BATELAB(2149HK):STRONG 1H24 RESULTS SIGNAL BRIGHTER DAYS AHEAD
BATELAB(2149HK):STRONG 1H24 RESULTS SIGNAL BRIGHTER DAYS AHEAD
BaTeLab posted strong 1H24 earnings. Revenue grew by 42.1% YoY to RMB291mn driven by 1) continued launch of new industrial products (SKUs reached over 500 in 1H24 from ~400 in FY23), 2) strengthened partnership with key customers (new energy revenue contributed 30% of total revenue in 1H24, and 3) an expanded distribution network (partnership with several new distributors). Net profit grew by 46.3% YoY to RMB67mn. 1H24 revenue/NP accounted for 45%/46% of our full-year estimates (vs. 44%/42% for 1H23). Gross margin declined to 51.3% in 1H24 from 55.2%/55.4% in 1H23/FY23 mainly due to higher inventory provisions. Excluding this impact, GPM remained stable on a YoY basis (1H23: 55.2%). Net profit margin was 23.1% in 1H24, compared to 22.4%/23.5% in 1H23/FY23. The company is one of China's leading industrial-grade analog IC patterned wafer providers with its proprietary EDA tools and a reusable IP library. We continue to like BaTeLab as the company's 1H24 results confirm its growth trajectory remains intact. Maintain BUY on BaTeLab with unchanged TP at HK$49.8, based on the same 19x 2024E P/E.
BaTeLab發佈了強勁的1H24收益報告。由於以下三點原因，收入同比增長42.1%至人民幣2.91億元：1）持續推出新的工業產品（SKU從FY23的約400個增至1H24的超過500個）；2）與主要客戶強化合作（新能源收入在1H24總收入中貢獻了30%）；3）擴展了分銷網絡（與多家新經銷商合作）。淨利潤同比增長46.3%至人民幣6700萬元。1H24的營收/淨利潤佔我們全年預測的45%/46%（對比1H23的44%/42%） 。由於更高的庫存撥備，毛利率在1H24下降至51.3%（對比1H23/FY23的55.2%/55.4%），扣除此影響，GPm在同比基礎上保持穩定（1H23爲55.2%）。淨利潤率在1H24爲23.1%，對比1H23/FY23的22.4%/23.5%。該公司是中國領先的工業級模擬集成電路拓撲圖晶圓提供商之一，具有其專有的EDA工具和可重複使用的IP庫。我們認爲BaTeLab的1H24業績證實了其增長軌跡仍然完好無損。維持對BaTeLab的買入評級，目標價仍爲港幣49.8元，基於同樣的19倍2024E市盈率。
Expect revenue to maintain strong growth on continued expansion of SKUs. BaTeLab's revenue has experienced strong growth in the past four years (73.6% 2020-2023 CAGR). One of the key drivers is fast expansion of analog IC patterned wafer product offerings (8/45/157/~400 during 2020- 2023). By end-1H24, the number had increased to 500+, confirming the company's strength in R&D and strong execution of the mgmt. team. We expect BaTeLab's FY24/FY25 sales will grow at 40.2%/37.8% YoY, respectively (unchanged estimates). In addition, BaTeLab has built stronger partnership with distributors. In 1H24, 90% of the company's revenue came from sales through distributors, up from 87.5% in FY23. We believe this is a smart strategy as the company leverages distributors' sales channels while reducing reliance on any single customer.
預計隨着SKU不斷擴展，收入將保持強勁增長。在過去的四年中，BaTeLab的收入經歷了強勁的增長（2020-2023年複合年增長率爲73.6%）。其中一個關鍵的推動因素是模擬集成電路拓撲圖晶圓產品種類的快速擴展（2020年-2023年分別爲8/45/157/約400個）。到1H24末，這個數字已經增加到了500多個，證實了該公司在研發和管理團隊的強大執行力方面的實力。我們預計BaTeLab的FY24/FY25銷售額將分別同比增長40.2%/37.8%（預測不變）。此外，BaTeLab與分銷商建立了更強的合作關係。在1H24中，公司的90%收入來自於經銷商的銷售，相比FY23的87.5%有所增加。我們認爲這是一種明智的策略，因爲公司利用了經銷商的銷售渠道，同時減少了對任何單一客戶的依賴。
Maintain BUY rating with unchanged TP at HK$49.8. Despite that the 1H24 GPM (51.3%) was lower than our full-year forecast of 53.8%, it was mainly an accounting adjustment effect (higher inventory provisions). We remain confident that the company can maintain its GPM at 53-55% in 2024- 26E. Maintain BUY on BaTeLab with an unchanged TP at HK$49.8, based on the same 19x 2024E P/E (1-year historical avg. forward P/E of its semiconductor peers listed on HK stock market). The stock is currently trading at 10x/7x 2024/25E P/E, which is very attractive in our view. Potential risks: 1) volatile economic conditions; 2) change in relationship with its core customers or suppliers; and 3) slower-than-expected introduction of new product categories.
維持對BaTeLab的買入評級，目標價仍爲港幣49.8元。儘管1H24的GPm（51.3%）低於我們全年預測的53.8%，但這主要是會計調整效應（更高的庫存撥備）的影響。我們仍然相信公司能夠在2024-2026E保持53%-55%的毛利率。基於同樣的19倍2024E市盈率（香港股票市場上列出的半導體同行業企業的1年曆史平均前置市盈率），維持對BaTeLab的買入評級，目標價仍爲港幣49.8元。目前該股的2024/25E市盈率分別爲10倍/7倍，我們認爲這非常有吸引力。潛在風險：1）波動的經濟環境；2）與核心客戶或供應商的關係變化；3）新產品類別的推出速度低於預期。
譯文內容由第三人軟體翻譯。
