Key Points - The company plans to distribute a cash dividend of 6 yuan per 10 shares for the fiscal year 2024, with the total cash dividend amount adjusted from 65,969,290.80 yuan to 66,753,437.40 yuan [1] - The company will also increase its capital reserve by converting 4 shares for every 10 shares held, with the total number of shares to be increased adjusted from 43,979,527 shares to 44,502,291 shares [1] - The adjustments are due to the completion of stock vesting for employees, resulting in a reduction of shares in the company's repurchase account from 2,251,613 shares to 944,702 shares [2] - After the adjustments, the total number of remaining shares will be 111,255,729 shares, leading to a total share capital of 156,702,722 shares post-conversion [3]

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-044 乐鑫信息科技（上海）股份有限公司 关于调整 2024 年度利润分配现金分红总额及资本公 积转增股本总额的公告 本公司董事会及全体董事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、准确性和完整性承担法律责任。 重要内容提示： 现金分红总额：乐鑫信息科技（上海）股份有限公司（以下简称"公 司"）2024 年度利润分配拟每 10 股派发现金红利 6 元（含税）不变，派发现金 红利的总额由 65,969,290.80 元（含税）调整为 66,753,437.40 元（含税）。 资本公积转增股份总额：公司 2024 年度拟向全体股东每 10 股以公积 金转增 4 股不变，转增股本的数量由 43,979,527 股调整为 44,502,291 股（最终以 中国证券登记结算有限责任公司上海分公司登记结果为准）。 本次调整原因：员工于 2025 年 4 月 23 日至 5 月 7 日之间完成股权激 励股票归属共计 1,306,911 股，股票来源于公司回购专用证券账户回购的股票。 上述事项导致公司回购专用证券账户中股份数 ...

Core Viewpoint - The article highlights the significant growth in the domestic smart device market, particularly in wearable technology, driven by favorable consumption policies and the recovery of the semiconductor industry, leading to substantial stock price increases for chip manufacturers [1][2][4]. Group 1: Smart Device Market Growth - Domestic consumption policies have spurred demand for smart devices, with China's wearable device shipment accounting for 30% of global sales and a growth rate of 20% last year [1]. - Children's smartwatches have seen explosive sales, with their market share on traditional e-commerce platforms reaching 31.5%, nearly equal to that of adult smartwatches and smart bands [2]. - The recovery in smart device sales has positively impacted chip companies, resulting in significant stock price increases over the past year [2][3]. Group 2: Semiconductor Industry Performance - Major domestic SoC manufacturers, including Rockchip, Allwinner, and Espressif, reported high revenue and net profit growth in Q1, continuing their strong performance from last year [6]. - The growth in performance is attributed to the recovery of the downstream market and the improvement in both demand and supply for chips [11]. - Rockchip's stock price has nearly tripled since its low point last year, driven by performance recovery and the expansion of AI hardware applications [3][4]. Group 3: AI Integration and Future Trends - The emergence of AI applications is creating new opportunities for SoC manufacturers, with products like AI headphones and smart glasses experiencing rapid growth in sales [16][18]. - The introduction of DeepSeek technology is lowering the barriers for developing edge AI applications, enabling a broader range of devices to incorporate AI capabilities [21][23]. - The SoC market is projected to grow significantly, with estimates suggesting a market size of $186.48 billion by 2025, driven by the increasing integration of AI in various applications [28][29].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [52]. Core Insights - The company leverages its first-mover advantage and cost-effectiveness to maintain a leading position in the Wi-Fi MCU market, with a market share of 27.0% in 2022 [11][44]. - The integration of hardware and software, along with a robust developer ecosystem, creates a strong competitive moat for the company [4][28]. - The company is expanding its product matrix by focusing on "processing + connectivity," which includes new high-performance processors and AI capabilities [4][20]. - The company is responding to the AIoT trend by upgrading its chip technology, including the development of RISC-V based AI chips to enhance processing capabilities [4][38]. Summary by Sections First-Mover Advantage and Cost-Effectiveness - The company has established a leading position in the Wi-Fi MCU market due to its first-mover advantage and competitive pricing, particularly in smart home and consumer electronics sectors [4][11]. - The smart home business is expected to grow at approximately 30%, while non-smart home sectors are anticipated to grow even faster [11]. Expanding Product Matrix - The company has been diversifying its product offerings since its inception in 2008, moving from Wi-Fi MCUs to include high-performance processors and AI capabilities [4][20]. - Recent product launches, such as the P4, signify the company's entry into higher-performance processing markets [4][27]. Hardware-Software Integration and Developer Ecosystem - The company has developed the ESP-IDF operating system, which facilitates easy integration for users and reduces development costs [4][28]. - The ESP RainMaker platform allows users to quickly build IoT devices without managing infrastructure, enhancing user experience [31][32]. AIoT Trend and Chip Technology Upgrades - The company is focusing on developing AI chips based on RISC-V architecture to meet increasing demands for AI processing in IoT devices [4][38]. - The planned investments in AI chip development are expected to enhance the company's market position and product offerings [42]. Profit Forecast and Valuation - The company is projected to achieve revenues of 2.705 billion, 3.379 billion, and 4.221 billion yuan from 2025 to 2027, with corresponding growth rates of 34.8%, 24.9%, and 24.9% [44]. - The expected net profits for the same period are 426 million, 579 million, and 699 million yuan, with growth rates of 25.5%, 35.9%, and 20.8% [44].

Group 1: Hotel Industry Development - In April 2025, a total of 314 new hotels opened in China, including 89 mid-range hotels and 86 domestic mid-to-high-end hotels [1] - There were 113 new hotel projects signed in April, with 2 luxury hotels and 7 international high-end hotels among them [1] - A total of 54 hotels were auctioned in April, with 18 hotels having auction prices exceeding 100 million yuan [1] Group 2: New Resort Openings - The Rizhao Kaiyuan Senbo Resort Park officially opened on May 10, covering an area of 185 acres with a total investment of 2.016 billion yuan [2] - Additional projects, including the Wuhan Kaiyuan Senbo Resort Park and the Tonglu Kaiyuan Senbo Resort, are set to open in June and summer respectively [2] Group 3: New Entertainment Facilities - The largest indoor ski resort in Zhejiang, Hangzhou Hot Snow Miracle, has officially launched, covering a total area of approximately 84,000 square meters [3] - The facility will offer various functions including youth ski training and public ice and snow sports [3] Group 4: Real Estate Transactions - Lexin Technology plans to purchase an office building project from Shanghai Lujiazui Group for 437 million yuan, with a total area of 13,000 square meters [4] - New Huangpu intends to acquire the Silicon Valley SOHO-2 project in Beijing for 215 million yuan, which is currently vacant [7] Group 5: Corporate Governance Issues - Red Star Macalline's general manager, Che Jianxing, is under investigation and has been placed under detention, while other executives continue to perform their duties [5] - Qujiang Cultural Tourism's major shareholder has had 57.05 million shares frozen due to debt disputes [6] Group 6: Upcoming Hotel Auctions - The Dali Strength Hilton Hotel is set for public judicial auction on May 29, with an estimated auction value of approximately 1.093 billion yuan [8]

Group 1 - The People's Bank of China has established a stock repurchase and increase loan tool, leading to a significant rise in listed companies' repurchase activities, with a total proposed loan amount exceeding 110 billion yuan by April 2025 [1] - On May 7, 2023, the People's Bank of China announced a combined usage of 500 billion yuan for securities, funds, and insurance company swaps, along with 300 billion yuan for stock repurchase loans, totaling 800 billion yuan, while also reducing the interest rate on structural monetary policy tools by 0.25 percentage points to 1.5% [1] - Industry insiders expect a resurgence in stock repurchase activities among listed companies in the near future [1] Group 2 - In January 2023, 60 listed companies conducted stock repurchases, followed by 48 in February, 61 in March, 54 in April, and 34 so far in May [3] - Palin Bio led the increase in repurchase activities with 55 instances, totaling 187,800 shares and an investment of 3.96 million yuan [3] - Other notable companies include Jerry Shares with 25 repurchase instances totaling 255,300 shares and 8.67 million yuan, and Lexin Technology with 23 instances totaling 137,689 shares and 7.51 million yuan [3] Group 3 - Seven executives from various companies increased their holdings by over 10 million shares, including Wu Mingwu from Shanying International and Zhou Xiaoping from Xingyu Shares [5] - Wu Mingwu increased his holdings by 62,151,200 shares across three transactions, amounting to 109 million yuan [7] - Lin Pusheng from Dazhong Mining increased his holdings by 56,695,300 shares for a total of 194 million yuan [7] Group 4 - ST companies are also actively repurchasing their stocks, including ST Kelly, ST Yifei, ST Saiwei, and *ST Jinshi [9] - ST Kelly's chairman, Yuan Zheng, increased his holdings by 4,365,100 shares, totaling 33.09 million yuan [11] - ST Yifei's executives also participated in repurchases, with Vice President Zhao Laigen and Chairman Wu Xuan increasing their holdings by 75,135 shares and 52,013 shares, respectively [12]

Group 1 - Company plans to purchase a property in Shanghai for 437 million yuan, with a total area of 13,000 square meters, aimed at enhancing R&D and office capabilities [1][2] - The property is part of the Zhangjiang Science City "Smart Cloud" project, which includes high-end residential and office buildings, expected to be completed by October 2024 [1][2] - The acquisition is seen as a strategic move to optimize operations and improve brand image, attracting and retaining top technical talent [1][2] Group 2 - In Q1 2025, the company reported a revenue of 558 million yuan, a year-on-year increase of 44.08%, with a net profit of 93.7 million yuan, up 73.8% [2] - The company has a cash balance of 946 million yuan, reflecting a 92.46% year-on-year growth, indicating strong financial health to support the property acquisition [2] - The location of the new headquarters is strategically chosen within the Zhangjiang Science City expansion area, providing competitive advantages for semiconductor design firms [2] Group 3 - Other technology companies have also been acquiring office properties, such as HeMai and Tencent, indicating a trend in the industry [3] - The office property market in China saw significant transactions, with office properties accounting for 55% of the total transaction volume in 2024 [4] - Despite a shrinking overall market, prime office locations continue to attract buyers, suggesting a resilient demand for quality office spaces [4]

中美联合声明引爆市场情绪，今日（5月13日）科技自主可控方向再迎东风，国产AI产业链放声高歌！ 具备较强国产替代特点的科创人工智能ETF华宝（589520）场内涨幅盘中上探1.56%，现涨1.11%。 成份股方面，有方科技涨超9%，中邮科技、乐鑫科技涨逾4%，晶晨股份涨超3%。 宏观方面，中美经贸高层会谈联合声明发布，双方同意大幅降低双边关税水平。市场分析人士指出，中 美联合声明向市场释放积极信号，短期内有望提振投资者风险偏好，科技板块受益于AI等主线，有望 在中长期相对占优。 业内人士指出，尽管关税的最终走向尚不得而知，但对国内资本市场而言，冲击最大的阶段或已过去， 未来市场会逐渐"免疫"甚至有望迎来反转。中国的股票市场正在经历底层逻辑变迁的重要时刻，处在一 轮质变的前夜。 产业方面，5月12日，字节跳动Seed团队最新向量模型Seed1.5-Embedding公布技术细节，该模型在权威 测评榜单MTEB上达到了中英文SOTA效果。该模型API接口将于近期在火山方舟平台开放。 野村东方国际证券认为，2025年将是AI应用落地逆向检验AI资本开支持续性的关键时期，建议投资组 合平衡AI与非AI的选择，重点关注 ...

半导体行业25Q1稳健增长，SoC厂商业绩表现亮眼 半导体行业(中信)25Q1营业收入为1436.56亿元，同比增长12.99%，25Q1归母净利润为85.54亿元，同比 增长33.22%;半导体行业25Q1毛利率同环比持续回升。25Q1国内SoC厂商瑞芯微、炬芯科技、恒玄科 技、全志科技、乐鑫科技等营收及归母净利润均实现同比高速增长，业绩表现亮眼，端侧AI有望助力 SoC厂商持续高速成长。 全球半导体月度销售额继续同比增长，存储器月度价格环比持续回升 智通财经APP获悉，中原证券发布研报称，人工智能技术高速发展，AI大模型持续迭代升级，特别是以 DeepSeek为代表的大模型技术开源化，DeepSeek通过技术创新实现大模型训练及推理极高性价比，为 端侧AI应用发展带来颠覆性变革，随着端侧AI开发门槛显著降低，端侧AIoT迎来快速发展期。25Q1国 内SoC厂商瑞芯微、炬芯科技、恒玄科技、全志科技、乐鑫科技等营收及归母净利润均实现同比高速增 长，业绩表现亮眼。 根据Omdia的数据，2024年全球AI眼镜出货量达188万部，预计2025年将同比增长265%至686万部，预 计2028年将进一步增长至2650 ...

Overview - The semiconductor industry is experiencing a structural recovery driven by multiple factors including AI technology penetration, deepening domestic substitution, and cyclical inventory replenishment, leading to growth across various segments [23][24]. Semiconductor Equipment - The global semiconductor equipment market is expected to reach $121 billion by 2025, with China leading in capacity expansion, projected to grow to 10.1 million wafers per month [2][28]. - Domestic high-end equipment still relies on imports, but local manufacturers are accelerating their catch-up in high-end equipment sectors due to favorable policies and external sanctions [2][28]. - In Q1 2025, selected domestic equipment companies reported a total revenue of 16.97 billion yuan, a year-on-year increase of 35.7%, and a net profit of 2.49 billion yuan, up 34.8% [2][28]. Semiconductor Materials - The global sales of wafer manufacturing materials and packaging materials are projected to be $42.9 billion and $24.6 billion in 2024, respectively, benefiting from advanced process developments [3][29]. - The semiconductor materials market is expected to exceed $84 billion by 2028, driven by AI development [3][29]. - From 2019 to 2024, the compound annual growth rate (CAGR) for selected semiconductor materials companies is projected to be 18.58% [3][29]. Semiconductor Components - The revenue and profit growth in the semiconductor components industry have significantly accelerated since 2020, with a CAGR of 27% from 6.77 billion yuan in 2019 to 22.34 billion yuan in 2024 [4][30]. - The net profit for the same period increased from 670 million yuan to 2.69 billion yuan, with a CAGR of 32% [4][30]. Packaging and Testing - The packaging and testing sector has seen continuous revenue growth for six consecutive quarters, with Q1 2025 revenue reaching 21.8 billion yuan, a year-on-year increase of 24% [5][31]. - The sector's gross margin in Q1 2025 was 13.3%, with a net profit of 420 million yuan, up 8% year-on-year [5][31]. Storage - The storage sector is expected to see an upward trend in average selling prices (ASP), driven by AI demand [7][27]. - In Q1 2025, the revenue of certain module manufacturers increased by 54% year-on-year, indicating a recovery in the sector [7][27]. Consumer Electronics - The global smartphone shipment is projected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][32]. - The consumer electronics sector is experiencing a recovery trend, with Q1 2025 revenue reaching 400.85 billion yuan, a 22% year-on-year increase [12][32]. PCB - The PCB sector is expected to see comprehensive growth in 2024, driven by high-end demand from AI applications [13][34]. - In Q1 2025, PCB companies reported significant revenue growth, with some companies like Shenghong Technology achieving an 80.3% year-on-year increase [13][34]. Passive Components - The revenue of key listed companies in the passive components sector reached 9.383 billion yuan in Q1 2025, a year-on-year increase of 16.76% [14][35]. - The average gross margin for the sector was 27.93%, indicating stable performance despite seasonal fluctuations [14][35].