Group 1 - RAYS Capital Partners Limited increased its stake in Baker Micro (02149) by acquiring 14,000 shares at a price of 44.3914 HKD per share, totaling approximately 621,500 HKD [1] - Following the acquisition, RAYS Capital Partners Limited's total shareholding in Baker Micro reached 2.7016 million shares, representing a 15% ownership stake [1]

Core Viewpoint - RAYS Capital Partners Limited has increased its stake in Baker Micro (02149) by acquiring 14,000 shares at a price of HKD 44.3914 per share, totaling approximately HKD 621,500, resulting in a new holding of 2.7016 million shares, representing 15% ownership [1] Summary by Category - **Share Acquisition** - RAYS Capital Partners Limited purchased 14,000 shares of Baker Micro at HKD 44.3914 each [1] - The total investment for this acquisition was around HKD 621,500 [1] - **Ownership Structure** - Following the acquisition, RAYS Capital's total shareholding in Baker Micro increased to 2.7016 million shares [1] - The new ownership percentage stands at 15% [1]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Group 1 - Asian Equity Special Opportunities Portfolio Master Fund Limited increased its stake in Baker Hughes (02149) by 5000 shares at a price of HKD 49.52 per share, totaling HKD 247,600 [1] - After the increase, the total number of shares held by the fund is 2.3449 million, representing a holding percentage of 13.02% [1]

Group 1 - Asian Equity Special Opportunities Portfolio Master Fund Limited increased its stake in Baker Micro (02149) by 5,000 shares at a price of HKD 49.52 per share, totaling HKD 247,600 [1] - After the increase, the total number of shares held by the fund is 2.3449 million, representing a holding percentage of 13.02% [1]

Incentive Plan - The company granted a total of 494,595 restricted stock units under the incentive plan on December 5, 2024, with the closing price of H-shares at HKD 29.05 per share on the grant date [3]. - The number of restricted stock units granted during the reporting period represents approximately 0.82% of the weighted average number of shares issued during the reporting period, excluding treasury shares [3]. - The purchase price for the restricted stock units must generally be paid by the grantees within one month after the grant date [3].

Group 1: Index Change and Impact - The Hang Seng Index has officially renamed the "Hang Seng Information Technology Index" to the "Hang Seng Semiconductor Industry Theme Index," effective from November 7, 2025, and has included Beike Micro (2149 HK) in its constituent stocks, which is expected to bring structural benefits to the company [1] - The inclusion in the index is anticipated to enhance investor attention and liquidity for Beike Micro, as it will benefit from increased passive fund inflows and attract active management funds [1] Group 2: Strategic Adjustments and Long-term Resilience - The company has strategically adjusted its distributor network in the first half of 2025, reducing reliance on its largest overseas customer while expanding domestic partnerships, which is expected to enhance long-term supply chain resilience despite short-term sales growth pressure [2] - The strategic shift has not impacted the company's profitability, as management plans to implement a product price increase of approximately 10% in Q4 2025, which is expected to improve overall profit margins [2] Group 3: Valuation and Growth Outlook - The company is reaffirming a "buy" rating based on attractive valuations and clear catalysts, with expected net profit growth of 21% in 2025 and a net profit margin maintained above 25% [3] - The current valuation stands at 14.7 times and 11.6 times the forecasted P/E ratios for 2025 and 2026, respectively, indicating a significant discount compared to A-share and global peers, with potential for revaluation driven by favorable factors such as the reclassification into the Hang Seng Semiconductor Index [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 93, indicating a potential upside of 85.1% from the current price of HKD 50.25 [1][3]. Core Insights - The inclusion of the company in the Hang Seng Semiconductor Industry Theme Index is expected to enhance investor attention and liquidity, benefiting from potential passive fund inflows [1][6]. - The company is undergoing strategic adjustments to its distributor network, reducing reliance on its largest overseas customer while expanding domestic partnerships, which is anticipated to strengthen long-term supply chain resilience [6]. - The company plans to implement a price increase of approximately 10% in Q4 2025, which is expected to improve overall profit margins [6]. - The report highlights the company's robust profitability during previous industry downturns, showcasing its unique business model and operational excellence [6]. Financial Summary - For FY23A, the company reported sales revenue of RMB 464 million, with a year-on-year growth of 31.6%. Projections for FY24A and FY25E are RMB 579 million and RMB 672 million, respectively, with growth rates of 24.8% and 16.1% [2][14]. - The gross margin is expected to stabilize around 52.4% from FY25E onwards, while operating profit is projected to grow from RMB 113.4 million in FY23A to RMB 212.9 million in FY25E [2][14]. - Net profit is forecasted to increase from RMB 109.2 million in FY23A to RMB 201.9 million in FY25E, reflecting a growth rate of 21.2% [2][14]. - The company's price-to-earnings ratio is projected to decrease from 19.0 in FY23A to 14.4 in FY25E, indicating an attractive valuation compared to peers [2][14]. Shareholder Structure - The major shareholders include Asian Equity Special Opportunities with 10.0% and 惠理集团 with 9.5% [4]. Stock Performance - The company's stock has shown a mixed performance, with a 1-month return of -0.3% and a 3-month return of -8.7% [4]. Market Position - The company is positioned favorably within the semiconductor sector, benefiting from the strategic reclassification of the Hang Seng Index, which aims to enhance the investability and thematic clarity of semiconductor companies listed in Hong Kong [6].

Core Viewpoint - The inclusion of Baker Hughes (02149) in the Hang Seng Semiconductor Index is expected to provide structural benefits, leading to potential passive fund inflows and increased market liquidity, while attracting active management funds [1] Group 1: Company Analysis - Baker Hughes has been added to the Hang Seng Semiconductor Industry Theme Index, effective from November 7, 2025 [1] - The company is projected to experience a 21% growth in net profit by 2025, with a net profit margin maintained above 25% [1] - Current valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, indicating a significant discount compared to A-share and global peers [1] Group 2: Market Implications - The reclassification of the Hang Seng Semiconductor Index is expected to drive valuation improvements for Baker Hughes [1] - The report emphasizes the importance of monitoring potential passive fund inflows related to the index inclusion [1] - The company's high profitability has shown resilience during previous industry downturns, highlighting its unique business model and operational excellence [1]

整、四季度定价能力提升；重申 纳入恒生半导体指数、进行分销商战略性调整、四 "买入"评级 季度定价能力提升；重申"买入"评级 恒生指数正式将"恒生资讯科技业指数"更名为"恒生半导体行业主题指数"，并将 贝克微（2149 HK）纳入成份股，自 2025 年 11 月 7 日起生效。我们认为这将为 贝克微带来结构性利好，公司将有望受益于潜在被动资金流入提升市场流动性的 同时，吸引主动管理型基金的关注。重申"买入"评级；目标价维持 93 港元不变， 基于 26.6 倍 2025 年预测市盈率。 | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | 销售收入 (百万人民币) | 464 | 579 | 672 | 841 | 1,046 | | 同比增长 (%) | 31.6 | 24.8 | 16.1 | 25.1 | 24.4 | | 毛利率 (%) | 55.4 | 53.0 | 52.4 | 52.4 | 52.4 | | 运营利润 (百万人民币) | 113.4 | ...