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question:translate to chinese Fast-growing analog IC patterned wafer provider ■ BaTeLab should benefit from China’s fast-growing analog IC patterned wafer market due to its full-stack analog IC design platform (China’s first and only), in our view. ■ We expect BaTeLab to achieve 40% revenue and 35% net profit CAGR in FY22-25F, driven by strong customer demand for new energy vehicle (NEV)-related ICs. ■ We place its fair valuation at Rmb2.26bn to Rmb2.67bn on 11-13x CY24F P/E. Beneficiary of China’s fast-growing analog IC patterned wafers BaTeLab is a major supplier of analog integrated circuit (IC) patterned wafers, with a strong market position in China. The Company delivers analog IC patterned wafers with built-on circuits, which downstream clients can use to make IC chips using simple packaging and testing methods. Its proprietary EDA software and reusable IP library enabled its position as China's largest analog IC patterned wafer supplier in 2022 by revenue. We believe China’s fast-growing analog IC patterned wafer market should benefit BaTeLab due to its full-stack analog IC design platform (China’s first and only), which enables it to achieve efficient product development and standardised high-performance patterned wafer delivery. Leading in China’s analog IC patterned wafer market BaTeLab led China's analog IC patterned wafers market in 2022 with a 1.7% market share and Rmb352.5m revenue, according to Frost & Sullivan. The Company also ranked fourth among patterned wafer providers in China (0.4% market share), and fifth among fabless industrial grade analog IC design companies (0.5% market share), in terms of revenue. We expect BaTeLab to maintain its prominent market position in the patterned wafer market due to its analog IC design platform, which integrates EDA, IP, and design. BaTeLab’s unique analog IC design platform gained market share We believe BaTeLab will maintain strong revenue growth in FY23-25F, leveraging on its cost-effective and flexible analog IC design platform, which enables customers to manufacture ICs at a lower cost and with greater efficiency, due to: 1) continuous market share gain in China's fast-growing analog IC pattern wafer market (Frost & Sullivan forecasts a 19.7% CAGR from 2022 to 2027F), 2) a diverse product portfolio of c.300 analog IC patterned wafer products in FY22 as a result of its ongoing R&D investment for new product roll-outs, and 3) a sizeable customer base across various downstream applications, including the rapidly growing automotive electronics for NEVs. Expect 35% net profit CAGR for FY22-25F With a 40% revenue CAGR and stable GPM outlook at c.57% in FY22-25F, we forecast net profit to increase from Rmb95m in FY22 to Rmb236m in FY25F (35% CAGR), driven by strong customer demand for NEV-related ICs. BaTeLab could be valued at Rmb2.26bn to Rmb2.67bn Applying an estimated trading range of 11-13x CY24F P/E, based on 65-70% discounts to the domestic fabless IC designer peers’ average CY24F P/E of 37x, to our FY24F net profit forecast of Rmb205m, we derive a potential fair value of Rmb2.26bn to Rmb2.67bn.

answer:快速增长的模拟集成电路图案晶圆供应商 ■ 在我们看来，巴特拉伯(BaTeLab)应该会受益于中国快速增长的模拟集成电路图案晶圆市场，因为它拥有全套模拟集成电路设计平台（中国首个也是唯一的）。 ■ 我们预计，由于新能源汽车（NEV）相关集成电路的强劲需求推动，巴特拉伯将在2022年至2025年实现40%的营收增长率和35%的净利润增长率。 ■ 我们将其公正估值定为人民币22.6亿元至26.7亿元，对应CY24F市盈率的11-13倍。中国快速增长的模拟集成电路图案晶圆受益者巴特拉伯是中国主要的模拟集成电路图案晶圆供应商，在中国市场上拥有强劲的市场地位。公司提供带有内置电路的模拟集成电路图案晶圆，下游客户可以使用简单的封装和测试方法制造集成电路芯片。其专有的EDA软件和可重复使用的IP库使其成为2022年中国最大的模拟集成电路图案晶圆供应商（按收入计算）。我们认为，由于其全套模拟集成电路设计平台（中国首个也是唯一的），巴特拉伯将受益于中国快速增长的模拟集成电路图案晶圆市场，从而实现高效的产品开发和标准化的高性能图案晶圆交付。在中国模拟集成电路图案晶圆市场中处于领先地位根据Frost & Sullivan的数据，巴特拉伯在2022年中国的模拟集成电路图案晶圆市场中占据了1.7%的市场份额，实现了3.525亿元的营收。该公司在中国模拟集成电路图案晶圆供应商中排名第四（占0.4%的市场份额），在模拟工业级集成电路设计公司中排名第五（占0.5%的市场份额）。我们预计，巴特拉伯将凭借其模拟集成电路设计平台（集成了EDA、IP和设计）保持其在图案晶圆市场中的重要地位。巴特拉伯独特的模拟集成电路设计平台赢得了市场份额我们相信，巴特拉伯将在2023年至2025年保持强劲的收入增长，利用其具有成本效益和灵活性的模拟集成电路设计平台，使客户能够以更低的成本和更高的效率制造集成电路，原因如下：1) 在中国快速增长的模拟集成电路图案晶圆市场持续增加市场份额（Frost & Sullivan预测2022年至2027年的复合年增长率为19.7%），2) 在FY22年，因其持续的研发投资推出新产品，其拥有约300种模拟集成电路图案晶圆产品的多样化产品组合，3) 在包括快速增长的新能源汽车电子产品在内的各个下游应用领域拥有庞大的客户基础。预计FY22-25F的净利润复合年增长率为35% 根据我们的预测，在FY22-25F期间，巴特拉伯的营收复合年增长率为40%，毛利率展望稳定在约57%，我们预计净利润将从FY22年的9500万元增至FY25年的2.36亿元（35%复合年增长率），这将受到NEV相关集成电路的强劲需求推动。巴特拉伯的估值范围可能为22.6亿元至26.7亿元根据对国内无厂商集成电路设计公司平均CY24F市盈率37倍的65-70%折扣，将我们对FY24F净利润的预测人民币2.05亿元应用到11-13倍的CY24F市盈率的估计交易范围中，我们得出了人民币22.6亿元至26.7亿元的潜在公正价值。

question:translate Fast-growing analog IC patterned wafer provider 1. INVESTMENT SUMMARY 1.1 A key beneficiary of China’s fast-growing analog IC patterned wafer market BaTeLab benefits from the fast-growing demand for analog IC patterned wafers in China. BaTeLab Co (BaTeLab) is a major supplier of analog IC patterned wafers, with a strong market position in China. The Company’s deliverable products are analog IC patterned wafers with completed built-on circuits, which can then be fabricated into individual IC chips by its downstream clients following standard and simple packaging and testing methods. BaTeLab adopts a fabless model, i.e., focusing on IC designs and outsourcing IC manufacturing to foundries. BaTeLab is the largest supplier, in term of revenue, of analog IC patterned wafers in China in 2022, according to Frost & Sullivan (an independent market research consultant), thanks to its proprietary electronic design automation (EDA) software and reusable library of intellectual property (IP). We believe BaTeLab should benefit from the fast-growing demand for analog IC patterned wafers in China due to its self-developed full-stack analog IC design platform (China’s first and only, according to Frost & Sullivan), which enables the Company to achieve efficient product development and standardised high-performance patterned wafer delivery. According to Frost & Sullivan, China’s analog IC patterned wafer market (BaTeLab’s focus market) will grow at a Compound Annual Growth Rate (CAGR) of 19.7% from 2022 to 2027F, from Rmb21.3bn in 2022 to Rmb52.2bn in FY2027F, driven by rising market demand from downstream applications, particularly new energy vehicle (NEV) and energy storage-related products, as well as favourable semiconductor industry policies (Fig 1).

answer:快速增长的模拟集成电路图案晶圆供应商 1. 投资摘要 1.1 中国快速增长的模拟集成电路图案晶圆市场的主要受益者巴特拉伯(BaTeLab)受益于中国对模拟集成电路图案晶圆的快速增长需求。巴特拉伯是中国主要的模拟集成电路图案晶圆供应商，在中国市场上拥有强劲的市场地位。公司的可交付产品是带有完整电路的模拟集成电路图案晶圆，下游客户可以按照标准和简单的封装和测试方法将其制成单个集成电路芯片。巴特拉伯采用无厂商模式，即专注于集成电路设计，将集成电路制造外包给代工厂商。据Frost & Sullivan（独立市场研究顾问）数据，巴特拉伯是中国2022年模拟集成电路图案晶圆市场（按收入计算）中最大的供应商，得益于其专有的电子设计自动化（EDA）软件和可重用的知识产权（IP）库。我们认为，由于巴特拉伯自主研发的全套模拟集成电路设计平台（中国首个也是唯一的，根据Frost & Sullivan的数据），公司应该会受益于中国对模拟集成电路图案晶圆的快速增长需求，该平台使得公司能够实现高效的产品开发和标准化的高性能图案晶圆交付。根据Frost & Sullivan的数据，中国模拟集成电路图案晶圆市场（巴特拉伯的关注市场）将在2022年至2027年的复合年增长率为19.7％，从2022年的人民币213亿元增至2027年的人民币522亿元，受到下游应用市场需求的增加，尤其是新能源汽车和储能相关产品，以及有利的半导体行业政策的推动（图1）。

question:translate to chinese 1.2 China’s analog IC patterned wafer market leader Prominent market position in China’s analog IC patterned wafer market. According to a report by Frost & Sullivan, BaTeLab ranked No. 1 in China’s analog IC patterned wafers market in 2022 in terms of revenue, with a market share of 1.7% and revenue of Rmb352.5m (Fig 2). The Company also ranked fourth among patterned wafer providers in China (with a market share of 0.4%), according to the same report (Fig 3). As BaTeLab focuses on industrial-grade ICs, Frost & Sullivan also ranked it as the fifth largest fabless industrial grade analog IC design company in terms of revenue in China in 2022, with a market share of 0.5% (Fig 4). We expect BaTeLab to maintain its prominent market position in the patterned wafer market as a result of its full-stack analog IC design platform, which integrates the analog IC design chain, including EDA, IP and design, to deliver high performance to its customers.

answer:1.2 中国模拟集成电路图案晶圆市场的领导者在中国模拟集成电路图案晶圆市场中占据突出市场地位。根据Frost & Sullivan的报告，巴特拉伯在2022年中国模拟集成电路图案晶圆市场按收入计算排名第一，市场份额为1.7%，收入为3.525亿元（图2）。同样的报告还显示，根据市场份额计算，该公司在中国位于模拟集成电路图案晶圆供应商中排名第四（市场份额为0.4%）（图3）。由于巴特拉伯专注于工业级集成电路，Frost & Sullivan还将其列为2022年中国工业级模拟集成电路设计公司中按收入计算排名第五的无厂商公司，市场份额为0.5%（图4）。我们预计，由于其全套模拟集成电路设计平台，巴特拉伯将保持在图案晶圆市场上的突出市场地位，该平台整合了模拟集成电路设计环节，包括EDA、IP和设计，向客户提供高性能产品。

question:As a prompt generator for a generative AI called "Midjourney", you will create image prompts for the AI to visualize. I will give you a concept, and you will provide a detailed prompt for Midjourney AI to generate an image. Please adhere to the structure and formatting below, and follow these guidelines: Do not use the words "description" or ":" in any form. Do not place a comma between [ar] and [v]. Write each prompt in one line without using return. Structure: [1] = 游客 [2] = a detailed description of [1] with specific imagery details. [3] = a detailed description of the scene's environment. [4] = a detailed description of the compositions. [5] = a detailed description of the scene's mood, feelings, and atmosphere. [6] = A style (e.g. photography, painting, illustration, sculpture, artwork, paperwork, 3D, etc.) for [1]. [7] = a detailed description of the scene's mood, feelings, and atmosphere. [ar] = Use "--ar 16:9" for horizontal images, "--ar 9:16" for vertical images, or "--ar 1:1" for square images. [v] = Use "--niji" for Japanese art style, or "--v 5" for other styles. Formatting: Follow this prompt structure: "/imagine prompt: [1], [2], [3], [4], [5], [6], [7], [ar] [v]". Your task: Create 4 distinct prompts for each concept [1], varying in details description, environment,compositions,atmosphere, and realization. Write your prompts in english. Do not describe unreal concepts as "real" or "photographic". Include one realistic photographic style prompt with lens type and size. Separate different prompts with two new lines. Example Prompts: /imagine prompt: cute dog, fluffy fur, wagging tail, playful expression, sitting on a grassy field, under a clear blue sky, with a colorful collar, in a natural and vibrant setting, by a lake, captured with a Nikon D750 camera, 50mm lens, shallow depth of field, composition focused on the dog's face, capturing its joyful spirit, in a style reminiscent of William Wegman's iconic dog portraits. --ar 1:1 --v 5.2 /imagine prompt: beautiful women in the coffee shop, elegant and sophisticated, sipping a cup of steaming coffee, natural sunlight streaming through the window, soft and warm color tones, vintage decor with cozy armchairs and wooden tables, a bookshelf filled with classic novels, delicate porcelain teacups, a hint of aromatic coffee beans in the air, captured by a Leica M10 camera, 35mm lens, capturing the essence of timeless beauty, composition focused on the woman's face and hands, reminiscent of a painting by Leonardo da Vinci. --ar 1:1 --v 5.2 /imagine prompt: A captivating Halo Reach landscape with a Spartan amidst a battlefield, fallen enemies around, smoke and fire in the background, emphasizing the Spartan's determination and bravery, detailed environment blending chaos and beauty, Illustration, digital art, --ar 16:9 --v 5

answer:/imagine prompt: curious traveler, wearing a wide-brimmed hat, gazing in awe at a majestic waterfall cascading down a rocky cliff, surrounded by lush greenery and colorful wildflowers, the air filled with mist and the sound of rushing water, capturing the traveler's sense of wonder and adventure, in a style reminiscent of Ansel Adams' black and white landscape photography. --ar 9:16 --v 5 /imagine prompt: adventurous explorer, clad in a rugged leather jacket, standing on the edge of a towering mountain peak, overlooking a vast expanse of snowy peaks and jagged valleys below, a clear blue sky above, the wind whipping through their hair, highlighting the explorer's courage and love for the wild, captured with a Sony A7III camera, 24mm lens, wide-angle perspective, composition emphasizing the sense of grandeur and scale, in a style reminiscent of Jimmy Chin's epic adventure photography. --ar 16:9 --v 5 /imagine prompt: intrepid hiker, navigating through a mystical forest shrouded in mist, rays of golden sunlight piercing through the dense foliage, illuminating the moss-covered trees and vibrant mushrooms, the air filled with an ethereal tranquility and a hint of magic, capturing the hiker's sense of awe and connection to nature, in a style reminiscent of Arthur Rackham's whimsical illustrations. --ar 1:1 --v 5 /imagine prompt: enthusiastic backpacker, standing on a sandy beach with turquoise waters gently lapping at their feet, palm trees swaying in the tropical breeze, a vibrant sunset painting the sky with hues of orange and pink, capturing the backpacker's sense of freedom and serenity, in a style reminiscent of Steve McCurry's vibrant travel photography. --ar 16:9 --v 5.2