External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We highlight a growing divergence within the analog semiconductor space.</li><li>The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.</li><li>In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We highlight a growing divergence within the analog semiconductor space.The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

Equity Bottom-Up

<ul><li>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)</li><li>2) strengthened partnership with key customers (new energy revenue contributed 30% of total revenue in 1H24</li><li>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)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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 1H243) 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)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BaTeLab (2149 HK) - Strong 1H24 Results Signal Brighter Days Ahead

<ul><li>BaTeLab is one of the leading analog IC patterned wafer providers in China, focusing on the industrial-grade market.</li><li>The company has developed the only full-stack design platform in China, integrating EDA, IP and design.</li><li>We favor BaTeLab on 1) its unique position in the market (three differentiations from peers), 2) robust growth in revenue (38.0% 2023-26E CAGR, CMBIGM estimate) and the ability to maintain its margins (GPM/NPM at ~54%/23% in 2024/25E), 3) attractive valuation (the company currently trades at 10.3x 2024E P/E and 7.2x 2025E P/E, compared to 30.8x 2024E P/E of its HK-listed peers). Initiate with BUY and TP at HK$49.8.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BaTeLab is one of the leading analog IC patterned wafer providers in China, focusing on the industrial-grade market.The company has developed the only full-stack design platform in China, integrating EDA, IP and design.We favor BaTeLab on 1) its unique position in the market (three differentiations from peers), 2) robust growth in revenue (38.0% 2023-26E CAGR, CMBIGM estimate) and the ability to maintain its margins (GPM/NPM at ~54%/23% in 2024/25E), 3) attractive valuation (the company currently trades at 10.3x 2024E P/E and 7.2x 2025E P/E, compared to 30.8x 2024E P/E of its HK-listed peers). Initiate with BUY and TP at HK$49.8.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BaTeLab (2149 HK) - Key Domestic Analog Patterned Wafer Player

Hong Kong

BaTeLab Co., Ltd. manufactures and distributes IC (integrated circuit) products. The Company engages in design, manufacturing, packaging, and testing of analog IC patterned wafers and other products. BaTeLab supplies its products in industrial, automotive, consumer electronic, communication, and other fields.

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BaTeLab (2149 HK)

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.

CMB International

BaTeLab (2149 HK) - 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...

CMB International

BaTeLab (2149 HK) - Key Domestic Analog Patterned Wafer Player

BaTeLab is one of the leading analog IC patterned wafer providers in China, focusing on the industrial-grade market. The company has developed the...

CMB International

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