巴泰科技（2149 HK）- 指数纳入、战略调整及第四季度定价能力；重申买入

Index inclusion,strategicrepositioning,4Qpricing power;Reiterate BUY Target PriceHK$93.00Up/Downside80.8%Current PriceHK$51.45 HangSeng Indexes has officially renamed its Hang Seng InformationTechnology Industry Index tothe Hang Seng Semiconductor Industry ThemeIndex, with BaTeLab (2149 HK) included as a new constituent, effective 7November2025.We view this as a structural positive for BaTeLab,enhancing market liquidity through potential passive fund inflows and attractingattention from active managers.Reiterate BUY rating;TP isunchangedatHK$93, based on 26.6x 2025E P/E. China Semiconductors Lily YANG, Ph.D(852) 3916 3716lilyyang@cmbi.com.hk Indexinclusionenhancesexposureandliquidity.On 31 October 2025,Hang Seng Indexes announced a strategic enhancement to its sectoralindex framework, rebranding the Hang Seng Information Technology Indexas the Hang Seng Semiconductor Industry Theme Index (link). This moveaims to improve the investability and thematic clarity of Hong Kong-listedsemiconductorvalue-chain companies.New constituents such asBaTeLab stand to benefitfrom increased investor visibility, strongerthematic recognition, and potential passive inflowsas new ETFs andstructured productsare launched to track the index. Inclusion in thisdedicated semiconductor benchmark should alsohelp align BaTeLab’svaluationmore closely with the broader semiconductor sector, in ourview. Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Jiahao Jiang(852) 39163739JiangJiahao@cmbi.com.hk Stock Data Strategicdistributionshiftstrengthenslong-termresilience.BaTeLabexecuted a strategic rebalancing of its distributor network in 1H25, reducingreliance on its largest overseas customerwhile expanding domestic channelpartnerships. Although this transition temporarily moderated sales growth(largely flat in 1H25) and elevated inventory levels (+21% YoY), we believeitmeaningfullyimprovedBaTeLab’s long-term supply chain resilience.Thisshift proved prescientgiventhe October imposition of U.S. BIS sanctions oncertain subsidiaries ofArrow(ARW US, NR),a key BaTeLab distributor,even though these restrictions were later removed.The strategic changehas no impact onprofitability:BaTeLab plans to implement a ~10%pricehikein 4Q25,whichcouldboost margin, according to the mgmt.Reiterate BUY onattractivevaluation andvisiblecatalysts.BaTeLabhas demonstrated resilient, high profitability through the recent industrydownturn,underscoring its unique business model and operationalexcellence. We expect the company to deliver 21% net profit growth in2025E, with net profit margin sustaining above 25%. The stock trades at14.7x/11.6x2025/26E P/E, a significant discountto A-share and globalpeers.Catalysts such as the Hang Seng Semiconductor Indexreclassificationcouldsupport a visible valuation re-rating.Investors shouldmonitor potential passive fund inflows linked to index inclusion.Earnings Summary Source: FactSet Source:Bloombergdata,CMBIGM Source:Bloomberg data,CMBIGM Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer thatthe analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to thespecific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or tradedin the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serveas an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report.CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months. CMBIGM RatingsBUY HOLDSELLNOT RATED : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10%over next 12 months: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with therelevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 GardenRoad, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidia