Core Insights - The global analog integrated circuit (IC) industry is expected to continue its recovery trend into the first half of 2025, driven by the ongoing electrification and intelligent development of the manufacturing sector, as well as the emergence of new applications that increase demand for high-performance analog chips [1] Industry Overview - The external trade environment has faced significant fluctuations, posing challenges to the deeply globalized chip industry. Increased trade conflicts have raised performance volatility risks for the analog chip sector in mainland China. However, calls from domestic associations to reduce reliance on international chips may accelerate the import substitution process [1] Company Performance - The company is a leading provider of industrial-grade analog IC patterned wafers in China, focusing on research, development, and sales of analog IC products. It has a robust technology foundation in the analog IC field and offers a comprehensive design platform that integrates EDA and IP [1] - As of the first half of 2025, the company has over 850 product models, enabling applications across various sectors including industrial automation, IoT, automotive electronics, medical devices, and consumer electronics [1] - In the first half of 2025, the company achieved revenue of approximately RMB 291.7 million, a year-on-year increase of about 0.4%, with a gross margin of approximately 51.8% [2] Strategic Focus - The company continues to focus on the high-end industrial-grade analog IC patterned wafer market, adapting to industry demands and leveraging its core competencies in products, business, and technology to maintain its performance advantage [2] - The company is optimizing its semi-automated chip design methods based on machine learning and actively launching new industrial products, which effectively supports its customer-driven business expansion strategy [2] Profit Forecast - The company forecasts net profits attributable to shareholders of RMB 188 million, RMB 223 million, and RMB 265 million for the years 2025 to 2027, respectively. Based on a 30x PE ratio for 2026 and an exchange rate of HKD to RMB at 0.90, the target price is set at HKD 118.13, with an initial "buy" rating [2]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 7 Jan 2026 环球富盛理财有限公司 贝克微 BaTeLab (2149.HK) 中国领先的工业级模拟 IC 图案晶圆提供商，受益于进口替代 China's leading provider of industrial grade simulation IC pattern wafers & Benefits from import substitution 最新动态 ➢ 外贸环境波动，芯片行业有望加速进口替代。2025H1 全球模拟集成电路（或模拟 IC）行业总体延续复苏的趋势。国 际头部的模拟公司在 2025 年初实现了营收的回升。全球制造业电气化、智能化发展持续推进，同时结合一些新兴应 用的兴起，持续催生高性能模拟芯片的需求，带动电源管理与信号链产品价值量提升，为模拟芯片行业的长期增长提 供不竭动力。2025H1 外部贸易环境的剧烈波动，给全球化程度较深的芯片行业带来了不小的挑战。对于中国大陆模 拟芯片行业来说，贸易冲突增加了业绩波动的风险。但是随着外 ...