一、董事会会议召开情况： 证券代码：688018 证券简称：乐鑫科技 公告编号：2025-031 乐鑫信息科技（上海）股份有限公司 第三届董事会第五次会议决议公告 本公司董事会及全体成员保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 表决情况：同意 6 票，反对 0 票，弃权 0 票，回避 1 票。 此议案已经通过第三届董事会薪酬与考核委员会第三次会议审议，公司独立 董事已就该事项发表了明确同意的独立意见。 本议案所述内容详见公司刊登在上海证券交易所网站(www.sse.com.cn)的 《关于向 2025 年限制性股票激励计划激励对象首次授予限制性股票的公告》 (2025-033)。 特此公告。 乐鑫信息科技（上海）股份有限公司董事会 2025 年 4 月 1 日 乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"）第三 届董事会第五次会议（以下简称"本次会议"）于 2025 年 3 月 31 日在公司 304 会议室以现场结合通讯方式召开。本次会议的通知于 2025 年 3 月 31 日通过电话 及邮件方式送达全体董事，本次会 ...

时间: 2025年3月31日星期一 45.69分综合得分 偏弱 趋势方向 乐鑫科技688018 主力成本分析 229.67 元 当日主力成本 215.34 元 5日主力成本 223.97 元 20日主力成本 0 232.63 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 4次 跌停 次 北向资金数据 | 持股量570.21万股 | 占流通比5.08% | | --- | --- | | 昨日净买入19.79万股 | 昨日增仓比0.176% | | 5日增仓比0.537% | 20日增仓比1.93% | 技术面分析 216.30 短期压力位 209.00 短期支撑位 242.74 中期压力位 209.00 中期支撑位 股价突破短期压力位，短线有望走强； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 ★多方炮★ 在底部出现有上涨可能，在中间出现有可能是上涨中继，顶部出现是复合见顶信号 ★出水芙蓉★ 见底回升 资金流数据 2025年03月31日的资金流向数据方面 | 主力资金净流入32044.25万元 | | --- | | 占总成交额21% | | 超大单净流入31656.84万元 | | 大单 ...

点击 关注我们 2024年营收同比增长40.04%，归母净利润同比增长149.13% 公司发布2024年报，全年实现营业收入20.07亿元，同比增加40.04%；实现归母净利润3.39亿元，同比增加 149.13%；扣非净利润3.08亿元，同比增加182.77%。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，以及近两年的新增潜力客户逐步放量。 报告发布日期：2025年3月27日 报告名称:《乐鑫科技（688018.SH）-毛利率持续优化提升，布局WiFi7与AP开拓新市场》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 新兴应用市场高速增长，4Q毛利率进一步提升 分业务看，公司芯片实现收入7.83亿(YoY +43.04%)，模组实现收入12.08亿(YoY +38.69%)，全年芯片与模组合 计销量2.53亿颗(YoY +35.87%)。从应用端 ...

分业务看，公司芯片实现收入7.83亿(YoY +43.04%)，模组实现收入12.08亿(YoY +38.69%)，全年芯片与模组合 计销量2.53亿颗(YoY +35.87%)。从应用端来看，2024年智能家居、智能照明和消费电子等核心应用合计达到 30%以上的增长，而能源管理、工具设备、大健康等新兴应用市场更加突出，均呈现出了高速增长。2024年股 权激励费用对净利润的影响约3766.13万元，研发费用方面24年达到4.9亿元(YoY +21.45%)。毛利率方面，第四 季度毛利率进一步提升达到46.85%(QoQ +4.71pp)，芯片与模组毛利率均创下近年来新高。 股权激励调动员工积极性，定增预案布局Wi-Fi7与AP 公司发布2025年股权激励草案，拟向激励对象192人授予107.3万股限制性股票，业绩考核目标为2025-2028年 营收目标分别达到24/28.8/34.6/41.5亿元，或年复合增长率高于3家同行业可比公司平均值。公司每年初制定当 年股权激励，充分调动员工积极性，未来四年年化收入增长目标20%，体现公司长期增长信心。此外，公司拟 向特定对象发行股票募集资金不超过17.8亿元，其中4 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating [3][9]. Core Insights - The company is positioned as a leader in the AIoT sector, transitioning from Wi-Fi chips to wireless SoCs, with a strong focus on R&D and a robust developer ecosystem [8][20]. - Revenue and profit forecasts indicate significant growth, with expected revenues of 26.10 billion, 34.13 billion, and 44.65 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 4.51 billion, 6.09 billion, and 8.30 billion yuan [2][9]. - The company has a competitive edge through its RISC-V architecture, which offers flexibility and cost advantages, and a strong developer community that enhances its ecosystem [53][54]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to grow from 1,433 in 2023 to 4,465 in 2027, with a compound annual growth rate (CAGR) of approximately 30.8% [2]. - Net profit (in million yuan) is expected to increase from 136 in 2023 to 830 in 2027, reflecting a CAGR of 36.3% [2]. - The company’s gross margin is forecasted to stabilize around 44% from 2025 to 2027, indicating strong profitability [2]. Market Position and Competitive Advantage - The company has established itself as a leader in the Wi-Fi MCU market, with a significant share in global shipments, and is expanding into wireless SoCs [8][51]. - Collaborations with major firms like ByteDance are expected to enhance its market presence and drive growth in edge AI applications [8][12]. - The company’s product lines are strategically divided into high-performance and cost-effective segments, catering to diverse customer needs [8]. Research and Development - The company is heavily investing in R&D, particularly in RISC-V architecture and AI-related projects, which are anticipated to drive future growth [54][58]. - The R&D investment is projected to reach 490.3 million yuan in 2024, marking a 21% increase year-on-year [60]. - The company has a comprehensive developer ecosystem that supports innovation and enhances customer loyalty through high-value software solutions [53].

证券研究报告 | 2025年03月27日 乐鑫科技（688018.SH） 优于大市 毛利率持续优化提升，布局 WiFi7 与 AP 开拓新市场 2024 年营收同比增长 40.04%，归母净利润同比增长 149.13%。公司发布 2024 年报，全年实现营业收入 20.07 亿元，同比增加 40.04%；实现归母净利润 3.39 亿元，同比增加 149.13%；扣非净利润 3.08 亿元，同比增加 182.77%。 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 两年的新增潜力客户逐步放量。 新兴应用市场高速增长，4Q 毛利率进一步提升。分业务看，公司芯片实现收 入 7.83 亿(YoY +43.04%)，模组实现收入 12.08 亿(YoY +38.69%)，全年芯 片与模组合计销量 2.53 亿颗(YoY +35.87%)。从应用端来看，2024 年智能家 居、智能照明和消费电子等核心应用合计达到 30%以上的增长，而能源管理、 工具设备、大健康等新兴应用市场更加突出，均呈现出了高速增长。2024 年 股权激励费用对净利润的影响约 3766.13 万元，研发费用方面 24 年达到 4. ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected growth in digitalization and intelligence penetration in downstream applications [4][6]. Core Insights - The company achieved a significant increase in both revenue and profit, with a total revenue of 2.007 billion yuan in 2024, representing a year-on-year growth of 40.04%, and a net profit attributable to shareholders of 339 million yuan, up 149.13% year-on-year [1][2]. - The company's product strategy focuses on "processing + connectivity," positioning itself as a leading AIoT SoC manufacturer, benefiting from the increasing digitalization and intelligence in downstream industries [2][3]. - The product matrix continues to expand, with a total chip shipment of 253 million units in 2024, marking a year-on-year growth of 35.85% [3]. - The acquisition of M5Stack in Q2 2024 is expected to enhance the company's ecosystem, providing a diverse product range and more B-end business opportunities [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 43.91%, an increase of 3.35 percentage points year-on-year, and effective cost control contributed to the doubling of net profit [2][4]. - The financial forecast for 2025-2027 estimates net profits of 483 million yuan, 644 million yuan, and 800 million yuan, respectively, with corresponding PE ratios of 49, 36, and 29 [5][4]. - The projected revenue growth rates for the next few years are 31.9% in 2025, 27.7% in 2026, and 19.5% in 2027 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [1][10]. Core Insights - The company reported a total revenue of 2.007 billion yuan for 2024, representing a year-over-year increase of 40.04%. The net profit attributable to shareholders was 339 million yuan, up 149.13% year-over-year [6]. - The company plans to distribute a cash dividend of 6 yuan per 10 shares and a bonus issue of 4 shares for every 10 shares held [6]. - The growth in revenue is attributed to the digitalization and intelligence enhancement in smart home applications, as well as the expansion into non-smart home markets [6]. - The company is focusing on long-term growth with a stock incentive plan and aims for a compound annual growth rate (CAGR) of 19.92% in revenue by 2028 [6]. - The company is transitioning from a Wi-Fi solution provider to a System on Chip (SoC) provider, with plans to invest up to 1.778 billion yuan in Wi-Fi 7 technology and AI chip projects [6][7]. - The product matrix includes advancements in Wi-Fi and low-power Bluetooth technologies, with new products supporting the latest Bluetooth specifications [6][7]. - The company is adapting to AI market demands by integrating AI capabilities into its products, including cloud and edge solutions [7]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.91%, with a significant increase in quarterly gross margin in Q4 [6]. - The projected net profits for 2025, 2026, and 2027 are 466 million yuan, 624 million yuan, and 849 million yuan, respectively, with corresponding price-to-earnings ratios of 52.04, 38.91, and 28.58 [8]. Product Development - The company has launched new products that enhance its offerings in the IoT space, including chips that support low-power applications and advanced connectivity features [6][7]. - The integration of RISC-V architecture into its products is expected to reduce licensing costs and differentiate its offerings in the market [6][7]. Market Position - The company is experiencing rapid growth in non-smart home applications, indicating a diversification of its revenue streams [6]. - The ongoing development of AI capabilities in its products positions the company well for future market demands [7].

证券研究报告：电子 | 公司点评报告 个股表现 2024-03 2024-06 2024-08 2024-10 2025-01 2025-03 -12% 21% 54% 87% 120% 153% 186% 219% 252% 285% 318% 乐鑫科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 215.00 | | --- | --- | | 总股本/流通股本（亿股）1.12 | / 1.12 | | 总市值/流通市值（亿元）241 | / 241 | | 52 周内最高/最低价 | 287.00 / 72.29 | | 资产负债率(%) | 17.7% | | 市盈率 | 69.60 | | 第一大股东 | 樂鑫(香港)投資有限公 | | 司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 乐鑫科技(688018) 营收稳健增长，盈利水平持续提升 股票投资评级 买入 |维持 l ...