贝克微（02149）：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

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].