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]
贝克微(2149.HK)：纳入恒生半导体指数、进行分销商战略性调整、四季度定价能力提升；重申“买入”评级