BaTeLab Co., Ltd. (HK:2149)
:2149
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BaTeLab Co., Ltd.
(2149)
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Rating:57Neutral
Price Target:
HK$38.00
▼(-11.79% Downside)
Action:Reiterated
Date:05/16/26
The score is held back mainly by poor cash-flow quality (low operating cash flow vs earnings and persistently negative free cash flow), despite solid margins and a healthy balance sheet. Technically, the stock shows improving near-term trend versus 20D/50D but remains below longer-term averages, while valuation is moderate with no dividend yield data to add support.
Positive Factors
High gross and net margins
Sustained gross (~51%) and net (~21%) margins indicate durable pricing power and cost structure advantages in its semiconductor niche. Strong margins provide long-term cash generation potential and buffer future margin volatility from cyclical demand or input cost shifts.
Negative Factors
Very weak operating cash conversion
Operating cash flow at only ~3.6% of net income signals poor cash conversion quality and persistent working-capital drag. Over months to years this limits self-funding for capex, R&D, dividends, and reduces resilience to revenue volatility without external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross and net margins
Sustained gross (~51%) and net (~21%) margins indicate durable pricing power and cost structure advantages in its semiconductor niche. Strong margins provide long-term cash generation potential and buffer future margin volatility from cyclical demand or input cost shifts.
Read all positive factors
BaTeLab Co., Ltd. (2149) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.34B
Dividend YieldN/A
Average Volume (3M)174.12K
Price to Earnings (P/E)20.1
Beta (1Y)0.26
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)4.19
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)4.05
Revenue Forecast (FY)HK$841.00M
BaTeLab Co., Ltd. Business Overview & Revenue Model
Company Description
BaTeLab Co., Ltd. engages in the research, development, and sale of analog integrated circuit (IC) patterned wafers used in packaging and testing solutions in China. It offers power management products, including AC-DC and DC-DC switching regulato...
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 | 569.01M | 578.81M | 463.88M | 409.93M | 212.71M |
| Gross Profit | 292.18M | 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
Positive
43.08
Price Trends
35.48
Positive
39.94
Negative
45.83
Negative
Market Momentum
0.44
Negative
55.50
Neutral
39.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2149, the sentiment is Positive. The current price of 43.08 is above the 20-day moving average (MA) of 34.97, above the 50-day MA of 35.48, and below the 200-day MA of 45.83, indicating a neutral trend. The MACD of 0.44 indicates Negative momentum. The RSI at 55.50 is Neutral, neither overbought nor oversold. The STOCH value of 39.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | HK$77.37B | 31.83 | 6.37% | 0.69% | 3.83% | 160.15% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | HK$2.34B | 20.08 | 9.80% | ― | 0.94% | -29.08% | |
55 Neutral | HK$52.63B | 47.35 | 3.97% | 0.20% | 17.21% | -54.17% | |
55 Neutral | HK$1.04B | 33.87 | 4.98% | ― | -17.88% | -60.44% | |
50 Neutral | HK$257.18B | 214.07 | 0.84% | 0.23% | 22.26% | 171.99% | |
49 Neutral | HK$104.41M | -1.89 | -25.49% | ― | -24.59% | 9.82% |
* Technology Sector Average
HK:2149
BaTeLab Co., Ltd.
37.12
-13.58
-26.79%
HK:0522
ASMPT Ltd
184.60
132.10
251.59%
HK:1385
Shanghai Fudan Microelectronics Group Co
37.60
10.09
36.66%
HK:2878
Solomon Systech (International) Ltd.
0.42
0.02
6.41%
HK:1347
Hua Hong Semiconductor Ltd.
130.10
98.50
311.71%
HK:8490
Niche-Tech Semiconductor Materials Limited
0.15
0.01
8.03%
BaTeLab Co., Ltd. Corporate Events
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.
Disclaimer
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.