【行业研究报告】贝克微-Index inclusion, strategic repositioning, 4Q pricing power; Reiterate BUY

Indexinclusion,strategicrepositioning,4Q
pricingpower;ReiterateBUY
HangSengIndexeshasofficiallyrenameditsHangSengInformation
TechnologyIndustryIndextotheHangSengSemiconductorIndustryTheme
Index,withBaTeLab(2149HK)includedasanewconstituent,effective7
November2025.WeviewthisasastructuralpositiveforBaTeLab,
enhancingmarketliquiditythroughpotentialpassivefundinflowsandattracting
attentionfromactivemanagers.ReiterateBUYrating;TPisunchangedat
HK$93,basedon26.6x2025EP/E.
Indexinclusionenhancesexposureandliquidity.On31October2025,
HangSengIndexesannouncedastrategicenhancementtoitssectoral
HangSengIndexesannouncedastrategicenhancementtoitssectoral
indexframework,rebrandingtheHangSengInformationTechnologyIndex
astheHangSengSemiconductorIndustryThemeIndex(link).Thismove
aimstoimprovetheinvestabilityandthematicclarityofHongKong-listed
semiconductorvalue-chaincompanies.Newconstituentssuchas
BaTeLabstandtobenefitfromincreasedinvestorvisibility,stronger
thematicrecognition,andpotentialpassiveinflowsasnewETFsand
structuredproductsarelaunchedtotracktheindex.Inclusioninthis
dedicatedsemiconductorbenchmarkshouldalsohelpalignBaTeLab’s
valuationmorecloselywiththebroadersemiconductorsector,inour
view.
Strategicdistributionshiftstrengthenslong-termresilience.BaTeLab
executedastrategicrebalancingofitsdistributornetworkin1H25,reducing
relianceonitslargestoverseascustomerwhileexpandingdomesticchannel
partnerships.Althoughthistransitiontemporarilymoderatedsalesgrowth
(largelyflatin1H25)andelevatedinventorylevels(+21%YoY),webelieve
itmeaningfullyimprovedBaTeLab’slong-termsupplychainresilience.This
shiftprovedprescientgiventheOctoberimpositionofU.S.BISsanctionson
certainsubsidiariesofArrow(ARWUS,NR),akeyBaTeLabdistributor,
eventhoughtheserestrictionswerelaterremoved.Thestrategicchange
hasnoimpactonprofitability:BaTeLabplanstoimplementa~10%
pricehikein4Q25,whichcouldboostmargin,accordingtothemgmt.
ReiterateBUYonattractivevaluationandvisiblecatalysts.BaTeLab
hasdemonstratedresilient,highprofitabilitythroughtherecentindustry
downturn,underscoringitsuniquebusinessmodelandoperational
excellence.Weexpectthecompanytodeliver21%netprofitgrowthin
2025E,withnetprofitmarginsustainingabove25%.Thestocktradesat
14.7x/11.6x2025/26EP/E,asignificantdiscounttoA-shareandglobal
peers.CatalystssuchastheHangSengSemiconductorIndex
reclassificationcouldsupportavisiblevaluationre-rating.Investorsshould
monitorpotentialpassivefundinflowslinkedtoindexinclusion.