20250602-招银国际-贝克微-02149.HK-Potential_EDA_restrictions_not_to_impede_growth_5页_1mb

Summary of BaTeLab (2149 HK)

Core Content

BaTeLab (2149 HK) is a Chinese company that has developed its own EDA (Electronic Design Automation) platform, which positions it as a key beneficiary of the recent U.S. export restrictions on EDA software to Chinese entities. The Trump administration issued a directive on 28 May prohibiting leading EDA software companies such as Synopsys, Cadence, and Siemens EDA from selling their products to China. This move is part of the broader U.S.-China technological decoupling and has significant implications for the semi supply chain in China, where overseas vendors currently hold 70% of the market share.

The company's self-developed EDA tools and full-stack analog IC design capability make it less vulnerable to the export ban. This vertical integration allows BaTeLab to efficiently develop and deliver patterned wafers in a fragmented and localized supply chain, giving it a strategic advantage in China's long-tail analog IC market.

Main Points

• Impact of EDA Export Ban: The ban is expected to accelerate the development of domestic EDA alternatives in China. BaTeLab is well-positioned to benefit from this shift.
• EDA Capabilities: BaTeLab has developed a full-stack design platform for analog ICs, integrating EDA tools, IP libraries, and design processes. This reduces reliance on overseas vendors and third-party IP.
• Market Position: Unlike traditional fabless semi companies, BaTeLab's independence from foreign toolchains is a key differentiator.
• Financial Performance: The company has shown consistent revenue growth and improving profitability metrics. As of end-2024, it has incorporated over 600 IP modules and implemented a Tool-IP-Design (TID) framework.

Key Financials

Valuation Metrics

• Current P/E (2025E): 14.4x
• PEG (2025E): 0.48x
• Average P/E of Domestic Peers (2025E): 64.0x
• Target Price (TP): HK$69.50
• Current Price: HK$56.80
• Upside Potential: 22.4%

Analyst Recommendation

• Rating: BUY (Maintain)
• Reasoning: BaTeLab is seen as a key beneficiary of the semi localization trend, supported by its EDA self-sufficiency. This is expected to maintain its robust revenue growth and high margins amid rising geopolitical uncertainties.

Shareholding and Stock Data

• Market Cap (HK$ mn): 3,408.0
• Avg 3 mths t/o (HK$ mn): 7.3
• 52w High/Low (HK$): 56.80 / 23.05
• Total Issued Shares (mn): 60.0

Share Performance

Analysts

• Lily YANG, Ph.D
• Kevin ZHANG
• Jiahao Jiang

Analyst Certification

The analyst certifies that the views expressed in the report accurately reflect personal views and that there is no direct or indirect compensation related to the views in the report. Additionally, the analyst confirms no trading activity within 30 days prior to the report's issuance and no intention to trade within 3 business days after.

CMBIG Ratings

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