金吾财讯 | 贝克微(02149)股价逆市上扬，截至发稿，报37.85港元，涨幅8.45%，成交额526.17万港元。招银国际近日研报指，公司2024年收入同比增长25%至5.79亿元人民币，低于该行预期的11%。净利润同比大增52%至1.67亿元人民币，超出该行预期的14%。毛利率同比下降2.4个百分点至53%，由于存货跌价准备影响。剔除此影响后，管理层表示全年毛利率基本保持稳定。鉴于库存调整周期延长，该行将FY25/26E收入预测下调14%/18%。毛利率预计在预测期内维持在53%-54%区间。得益于成本优化，该行将FY25净利润小幅上调3%至2.17亿元；FY26净利润因销售预期下调至2.85亿元。该行指，公司持续专注工业级模拟芯片这一细分市场，需求多元且长尾化，同时竞争相对较小（对比消费类模拟芯片市场）。该行预计2025-2027年公司收入将保持27%-33%的年增长，净利率稳定在约28%。重申“买入”评级，目标价上调至69.5港元，对应2025年18倍P/E。
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