【招银国际】Private placement completed, now eyes on execution-250526（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 26 May 2025 CMB International Global Markets|Equity Research|Company Update BaTeLab(2149 HK)Private placement completed,now eyes on execution BaTeLab raised HK$120mn

2、from a private placement on 21 May(link),with 3mn shares at HK$40.The company will use the net proceeds to 1)increase the investment in upstream manufacturing resources(including but not limited to building its own wafer fabs and strengthening cooperation with existing wafer fabs)and 2)other general

3、 working capital.We expect the recent issuance to help the company secure its upstream fabrication capability,which is crucial for BaTeLabs future expansion given the long-tail nature of the industrial-grade analog IC market.We also expect the fund raised to bolster the companys cash reserves,inject

4、ing more liquidity support into its operations.BaTeLabs share price closed at HK$47.6 on 21 May,up 6.6%.BaTeLab remains one of our top picks with robust revenue growth(27%-33%YoY during 2025E-27E)and high profitability(53%-54%GPM during 2025E-27E).Reiterate BUY with unchanged TP at HK$69.5.Private p

5、lacement of HK$120mn.The total issuance was 3mn shares,accounting for 4.76%of its total shares post-placement.The placing price of HK$40 represented a discount of 10.41%to the closing price of HK$44.65 on 20 May 2025(the date on which the Placing Price was fixed),or 11.39%to the average closing pric

6、e for the last five consecutive trading days prior to 20 May 2025.The lock-up period is 90 days.Reiterate BUY with unchanged TP at HK$69.5.We project the companys revenue to grow to RMB770mn in 2025E,up 33%YoY.NP is expected to grow to RMB217mn,up 30%YoY.The stock is currently trading at 12.9x 2025E