公司公告:2025 年前三季度，公司实现营业收入19.12 亿元，同比增加30.97%;实现归母净利润3.77 亿 元，同比增加50.04%。25Q3 公司实现单季度营业收入6.67亿元，同比增加23.51%;单季度实现归母净利 润1.16 亿元，同比增加16.11%，整体业绩符合预期。 业绩符合预期，毛利率快速提升。公司23Q3 单季营收为6.67 亿元，同比增长23.51%，环比小幅下降 3.05%，这主要源于第二季度受"国补"政策拉动导致基数较高。其中，前三季度盈利能力方面表现尤为 突出，综合毛利率提升至46.17%，同比提升3.36 个百分点；而25Q3 单季度毛利率更是达到47.97%，创 下新高，同比提升5.83 个百分点，环比提升1.28 个百分点。这一增长主要得益于产品结构优化和云服务 价值提升，硬件产品中嵌入的软件价值被纳入定价体系，推动了整体毛利率上行。前三季度研发费用率 同比下降1.17 个百分点至22.14%? 业务结构多元布局，产品结构稳定。从业务结构来看，公司多元化战 略成效显著。智能家居领域仍是核心收入来源，但非智能家居应用（如工业、医疗等泛IoT场景）展现 出更高增速。产品结构 ...

核心观点 ⚫ 公司公告:2025 年前三季度，公司实现营业收入 19.12 亿元，同比增加 30.97%; 实现归母净利润 3.77 亿元，同比增加 50.04%。25Q3 公司实现单季度营业收入 6.67 亿元，同比增加 23.51%;单季度实现归母净利润 1.16 亿元，同比增加 16.11%，整 体业绩符合预期。 ⚫ 业绩符合预期，毛利率快速提升。公司 23Q3 单季营收为 6.67 亿元，同比增 长 23.51%，环比小幅下降 3.05%，这主要源于第二季度受"国补"政策拉动导致基 数较高。其中，前三季度盈利能力方面表现尤为突出，综合毛利率提升至 46.17%， 同比提升 3.36 个百分点；而 25Q3 单季度毛利率更是达到 47.97%，创下新高，同 比提升 5.83 个百分点，环比提升 1.28 个百分点。这一增长主要得益于产品结构优 化和云服务价值提升，硬件产品中嵌入的软件价值被纳入定价体系，推动了整体毛 利率上行。前三季度研发费用率同比下降 1.17 个百分点至 22.14% ⚫ 业务结构多元布局，产品结构稳定。从业务结构来看，公司多元化战略成效 显著。智能家居领域仍是核心收入来源，但非智能 ...

财报季，社保基金持股动向曝光！三季度末社保基金共现身73只个股前十大流通股东榜，新进27只，增 持20只。 市场表现方面，获社保基金持有的科创板股10月以来平均下跌2.52%。从具体个股看，福昕软件累计涨 幅36.59%，表现最好，西部超导、源杰科技等分别上涨20.14%、18.43%位居其后。跌幅最大的是乐鑫 科技，累计下跌22.85%。（数据宝） 社保基金持有的科创板股 | 代码 | 简称 | 社保基金家 | 社保基金持股量（万 | 环比 | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | | | | 数 | 股） | （%） | （%） | 元） | | 688036 | 传音控股 | 2 | 3271.84 | -14.49 | 2.87 | 308207.06 | | 688538 | 和辉光电 | 1 | 2671.38 | 新进 | 0.46 | 7747.01 | | | U | | | | | | | 688122 | 西部超导 | 1 | 2058.09 | 不变 | 3.17 | 133960.93 | | 68 ...

乐鑫科技主要从事集成电路产品的研发设计和销售，所属申万行业为电子-半导体-数字芯片设计，涉及 WIFI概念、星闪概念、人工智能核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第20，净利润行业第12 2025年三季度，乐鑫科技实现营业收入19.12亿元，在行业48家公司中排名第20。行业第一名豪威集团营收 217.83亿元，第二名江波龙营收167.34亿元，行业平均数为29.12亿元，中位数为11.56亿元。当期净利润为 3.8亿元，行业排名第12，行业第一名豪威集团净利润31.99亿元，第二名海光信息净利润28.41亿元，行业 平均数为3.48亿元，中位数为1.07亿元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度乐鑫科技资产负债率为12.74%，低于去年同期的17.00%，也低于行业平均的 24.46%，显示出较强的偿债能力。从盈利能力看，当期毛利率为46.17%，高于去年同期的42.81%，且高于 行业平均的36.52%，盈利能力较强。 董事长TEO SWEE ANN薪酬219.88万元，同比增加27.16万元 乐鑫科技成立于2008年4月29日，于2019年7月2 ...

RISC-V SoC增长趋势图 但数字背后，商业化路径高度分化。产业正从"能不能做"，进入"谁赚得到钱"的阶段。目前来看，能形成稳定闭环的，基本集中在三类模式： 最近，在2025北京微电子国际研讨会暨IC WORLD大会重要专题论坛——RDI生态·北京创新论坛·2025 上，"RISC-V商用落地加速营伙伴计划"正式发 布。这个计划面向国内RISC-V芯片商、设备商、方案商、集成商等行业伙伴，征集可解决最终客户需求、但尚未完善的RISC-VPoC（概念验证）和 Demo（演示原型）方案。发起者"北京RISC-V数字基础设施创新中心"将从需求匹配度、方案潜力、投入产出等维度对提交的方案进行评估，甄选后 提供为期10个月的集中式资源支持（即"加速营"），最终将PoC和Demo升级为可商用、满足规模化市场需求的解决方案，推动RISC-V技术在实际应 用中的规模化部署。 RISC-V，到底能不能赚钱？ 过去常说"开源替代ARM""中国芯崛起"的宏大叙事，现在变成了：投了RISC-V团队，产品出了吗？客户买了吗？下单第二批了吗？ RISC-V不再只是理想主义者的旗帜，而是实干者必须面对的一门生意。而这场生意的最大变量， ...

Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 1.912 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 30.97%. The net profit attributable to the parent company was 377 million yuan, up 50.04% year-on-year [1] - The gross margin for Q3 2025 was 47.97%, an increase of 5.83 percentage points year-on-year, driven by the company's cloud service pricing strategy [2] - The company is experiencing accelerated diversification in its customer base, with the revenue concentration from the top five customers decreasing to 22.6% [3] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 667 million yuan, a year-on-year increase of 23.51%, but a quarter-on-quarter decrease of 3.05%. The net profit for the same period was 116 million yuan, reflecting a year-on-year growth of 16.11% and a quarter-on-quarter decline of 31.07% [1][2] - The projected net profits for 2025-2027 are estimated at 539 million, 717 million, and 939 million yuan, respectively, with corresponding PE ratios of 54, 41, and 31 [3][5] Market Position and Strategy - The company benefits from the increasing digitalization and intelligence penetration across various industries, with a notable growth in non-smart home sectors [2] - The developer ecosystem is expanding, with the number of ESP32 open-source projects on GitHub reaching 115,000 by Q3 2025, indicating a growing community engagement [3] Future Outlook - The company is expected to continue its growth trajectory, supported by the increasing usage of cloud services by downstream customers and the enhancement of its product offerings [2][3]

如果信，那低成本的解决方案就是推动端侧AI应用加速落地的必然。AI终端不仅需要连接功能，也 需要边缘计算能力，端侧AI芯片的需求因此产生。 乐鑫科技（688018.SH）正是这个领域的参与者之一。 业绩增速下跌引发股价下跌 前三季度，公司营收19亿，同比增31%。 （制图：市值风云App） 财务状况与市场地位匹配。 作者 | 火花 编辑 | 小白 你相信算力平权时代正在到来吗？ 受此影响，公司10月28日股价开盘跳空下跌，截止收盘跌幅近7%。 （来源：市值风云App） 扣非归母净利润3.5亿，同比增51%。 （制图：市值风云App） 而第三季度单独看则要逊色一些，营收增速23.5%，扣非归母净利润增速降至27.8%。 ...

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

证券研究报告 乐鑫科技 (688018 CH) 国补前置影响 3Q25 收入环比下滑 2025 年 10 月 29 日│中国内地 半导体 公司前三季度实现营收 19.12 亿元（yoy：+30.97%），归母净利润 3.77 亿 元（yoy：+50.04%），扣非归母净利润 3.48 亿元（yoy：+50.77%）。其 中 3Q25 实现营收 6.67 亿元（yoy：+23.51%，qoq：-3.05%），归母净利 润 1.16 亿元（yoy：+16.11%，qoq：-31.07%）。虽然受第二季度"国补" 提前拉动消费抬高了对比基数，3Q25 收入环比略有下滑，但得益于毛利率 的提升（环比+1.28pct），毛利额环比基本持平。由于研发费用增加（qoq： +9.23%），以及政府补贴等其他收益环比下降，致使归母净利环比下滑。 公司基于原有生态优势，围绕"处理+连接"战略进一步拓展至高速数传& 透传以及高性能 SoC 市场，打开长期成长空间，维持"增持"评级。 3Q25 回顾：国补影响收入环比略降，毛利率持续提升 前三季度公司营收增长主要得益于下游各行各业数字化与智能化渗透率不 断提升，以及近年的新增潜力客户 ...