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].
贝克微（02149）：在战略调整中保持高盈利能力，2H25表现或更强劲