BaTeLab Co., Ltd. (HK:2149)
:2149
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BaTeLab Co., Ltd.
(2149)
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Rating:56Neutral
Price Target:
HK$35.00
▼(-18.76% Downside)
Action:Reiterated
Date:06/09/26
The score is held back primarily by weak cash conversion and persistently negative free cash flow despite solid margins and a healthy balance sheet. Technicals also remain soft with the stock trading below major moving averages, while valuation is moderately supportive with a reasonable P/E.
Positive Factors
High gross & net margins
Sustained gross (~51%) and net (~21%) margins indicate durable pricing power and product mix advantages typical of a differentiated semiconductor supplier. High margins provide margin buffer against cyclical downturns and support reinvestment, R&D, and long-term competitiveness.
Negative Factors
Weak cash conversion
Very low operating cash conversion and persistent negative free cash flow point to working-capital drag or heavy investment needs. This undermines the company’s ability to self-fund growth, reduces financial optionality, and increases reliance on external financing over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross & net margins
Sustained gross (~51%) and net (~21%) margins indicate durable pricing power and product mix advantages typical of a differentiated semiconductor supplier. High margins provide margin buffer against cyclical downturns and support reinvestment, R&D, and long-term competitiveness.
Read all positive factors
BaTeLab Co., Ltd. (2149) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.16B
Dividend YieldN/A
Average Volume (3M)174.12K
Price to Earnings (P/E)15.6
Beta (1Y)0.30
Revenue Growth0.94%
EPS Growth-29.08%
CountryHK
Employees116
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)1.97
Shares Outstanding18,000,000
10 Day Avg. Volume105,870
30 Day Avg. Volume174,116
Financial Highlights & Ratios
PEG Ratio-0.65
Price to Book (P/B)1.86
Price to Sales (P/S)4.09
P/FCF Ratio-21.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$57.00Price Target Upside32.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.95
Revenue Forecast (FY)HK$700.00M
BaTeLab Co., Ltd. Business Overview & Revenue Model
Company Description
BaTeLab Co., Ltd. focuses on the research, development, and commercialization of analog integrated circuit (IC) patterned wafers, which are crucial for packaging and testing solutions across China. The company boasts a comprehensive catalog of pow...
BaTeLab Co., Ltd. Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
76
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 584.12M | 578.81M | 463.88M | 409.93M | 212.71M |
| Gross Profit | 302.25M | 306.92M | 257.11M | 231.79M | 144.63M |
| EBITDA | 124.15M | 144.94M | 119.02M | 96.73M | 58.01M |
| Net Income | 118.85M | 166.60M | 109.16M | 95.26M | 56.97M |
Balance Sheet | |||||
| Total Assets | 1.84B | 1.61B | 1.27B | 668.62M | 435.55M |
| Cash, Cash Equivalents and Short-Term Investments | 600.30M | 636.02M | 550.84M | 162.51M | 146.78M |
| Total Debt | 436.23M | 325.22M | 182.63M | 102.08M | 36.89M |
| Total Liabilities | 558.22M | 603.81M | 432.70M | 224.20M | 67.87M |
| Stockholders Equity | 1.28B | 1.01B | 838.23M | 395.83M | 300.57M |
Cash Flow | |||||
| Free Cash Flow | -110.68M | -20.34M | -13.40M | -34.68M | -33.62M |
| Operating Cash Flow | 19.67M | 13.56M | 30.28M | -12.91M | 10.03M |
| Investing Cash Flow | -105.83M | -63.95M | -41.70M | -15.48M | 19.60M |
| Financing Cash Flow | 11.26M | 127.56M | 400.68M | 62.63M | 104.94M |
BaTeLab Co., Ltd. Technical Analysis
Negative
43.08
Price Trends
34.78
Negative
38.28
Negative
43.73
Negative
Market Momentum
-0.35
Positive
46.52
Neutral
52.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2149, the sentiment is Negative. The current price of 43.08 is above the 20-day moving average (MA) of 35.96, above the 50-day MA of 34.78, and below the 200-day MA of 43.73, indicating a bearish trend. The MACD of -0.35 indicates Positive momentum. The RSI at 46.52 is Neutral, neither overbought nor oversold. The STOCH value of 52.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2149.
BaTeLab Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$87.52B | 63.58 | 6.70% | 0.69% | 3.83% | 160.15% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | HK$2.16B | 15.62 | 9.80% | ― | 0.94% | -29.08% | |
55 Neutral | HK$849.24M | 26.93 | 4.98% | ― | -17.88% | -60.44% | |
53 Neutral | HK$109.35M | -2.82 | -25.49% | ― | -24.59% | 9.82% | |
52 Neutral | HK$45.93B | 202.17 | 3.97% | 0.20% | 17.21% | -54.17% | |
50 Neutral | HK$354.86B | 538.40 | 1.09% | 0.23% | 22.26% | 171.99% |
* Technology Sector Average
HK:2149
BaTeLab Co., Ltd.
34.26
-27.99
-44.96%
HK:0522
ASMPT Ltd
208.80
154.51
284.62%
HK:1385
Shanghai Fudan Microelectronics Group Co
29.62
0.81
2.81%
HK:2878
Solomon Systech (International) Ltd.
0.34
-0.10
-22.73%
HK:1347
Hua Hong Semiconductor Ltd.
168.10
133.90
391.52%
HK:8490
Niche-Tech Semiconductor Materials Limited
0.16
0.03
26.02%
BaTeLab Co., Ltd. Corporate Events
BaTeLab Shareholders Unanimously Approve 2025 AGM Resolutions and 2026 Funding Plan
Jun 5, 2026
BaTeLab Co., Ltd. announced that all resolutions proposed at its 2025 annual general meeting, held in Shanghai on 5 June 2026, were duly passed by shareholders by way of poll. The meeting, which recorded a turnout of about 67.49% of issued shares,...
BaTeLab Sets 2025 AGM to Decide Capital, Financing and Share Mandates
May 15, 2026
BaTeLab Co., Ltd., a PRC-incorporated joint stock company listed in Hong Kong, has announced its 2025 annual general meeting, underscoring its adherence to formal governance and disclosure standards expected of Hong Kong-listed issuers. The board ...
BaTeLab to Host 2025 Annual Results Conference for Investors
Apr 7, 2026
BaTeLab Co., Ltd. has announced that it will hold its 2025 annual results conference via phone dial-in on Friday, 10 April 2026 at 4:30 p.m. Beijing time, aiming to give investors a deeper understanding of its financial performance and operations....
BaTeLab Holds Revenue Steady but Profit Falls on R&D Incentives and Margin Pressure
Mar 25, 2026
BaTeLab Co., Ltd. reported broadly flat revenue for 2025 at RMB584.1 million, up 0.9% year on year, as steady demand for high-end industrial analog chips offset external trade fluctuations and distributor restructuring. However, gross margin slipp...
BaTeLab Sets March Board Meeting to Approve 2025 Annual Results and Consider Final Dividend
Mar 13, 2026
BaTeLab Co., Ltd. has scheduled a board meeting for 25 March 2026 to review and approve its annual results for the financial year ended 31 December 2025 and to authorise their publication. The board will also consider a potential recommendation of...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.