> **来源：[研报客](https://pc.yanbaoke.cn)** # BaTeLab (2149 HK) Summary ## Core Content Overview BaTeLab (2149 HK) has reported strong performance in the first half of 2026 (1H26), with revenue rising 15.2% year-over-year (YoY) to RMB335.9 million and net profit increasing 38.2% YoY to RMB106.6 million. The gross profit margin (GPM) expanded by 2.0 percentage points (ppt) YoY to 53.8%, driven primarily by pricing power rather than volume growth. The company expects pricing for industrial, energy, and data-center analog products to remain firm, with capacity constraints persisting into 2027. The analyst maintains a **BUY** rating, adjusting the target price (TP) from HK\$57.00 to HK\$52.75, based on a revised forward P/E of 11.2x for 2027E, down from the previous 17.0x for 2026E. The revised forecasts reflect a stronger GPM outlook, with net profit estimates for FY26-28E increased by 4%, 15%, and 4% respectively, despite a RMB40 million SBC for a potential new incentive plan and a 2H26E R&D rebound. ## Key Financial Highlights ### Revenue and Growth - **FY26E Revenue**: RMB690 million (+18.2% YoY) - **FY27E Revenue**: RMB763 million (+10.5% YoY) - **FY28E Revenue**: RMB852 million (+11.8% YoY) ### Gross Margin - **FY26E GPM**: 53.5% - **FY27E GPM**: 53.5% - **FY28E GPM**: 52.5% ### Net Profit and Growth - **FY26E Net Profit**: RMB193.6 million (+58.7% YoY) - **FY27E Net Profit**: RMB254.7 million (+31.6% YoY) - **FY28E Net Profit**: RMB252.1 million (-1.0% YoY) ### Earnings Per Share (EPS) - **FY26E EPS**: RMB3.07 - **FY27E EPS**: RMB4.04 - **FY28E EPS**: RMB4.00 ### Return on Equity (ROE) - **FY26E ROE**: 14.0% - **FY27E ROE**: 15.9% - **FY28E ROE**: 13.6% ## Key Drivers and Outlook - **Pricing Power**: Earnings growth in 1H26 was primarily driven by price increases, not shipment growth. - **Capacity Constraints**: Foundry capacity is tight, limiting shipment growth. However, the initial ramp-up of the Nantong fab is expected to add 1-2k wafers per month, supporting volume-led growth from 2027E onwards. - **Product Mix and Channel Shifts**: Direct sales increased 60.8% YoY to 31.9% of revenue, while distributor sales remained stable. The shift toward higher-margin products and direct sales is expected to reinforce margin resilience. - **P/E Adjustment**: The analyst adjusted the forward P/E multiple to 11.2x for 2027E, reflecting a more optimistic outlook on future earnings and growth. ## Risks - **Pricing-Cycle Reversal**: A potential decline in pricing could affect profitability. - **Slower Capacity Ramp**: Delays in the Nantong fab expansion might impact future growth. - **Trading Liquidity**: Concerns over liquidity in the market may affect stock performance. ## Analyst Contact - **Kevin ZHANG**: (852) 3761 8727 / kevinzhang@cmbi.com.hk - **Aaron GUO**: (852) 3916 3715 / aaronguo@cmbi.com.hk ## Stock Performance - **Current Price**: HK\$32.40 - **1-Month Return**: 8.0% - **3-Month Return**: -15.8% - **6-Month Return**: -24.5% ## CMBIGM Ratings - **BUY**: Potential return of over 15% over next 12 months - **HOLD**: Potential return of +15% to -10% over next 12 months - **SELL**: Potential loss of over 10% over next 12 months - **NOT RATED**: Not rated by CMBIGM - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark - **UNDERPERFORM**: Industry expected to underperform the relevant broad market benchmark ## Important Disclosures - The report is for informational purposes only and not an offer or solicitation to buy or sell any security. - CMBIGM does not provide individually tailored investment advice. - The value and returns of any investments are uncertain and may fluctuate. - The information is based on analyses and interpretations of publicly available data and is not guaranteed for accuracy or completeness. - CMBIGM may have investment banking relationships with the companies mentioned, which could create conflicts of interest. ## Disclaimer - The report is intended for the use of the intended recipients only. - It may not be reproduced, reprinted, sold, redistributed, or published without prior written consent. - CMBIGM is not a registered broker-dealer in the United States and is not subject to U.S. rules on research reports and analyst independence. - The report is distributed in Singapore by CMBI (Singapore) Pte. Limited, an Exempt Financial Adviser, and is subject to Singapore regulatory requirements.