Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q1-Q3 2024, with revenue reaching 1.46 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 251 million yuan, up 188.08% year-on-year [4] - The growth is driven by the expansion of the product matrix and the construction of an ecosystem that supports product volume [4][5] - The company is well-positioned to benefit from the increasing penetration of IoT in various industries, particularly in energy management and healthcare [5][6] Financial Performance Summary - For Q1-Q3 2024, the company reported: - Revenue: 1.46 billion yuan, up 42.17% year-on-year - Net profit attributable to shareholders: 251 million yuan, up 188.08% year-on-year - Non-GAAP net profit: 231 million yuan, up 237.99% year-on-year - Gross margin: 42.81%, an increase of 2.05 percentage points year-on-year [4] - In Q3 2024 alone: - Revenue: 540 million yuan, up 49.96% year-on-year - Net profit attributable to shareholders: 99 million yuan, up 340.17% year-on-year - Non-GAAP net profit: 85 million yuan, up 492.15% year-on-year - Gross margin: 42.14%, an increase of 1.56 percentage points year-on-year [4] Product Performance - The revenue breakdown for Q1-Q3 2024 shows: - Chips: 562 million yuan (38.50% of total revenue), up 52% year-on-year, with a gross margin of 50.10% - Modules: 886 million yuan (60.70% of total revenue), up 37% year-on-year, with a gross margin of 38.00% [5] Market Outlook - The global smart home market is expected to reach 154.4 billion USD in 2024, with a projected compound annual growth rate of 11% over the next five years [6] - The company has a strong developer community, with over 122,800 projects on GitHub and 95,000 members in the Reddit ESP32 group, which enhances its ecosystem and market opportunities [6] Financial Forecast - The company forecasts net profits for 2024-2026 as follows: - 2024: 337 million yuan - 2025: 456 million yuan - 2026: 609 million yuan - The current price-to-earnings (P/E) ratios are projected at 44.1, 32.5, and 24.4 for 2024, 2025, and 2026 respectively [4][7]

上海市锦天城律师事务所关于 乐鑫信息科技（上海）股份有限公司 2024 年限制性股票激励计划 预留授予事项之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所关于 乐鑫信息科技（上海）股份有限公司 2024 年限制性股票激励计划 预留授予事项之 法律意见书 致：乐鑫信息科技（上海）股份有限公司 第一部分 引 言 上海市锦天城律师事务所（以下简称"本所"或"我们"）接受乐鑫信息科 技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"）的委托，指派沈 诚律师和徐启捷律师作为公司特聘专项法律顾问，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《上海证券交易所科创板股票上市规则》《科创板上市公司自律监 管指南第 4 号——股权激励信息披露》及其他有关法律、法规、规范性文件及《乐 鑫信息科技（上海）股份有限公司章程》的规定，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神， ...

Investment Rating - The report maintains an "Accumulate" rating with a target price of RMB 158.7 [4][6][7] Core Views - The company achieved revenue of RMB 540 million in Q3 2024, representing a year-over-year increase of 49.96% and a quarter-over-quarter increase of 1.27%. The net profit attributable to the parent company was RMB 99 million, up 340.17% year-over-year and 1.79% quarter-over-quarter [1] - The growth in revenue is primarily driven by strong demand in the smart home and consumer electronics markets, with an expected growth rate of 30-35% in these sectors for 2024. Additionally, the penetration rate of IoT in various non-home sectors is continuously increasing [1][2] - The company is experiencing high growth in energy management, tools, and health sectors due to expanding ecological influence, with many potential new customers joining between 2023 and 2024, raising the average growth rate [1] - The company maintains good cost control, and the gross profit margin has improved year-over-year, leading to significant operating leverage effects [1] Summary by Sections Revenue and Profitability - In Q3 2024, the company's revenue was RMB 540 million, with a year-over-year growth of 49.96% and a quarter-over-quarter growth of 1.27%. The net profit attributable to the parent company was RMB 99 million, reflecting a year-over-year increase of 340.17% [1] - The company’s gross profit margin in Q3 2024 was 42.14%, down 1.97 percentage points from the previous quarter, but the long-term gross profit margin target remains at 40% [2] Customer and Market Diversification - The company has reduced its reliance on single customers and markets, with the top five customers accounting for only 23.4% of revenue in the first three quarters of 2024. The proportion of overseas revenue has increased to 27.5% [2] - The company’s product revenue for chips and modules in Q3 2024 was RMB 184 million and RMB 354 million, respectively, with a quarter-over-quarter decline of 13.61% for chips and an increase of 13.45% for modules [2] Future Outlook - The report anticipates that the upcoming domestic and international sales peak in Q4 2024 will drive revenue growth. New product categories are expected to enter a growth phase, and the company is expanding into low-power Bluetooth, SoC, and high-speed WiFi markets [3] - The company’s ecosystem is continuously enriched by open-source SDKs and community support, attracting numerous developers [3] Financial Projections - The report maintains profit forecasts for the parent company at RMB 375 million, RMB 481 million, and RMB 629 million for 2024, 2025, and 2026, respectively [4][5] - The company’s revenue projections for 2024, 2025, and 2026 are RMB 2.125 billion, RMB 2.78 billion, and RMB 3.519 billion, reflecting growth rates of 48.31%, 30.80%, and 26.58% respectively [5][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company's Q3 2024 performance showed steady growth, with revenue reaching 540 million yuan, a year-on-year increase of 50% and a quarter-on-quarter increase of 1% [1]. - The net profit attributable to shareholders for Q3 2024 was 100 million yuan, reflecting a year-on-year increase of 340% and a quarter-on-quarter increase of 2% [1]. - The report highlights a significant increase in net profit due to revenue growth, improved gross margins, and controlled expense growth [1]. - The gross margin for Q3 2024 was 42.14%, up 1.56% year-on-year, while the net margin was 18.37%, up 12.10% year-on-year [1]. - The company is expected to achieve net profits of 330 million, 470 million, and 640 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to current P/E ratios of 45, 31, and 23 times [2]. Summary by Sections Financial Performance - Q3 2024 revenue was 540 million yuan, with a year-on-year growth of 50% and a quarter-on-quarter growth of 1% [1]. - Q3 2024 net profit was 100 million yuan, with a year-on-year increase of 340% and a quarter-on-quarter increase of 2% [1]. - The company reported a non-recurring gain of 14.2 million yuan in Q3 2024, primarily from government subsidies [1]. Margin Analysis - The gross margin for Q3 2024 was 42.14%, with a year-on-year increase of 1.56% and a quarter-on-quarter decrease of 1.97 percentage points [1]. - The net margin for Q3 2024 was 18.37%, reflecting a year-on-year increase of 12.10% [1]. Research and Development - R&D expenses reached a record high of 120 million yuan in Q3 2024, with the number of R&D personnel increasing by 10.61% year-on-year to 542 [1]. Market Outlook - The report anticipates continued growth in the smart home and consumer electronics sectors, with expected growth rates of 30-35% for the year [2]. - The company is expected to benefit from increased market penetration in various IoT sectors, including energy management and healthcare [2].

《科创板日报》10月23日讯（记者 邱思雨） 今日（10月23日），乐鑫科技发布2024年第三季度报告， 并于晚间20:00以微信视频号视频直播和在线互动的形式举办第三季度业绩说明会。 今年前三季度，该公司实现营业收入14.6亿元，同比增长42.17%；归母净利润2.51亿元，同比增长 188.08%。 单季度表现方面，今年第三季度，该公司实现营业收入5.4亿元，同比增长49.96%；归母净利润9947.23 万元，同比增长340.17%。 乐鑫科技是一家物联网Wi-Fi MCU供应商。就营收增长方面，其表示，智能家居和消费电子仍然是主要 营收来源，预计今年增速为30-35%。其他非家居领域的各行业物联网渗透率开始提升。"受益于生态影 响力不断扩散，公司业务在能源管理、工具设备、大健康等领域均呈现出高增长，2023年至2024年期间 有很多潜力新客户加入，拉高了平均增速。" 净利润方面，该公司表示，净利增长主要受三项因素综合影响，一是营业收入增长；二是毛利率稳中有 升；三是费用增速控制在营业收入增速之下，经营杠杆效应显现。 据悉，该公司本期综合毛利率较上年同期增加2.06个百分点，销售综合毛利为6.25亿元， ...

财联社财经通讯社打开APP17:16:37【乐鑫科技：第三季度净利润9947.23万元 同比增长340.17%】《科 创板日报》23日讯，乐鑫科技发布2024年第三季度报告，公司第三季度实现营业收入5.4亿元，同比增 长49.96%；归属于上市公司股东的净利润9947.23万元，同比增长340.17%。 前三季度，公司实现营业收入14.6亿元，同比增长42.17%；归属于上市公司股东的净利润2.51亿元，同 比增长188.08%。 乐鑫科技-2.97%A股公告速递乐鑫科技科创板最新动态查看公告原文财联社声明：文章内容仅供参考， 不构成投资建议。 投资者据此操作，风险自担。 2024-10-23 17:16:3769620 阅读商务合作发送 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-067 一、监事会会议召开情况 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 二届监事会第二十四次会议（以下简称"本次会议"）于 2024 年 10 月 23 日在 公司 304 会议室以现场方式召开。本次会议的通知于 2024 年 10 月 18 日通过电 话及邮件方式送达全体监事。会议应出席监事 3 人，实际到会监事 3 人，会议由 监事会主席吕志华主持。会议的召集和召开程序符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定，会议决议合法、有效。 二、监事会会议审议情况 本次会议由监事会主席吕志华女士主持，以记名投票表决方式审议通过以下 议案： （一）审议通过《关于审议<2024 年第三季度报告>的议案》 乐鑫信息科技（上海）股份有限公司 第二届监事会第二十四次会议决议公告 本公司及监事会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。 具体内容请见本公司于同日在上海证券交易所网站(www.sse.com.cn) 披露 的《乐鑫科技 2 ...

乐鑫信息科技（上海）股份有限公司 2024 年限制性股票激励计划预留授予激励对象名单 （截止预留授予日） 一、预留限制性股票的分配情况 2、本次预留授予激励对象不包括独立董事、监事、单独或合计持有上市公司 5%以上股份的股东、上市公 司实际控制人及其配偶、父母、子女。 二、公司董事会认为需要激励的其他人员情况 | 激励对象职务 | 激励对象人数 | | 获授限制性股票数 量（股） | 占授予限制性 股票总数比例 | 占本激励计划公 告日股本总额比 | | --- | --- | --- | --- | --- | --- | | | | | | | 例 | | 技术骨干 | | 8 | 23,298 | 100.00% | 0.0208% | | 小计 | | 8 | 23,298 | 100.00% | 0.0208% | 乐鑫信息科技（上海）股份有限公司董事会 2024 年 10 月 23 日 | 序 | 姓名 | 国籍 | 职务 | 获授的限制 性股票数量 | 占授予限制 性股票总数 | 占本激励计 划公告日公 | | --- | --- | --- | --- | --- | --- | --- | ...

3、公司本次授予激励对象名单人员与公司 2024 年第一次临时股东大会批准 的《2024 年限制性股票激励计划》中规定的激励对象范围相符。 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）监事会依据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》和其他 有关法律、行政法规、规范性文件，以及《乐鑫信息科技（上海）股份有限公司 章程》（以下简称"《公司章程》"）等有关规定，对公司 2024 年限制性股票激 励计划（以下简称"本次激励计划"）预留授予激励对象名单（截止预留授予日） 进行审核，发表核查意见如下： 1、本次授予的激励对象均不存在《管理办法》第八条规定的不得成为激励 对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-065 乐鑫信息科技（上海）股份有限公司 关于向 2024 年限制性股票激励计划激励对象 授予预留限制性股票的公告 本公司及董事会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。 重要内容提示： 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）《2024 年限制性股 票激励计划（草案）》（以下简称"《激励计划（草案）》"或"本激励计划"）规定 的公司 2024 年限制性股票预留授予权益条件已经成就，根据乐鑫信息科技（上 海）股份有限公司 2024 年第一次临时股东大会授权，公司于 2024 年 10 月 23 日召开的第二届董事会第三十二次会议、第二届监事会第二十四次会议，审议通 过了《关于向 2024 年限制性股票激励计划激励对象授予预留限制性股票的议案》， 确定 2024 年 10 月 23 日为预留授予日，以 35.00 元/股的授予价格向 8 名激励对 象授予 23,298 股限制性股票。现将有关事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履 ...