金吾财讯 | 招银国际研报指，贝克微(02149)公布2025年上半年业绩，实现收入2.92亿元人民币（半年度创历史新高），同比微增0.4%。作为对比，2024年上半年收入为2.91亿元，当时同比大增42%，基数较高。公司展现出强劲的盈利能力，毛利率维持在51.8%（同比提升0.5个百分点），净利润同比增长14.9%至7,700万元，净利率提升3.3个百分点至26.4%。尽管面临关税及经销商渠道调整的挑战，公司上半年业绩依然稳健，SKU数量扩展至850个。公司依然是该机构半导体板块的核心推荐标的。随着公司持续扩充产品组合，并依托稳健的IP/EDA设计平台服务长尾工业市场，该机构对其长期成长前景保持乐观。重申“买入”评级，目标价维持在93港元不变。
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