up 42.1% from RMB 204.422 million in the same period last year[91] - Gross profit rose to RMB 148.959 million, a 31.9% increase compared to RMB 112.895 million in the previous year[91] - Operating profit grew to RMB 70.496 million, up 47.9% from RMB 47.660 million in the same period last year[91] - Net profit for the period reached RMB 67.116 million, a 46.4% increase from RMB 45.864 million in the previous year[91] - Net profit for the first half of 2024 was RMB 67,116 thousand, a 6.0% increase compared to RMB 63,294 thousand in the second half of 2023[95] Product and Sales Performance - Power management product sales grew by 42.8% from RMB 179.6 million in the first half of 2023 to RMB 256.5 million in the first half of 2024, supported by new product launches and customer demand[19] - Signal chain product sales increased by 37.2% from RMB 24.8 million in the first half of 2023 to RMB 34.1 million in the first half of 2024, due to new product introductions and downstream demand recovery[20] - Distributor sales surged by 55.4% from RMB 168.2 million in the first half of 2023 to RMB 261.4 million in the first half of 2024, driven by increased purchases from major distributors and new distributor partnerships[20] - The H770 platform, focused on high-voltage and high-current products, contributed over 30% of total revenue, with strong performance in the new energy sector[16] - The C280 platform, featuring boost-type micro-modules, saw a 70% year-over-year revenue increase due to its widespread use in power-sensitive systems[16] - Revenue from sales of analog IC patterned wafers grew to RMB 290,554 thousand in the first half of 2024, a 42.1% increase compared to RMB 204,422 thousand in the same period of 2023[99] Gross Margin and Cost Analysis - Power management product gross margin declined from 54.5% in the first half of 2023 to 50.6% in the first half of 2024, primarily due to inventory provision impacts[24] - Signal chain product gross margin decreased from 60.7% in the first half of 2023 to 56.3% in the first half of 2024, also influenced by inventory provisions[25] - Distribution costs increased by 3.1% from RMB 2.9 million in the first half of 2023 to RMB 3.0 million in the first half of 2024, primarily due to the company's business model of selling to distributors[27] - Administrative expenses rose by 56.8% from RMB 11.6 million in the first half of 2023 to RMB 18.3 million in the first half of 2024, driven by increased employee compensation and higher depreciation on leased properties[29] - R&D expenses grew by 23.3% from RMB 57.4 million in the first half of 2023 to RMB 70.8 million in the first half of 2024, with material costs for R&D increasing by RMB 23.3 million, a 71.3% year-over-year growth[30] - Financing costs surged by 88.2% from RMB 1.8 million in the first half of 2023 to RMB 3.4 million in the first half of 2024, mainly due to an increase in short-term bank loans[31] - Research and development expenses for the six months ended June 30, 2024, were RMB 70,812 thousand, compared to RMB 57,411 thousand for the same period in 2023[106] Balance Sheet and Financial Position - Total assets as of June 30, 2024, were RMB 1,396.1 million, up from RMB 1,270.9 million at the end of 2023[12] - The company's total liabilities as of June 30, 2024, were RMB 490.8 million, compared to RMB 432.7 million at the end of 2023[12] - The company's equity as of June 30, 2024, was RMB 905.3 million, up from RMB 838.2 million at the end of 2023[12] - The company's current assets increased by 8.4% to RMB 1,264.4 million as of June 30, 2024, driven by increases in inventory, pledged bank deposits, and cash and cash equivalents[44] - Cash and cash equivalents decreased by 12.3% to RMB 483.3 million as of June 30, 2024, due to increased prepayments for goods as the company expanded[44] - The company's capital expenditures for the six months ended June 30, 2024, were RMB 32.0 million, compared to RMB 5.9 million in the same period last year, primarily for property, plant, and equipment[45] - The company's inventory increased to RMB 239.1 million as of June 30, 2024, up from RMB 218.1 million at the end of 2023, reflecting business growth and market demand[55] - Trade receivables rose to RMB 130.2 million as of June 30, 2024, from RMB 61.3 million at the end of 2023, due to increased revenue and extended credit terms for key customers[56] - Prepayments increased to RMB 354.2 million as of June 30, 2024, from RMB 261.3 million at the end of 2023, driven by higher demand for raw materials as the company expanded[57] - The company's bank loans increased to RMB 241.8 million as of June 30, 2024, from RMB 171.6 million at the end of 2023, to support daily operations and business expansion[49] - The company has unused bank financing facilities of RMB 454.6 million as of June 30, 2024[49] - Property, plant, and equipment increased to RMB 65.8 million as of June 30, 2024, from RMB 62.3 million at the end of 2023, due to the purchase of new R&D equipment[53] - Total assets as of June 30, 2024, stood at RMB 1.264 billion, compared to RMB 1.166 billion as of December 31, 2023[92] - Inventory increased to RMB 239.050 million as of June 30, 2024, from RMB 218.131 million as of December 31, 2023[92] - Cash and cash equivalents decreased to RMB 483.293 million as of June 30, 2024, from RMB 550.838 million as of December 31, 2023[92] - Total equity increased to RMB 905,345 thousand as of June 30, 2024, up from RMB 838,229 thousand at the beginning of the year, driven by a net profit of RMB 67,116 thousand for the six-month period[95] - Operating cash flow was negative at RMB (91,897) thousand for the first half of 2024, compared to a positive RMB 50,774 thousand in the same period of 2023[96] - Cash and cash equivalents decreased by RMB 65,233 thousand to RMB 483,293 thousand as of June 30, 2024, impacted by negative operating cash flow and foreign exchange rate effects[96] - The company raised RMB 104,321 thousand from loans and borrowings during the first half of 2024, significantly higher than the RMB 11,858 thousand raised in the same period of 2023[96] - Investment activities used RMB 32,037 thousand in the first half of 2024, primarily for the purchase of property, plant, and equipment, compared to RMB 5,829 thousand in the same period of 2023[96] - The company completed its IPO on the Hong Kong Stock Exchange on December 28, 2023, raising RMB 323,241 thousand, which contributed to the increase in share capital and share premium[95] - The company's basic earnings per share for the six months ended June 30, 2024, were RMB 1.12, based on a profit attributable to ordinary equity shareholders of RMB 67,116 thousand and a weighted average number of ordinary shares of 60,000 thousand[109] - The company acquired property, plant, and equipment worth RMB 5,722 thousand during the six months ended June 30, 2024, compared to RMB 3,862 thousand in the same period in 2023[110] - Inventory as of June 30, 2024, was RMB 239,050 thousand, up from RMB 218,131 thousand as of December 31, 2023[113] - The cost of inventory recognized as an expense and included in profit or loss for the six months ended June 30, 2024, was RMB 197,327 thousand, compared to RMB 123,587 thousand for the same period in 2023[114] - Trade receivables (net of impairment) increased to RMB 130,230 thousand as of June 30, 2024, up from RMB 61,257 thousand as of December 31, 2023[115] - Prepayments to suppliers rose to RMB 354,163 thousand as of June 30, 2024, compared to RMB 261,135 thousand as of December 31, 2023[116] - Cash and cash equivalents decreased to RMB 483,293 thousand as of June 30, 2024, down from RMB 550,838 thousand as of December 31, 2023[119] - Bank loans (due within one year or on demand) increased to RMB 241,771 thousand as of June 30, 2024, up from RMB 171,601 thousand as of December 31, 2023[120] - Trade payables and notes payable (within 3 months) amounted to RMB 104,529 thousand as of June 30, 2024, down from RMB 115,967 thousand as of December 31, 2023[121] - Capital commitments not provided for in the financial statements stood at RMB 66,364 thousand as of June 30, 2024, up from RMB 720 thousand as of June 30, 2023[124] R&D and Innovation - The company's self-developed EDA tools and reusable IP library enhance its competitive edge[15] - The company is expanding its R&D capabilities by establishing a backend process R&D center to improve efficiency and reduce costs[64] - The company is investing in R&D for analog AI computing and upgrading EDA tools to enhance product development[64] - R&D expenses grew by 23.3% from RMB 57.4 million in the first half of 2023 to RMB 70.8 million in the first half of 2024, with material costs for R&D increasing by RMB 23.3 million, a 71.3% year-over-year growth[30] - Research and development expenses for the six months ended June 30, 2024, were RMB 70,812 thousand, compared to RMB 57,411 thousand for the same period in 2023[106] Market Expansion and Customer Base - The company has expanded its customer base, particularly in the new energy vehicle sector[13] - The company is entering new markets such as new energy vehicle thermal management, current sensors, and onboard chargers, aiming to increase market share[64] - 10% of the net proceeds (HKD 35.4 million) are allocated to expanding the customer base and strengthening customer relationships, with expected utilization by December 31, 2028[81] Risk Management - The company faces market risks, operational risks, investment risks, talent retention risks, financial risks, and foreign exchange risks, which are managed through various risk management procedures[37][38][39][40][41][42] Capital Management and Financing - The company's capital management aims to maintain a healthy capital structure, with a capital gearing ratio of 27.6% as of June 30, 2024, up from 25.1% in the same period last year[43] - The company's bank loans increased to RMB 241.8 million as of June 30, 2024, from RMB 171.6 million at the end of 2023, to support daily operations and business expansion[49] - The company has unused bank financing facilities of RMB 454.6 million as of June 30, 2024[49] - The global offering of H shares raised a net amount of approximately HKD 354.1 million, with an issue price of HKD 27.47 per share[79] - 30% of the net proceeds (HKD 106.2 million) are allocated to enhancing R&D and innovation capabilities, with expected utilization by December 31, 2028[81] - 20% of the net proceeds (HKD 70.8 million) are allocated to strategic investments and/or acquisitions, with HKD 27.1 million already utilized and HKD 43.7 million remaining[81] - 20% of the net proceeds (HKD 70.8 million) are allocated to investing in R&D infrastructure and upgrading R&D centers, with expected utilization by December 31, 2028[81] - 10% of the net proceeds (HKD 35.4 million) are allocated to developing mixed-signal IC product lines, with expected utilization by December 31, 2028[81] - 10% of the net proceeds (HKD 35.4 million) are allocated to expanding the customer base and strengthening customer relationships, with expected utilization by December 31, 2028[81] - 5% of the net proceeds (HKD 17.7 million) are allocated to upgrading R&D technology, with expected utilization by December 31, 2028[81] - 5% of the net proceeds (HKD 17.7 million) are allocated to establishing sales centers, with expected utilization by December 31, 2028[81] - The company raised RMB 104,321 thousand from loans and borrowings during the first half of 2024, significantly higher than the RMB 11,858 thousand raised in the same period of 2023[96] Employee and Management - The company has 115 full-time employees as of June 30, 2024, with 69 in R&D, 10 in sales and marketing, and 34 in business operations and administration[60] - Employee costs for the six months ended June 30, 2024, were approximately RMB 21.2 million, compared to RMB 16.3 million for the same period in 2023[61] - The company provides competitive salaries, performance bonuses, and incentives to attract and retain qualified employees[61] - The company offers a comprehensive training program, including a 2-3 week special training project for R&D employees to familiarize them with project management[62] - The company maintains a stable core management team and has not experienced any significant non-compliance with applicable laws and regulations as of June 30, 2024[63] - Total remuneration for key management personnel was RMB 2,517 thousand for the six months ended June 30, 2024, compared to RMB 2,147 thousand for the same period in 2023[125] Shareholder and Equity Information - As of June 30, 2024, the company's directors and senior executives hold significant equity interests, with the largest being 31.41% of domestic unlisted shares[70] - Zhang Guangping holds 15,436,645 domestic unlisted shares, representing 34.30% of the relevant category and 25.73% of the total share capital[71] - Li Yi holds 252,800 domestic unlisted shares, representing 0.56% of the relevant category and 0.42% of the total share capital[71] - Kong Jianhua holds 2,846,352 domestic unlisted shares through a controlled entity, representing 6.33% of the relevant category and 4.74% of the total share capital[71] - Zhang Jingwen holds 15,436,645 domestic unlisted shares through spousal rights, representing 34.30% of the relevant category and 25.73% of the total share capital[74] - Beckwatt Electronics holds 8,753,678 domestic unlisted shares, representing 19.45% of the relevant category and 14.59% of the total share capital[74] - Beckwatt Partnership holds 5,380,535 domestic unlisted shares, representing 11.96% of the relevant category and 8.97% of the total share capital[74] - Suzhou Rongxiang Beiying Venture Capital Partnership holds 2,846,352 domestic unlisted shares, representing 6.33% of the relevant category and 4.

16 Aug 2024 CMB International Global Markets | Equity Research | Company Update BaTeLab (2149 HK) Strong 1H24 results signal brighter days ahead BaTeLab posted strong 1H24 earnings. Revenue grew by 42.1% YoY to RMB291mn driven by 1) continued launch of new industrial products (SKUs reached over 500 in 1H24 from ~400 in FY23), 2) strengthened partnership with key customers (new energy revenue contributed 30% of total revenue in 1H24, and 3) an expanded distribution network (partnership with several new distr ...

Investment Rating - Maintains a "Buy" rating with a target price of HKD 49.8, based on 19x 2024 forecasted P/E [1][2] Core Views - Strong H1 2024 performance with revenue up 42.1% YoY to RMB 291 million and net profit up 46.3% YoY to RMB 67 million [1] - Revenue growth driven by expanded product portfolio (over 500 models by H1 2024), deepened customer relationships, and distribution network expansion [1] - Gross margin declined to 51.3% in H1 2024 due to increased inventory write-down provisions, but core gross margin remained stable at 55.2% [1] - Net margin improved to 23.1% in H1 2024, compared to 22.4% in H1 2023 and 23.5% in 2023 [1] - Revenue expected to grow at 40.2% and 37.8% in 2024 and 2025, respectively, driven by product diversification and strong distributor relationships [2] Financial Performance - Revenue CAGR of 73.6% from 2020 to 2023, with product portfolio expanding from 8 models in 2020 to over 500 models by H1 2024 [2] - 90% of H1 2024 revenue came from distributors, up from 87.5% in 2023 [2] - Forecasted revenue for 2024 and 2025 at RMB 650 million and RMB 896 million, respectively, with net profit of RMB 146 million and RMB 210 million [3][8] - Gross margin expected to stabilize at 53%-55% from 2024 to 2026 [2] Valuation - Current 2024 and 2025 P/E ratios at 10x and 7x, respectively, considered highly attractive [2] - Target price implies a potential upside of 102.4% from the current price of HKD 24.6 [4] Industry and Market Position - Leading supplier of industrial-grade analog IC patterned wafers in China with proprietary EDA software and reusable IP library [1] - Strong R&D capabilities and execution by management team evidenced by rapid product portfolio expansion [2] Financial Projections - Forecasted sales revenue for 2024 and 2025 at RMB 650 million and RMB 896 million, with net profit of RMB 146 million and RMB 210 million [3][8] - Operating profit expected to grow at 36.1% and 42.5% in 2024 and 2025, respectively [3] - ROE projected to improve from 16.1% in 2024 to 22.6% in 2026 [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 1 BaTeLab Co., Ltd. 蘇州貝克微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2149） 截 至 2024 年 6 月 3 0 日止六個月 中期業績公告 | --- | --- | --- | --- | |------------|-------------------------------------------------------------|------------------------------------------------|--------| | 財務概要 | 6 30 \n截至 月 日止 2024 \n年 人民幣千元 \n（未經審核） | 6 \n個月 2023 \n年 人民幣千元 \n（經審核） | 變動 % | | 收入 | 290,554 | 204,422 | 42.1 | | 銷售成本 | (141,595) | (9 ...

2024 年 8 月 14 日 财务资料 招银国际环球市场 | 睿智投资 | 首次覆盖 贝克微 (2149 HK) 中国领先的模拟图案晶圆供应商有望实现长期增长 贝克微是中国领先的模拟 IC 图案晶圆供应商。公司专注于工业级模拟 IC 市场，并 开发出中国唯一的全栈式设计平台，打通模拟 IC EDA+IP+设计全流程。我们看好 贝克微，原因是：1）三大差异化优势使公司在市场中具备独特地位；2）公司收 入增长强劲（招银国际预测 2023 至 2026 年复合增长率为 38.0%）且利润率稳定 （2024/25 年的毛利率和净利率有望维持在 54%和 23%水平）；3）估值具备吸引 力（公司 2024/25 年市盈率为 10.3 倍/7.2 倍，而赴港上市同业 2024 年平均市盈率 为 30.8 倍）。首次覆盖贝克微并给予"买入"评级，目标价为 49.80 港元。 贝克微是中国领先的模拟 IC 图案晶圆产品供应商。根据弗若斯特沙利文的数 据，2022 年公司在模拟 IC 图案晶圆市场按收入划分排名第一，市场份额为 1.7%。但若包括成品 IC 收入，贝克微在 2023 年的收入规模仅达到行业龙头 德州仪器（TX ...

BaTeLab (2149 HK) | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------|-------|-------|-------|-------| | Revenue (RMBmn) | 353 | 464 | 650 | 896 | 1,220 | | YoY growth (%) | 65.7 | 31.6 | 40.2 | 37.8 | 36.1 | | Gross margin (%) | 56.5 | 55.4 | 53.8 | 54.3 | 54.3 | | Operating profit (RMBmn) | 98.5 | 113.4 | 154.4 | 220.0 | 314.2 | | YoY growth (%) | 61.8 | 15.2 | 36.1 | 42.5 | 42.8 | | Net profit (RMBmn) | 95.3 | 109.2 | 146.3 | 210.5 | 305.2 | | YoY ...

蘇州貝克微電子股份有限公司 BaTeLab Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號: 2 14 9 年度報告 2023 Annual Report 2023 年度報告 蘇 州 貝 克 微 電 子 股 份 有 限 公 司 BaTeLab Co., Ltd. Annual Report2023 (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code: 2 14 9 蘇州貝克微電子股份有限公司 BaTeLab Co., Ltd. 目錄 公司資料 董事長致辭 財務摘要 管理層討論與分析 董事、監事及高級管理層履歷 企業管治報告 董事會報告 監事會報告 環境、社會及管治報告 獨立核數師報告 損益及其他全面收益表 財務狀況表 權益變動表 現金流量表 財務報表附註 2 4 5 6 19 23 41 56 58 84 90 91 93 94 96 公司資料 董事會 執行董事 李真先生 （董事長） 張廣平先生 李一先生 非執行董事 孔建華先生 ...