BaTeLab (2149) H1 2024 earnings summary

Executive summary

• H1 revenue rose 42.1% YoY to RMB290.6m; profit for the period increased 46.3% to RMB67.1m, while gross margin fell to 51.3%.

• Growth reflected new industrial products and deeper key-customer relationships; expansion priorities include R&D, new energy applications and analog AI computing.

Financial highlights

• Revenue RMB290.6m, up 42.1% YoY; gross profit RMB149.0m, up 31.9%; profit from operations RMB70.5m, up from RMB47.7m.

• Profit for the period RMB67.1m, up 46.3% YoY; basic and diluted EPS RMB1.12 vs RMB1.02.

• Adjusted net profit was RMB67.1m vs RMB56.6m in H1 2023; prior-year figure adds back listing expenses and share-based payments.

Outlook and guidance

• Plans include establishing a back-end process R&D center, upgrading EDA tools and accelerating new-product development to improve development efficiency and costs.

• Continued product development targets new energy storage, electric vehicles, high-end industries and emerging analog AI computing applications.

• H1 expansion into EV thermal management, current sensors, in-car chargers and in-car DC-DC converters delivered encouraging results.