BATELAB(2149.HK):NDR TAKEAWAYS
BATELAB(2149.HK):NDR TAKEAWAYS
Revenue growth drivers: Mgmt. pointed out future sales will grow on semiconductor localization. BaTeLab had a portfolio of 500+ SKUs as of 1H24 (vs. ~10k for industry leaders) and plans to expand ~100 SKUs annually. The upside is expected to be significant.We hosted an NDR with BaTeLab's management on 15 Oct. Co-founders Mr. Li (Chairman) and Mr. Zhang, and Investment Director Mr. Zhao attended our meeting. Key takeaways are summarized below.
我們在10月15日與BaTeLab的管理層舉行了NDR。創始人李先生（董事長）和張先生，以及投資總監趙先生參加了我們的會議。主要討論內容總結如下。
Business strategy: 1) Why industrial market? Mgmt. explained that the market has lower R&D costs, given its long-tail characteristics (~80% of the total sales in the market is attributed to a large number of individual products with sales of each accounting for no more than 0.02% of TAM, per Frost & Sullivan). Leveraging its proprietary EDA software tools and reusable IP library, the company is able to achieve cost efficiency than peers. 2) Why patterned wafers? Mgmt. believes that this business model has higher efficiency in marketing while maintaining low cost in operation.
業務策略：1）爲什麼選擇製造行業板塊？管理層解釋稱，該市場具有較低的研發成本，因爲其具有長尾特徵（市場總銷售額中約80%歸功於大量個體產品，每個產品的銷售額佔市場總量的0.02%左右，根據Frost＆Sullivan的數據）。公司利用其專有的eda軟件工具和可重複使用的IP庫，能夠比同行更具成本效益。2）爲什麼選擇圖案晶圓？管理層認爲這種商業模式在營銷上效率更高，同時保持了較低的營業成本。
Operation risk: Some investors have expressed concerns over the high revenue reliance on distributor channels (90% of total revenue in 1H24). Mgmt. highlighted that the concentration of customers is just sales channel-wise. Taking into account the diverse end-market demands (indirect customers), the customer base is actually not concentrated.
控件風險：一些投資者對高營業收入依賴經銷渠道（1H24總營業收入的90%）表示擔憂。管理層強調客戶集中度僅限於銷售渠道。考慮到多樣化的終端市場需求（間接客戶），客戶群實際上並不集中。
Revenue growth drivers: Mgmt. pointed out future sales will grow on semiconductor localization. BaTeLab had a portfolio of 500+ SKUs as of 1H24 (vs. ~10k for industry leaders) and plans to expand ~100 SKUs annually. The upside is expected to be significant.
營業收入增長驅動因素：管理層指出，未來銷售將在半導體本地化上增長。BaTeLab截至1H24年底有500多種SKU（行業領袖約有1萬種），並計劃每年擴大約100種SKU。預計增長潛力巨大。
CapEx: Mgmt. said they will invest in R&D infrastructure and upgrade its R&D center, improve product line and make strategic investments.
資本支出：管理層表示將投資於eda軟件-半導體基礎設施和升級其eda軟件-半導體中心，改善產品線並進行戰略投資。
Demand: Mgmt. thinks the current market demand is in the process of gradual recovery. In the long-term, mgmt. expects the growth of analog IC market to accelerate in the next 5-10 years and they hope to get prepared for that.
需求：管理層認爲當前市場需求正在逐步恢復。從長期來看，管理層預計模擬IC市場在未來5-10年內增速將加快，並希望爲此做好準備。
Margin: The company's gross profit margin is within the range of 50%-55%. No single product contributes over 3% of revenue, as BaTeLab targets less mainstream product categories and niche markets. Mgmt. believes such approach allows the company to gain significant traction in specialized segments and is less exposed to price war, thereby sustaining a high GPM. In 1H24, the company reported a lower-than-expected GPM at 51.3% (vs. 55.2% in 1H23). Mgmt attributed that to increased inventory provisions (RMB18mn) under HKFRS. Excluding this impact, the company's GPM remained stable.
毛利率：公司的毛利潤率在50%-55%的區間內。沒有任何單一產品貢獻超過營業收入的3%，因爲BaTeLab專注於較不主流的產品類別和利基市場。管理層認爲，這種做法使公司能夠在專業領域獲得顯著推動，並且不易受價格戰影響，從而保持高毛利潤率。與1H23的55.2%相比，1H24公司報告的毛利率爲51.3%，低於預期。管理屬於這是受香港財務報告準則下的增加存貨減值準備（RMB18mn）的影響。不計入此影響，公司的毛利率保持穩定。
Reiterate BUY, with unchanged TP at HK$49.8, corresponding to 20.4x 2024E P/E. We maintain our revenue forecast at 40%/38% in 24/25E and GPM at 53-55%. The stock is currently trading at 10.8x/7.5x 2024/25E P/E, which is very attractive in our view. Risks: 1) volatile economic conditions; 2) change in partnership with its core customers or suppliers; and 3) slower-than-expected introduction of new product categories.
重申買入，目標價不變，爲港幣49.8元，對應2024年預測市盈率爲20.4倍。我們維持對24/25財年營業收入預測分別爲40%和38%，毛利率維持在53-55%。目前股價爲2024/25財年預測市盈率爲10.8倍/7.5倍，我們認爲具有很大吸引力。風險：1）經濟狀況波動；2）與核心客戶或供應商合作關係變化；3）新產品類別推出速度低於預期。
譯文內容由第三人軟體翻譯。
