Investment Rating - The report assigns a "Recommended" rating to the company, indicating a positive outlook based on its position in the domestic "processing + connectivity" sector and expected revenue growth [2][8]. Core Insights - The company is recognized as a leading player in the "processing + connectivity" field, with continuous product expansion and an improving customer structure, which is expected to enhance long-term profitability. The revenue forecasts for 2024-2026 are projected at 20.12 billion, 25.23 billion, and 30.98 billion yuan, respectively, with corresponding net profits of 3.32 billion, 4.30 billion, and 5.73 billion yuan, reflecting growth rates of 143.85%, 29.56%, and 33.26% [2][4][7]. Financial Performance - In the first half of 2024, the company achieved a revenue of 9.2 billion yuan, a year-on-year increase of 38%, and a net profit of 1.5 billion yuan, up 135% year-on-year. Specifically, Q2 2024 revenue reached 5.3 billion yuan, marking a 53% increase year-on-year, while net profit for Q2 was 0.98 billion yuan, up 192% year-on-year [4][5]. - The gross margin for the first half of 2024 was 43.2%, an increase of 2.4 percentage points year-on-year, with Q2 gross margin at 44.1%, up 3.1 percentage points year-on-year [4][5]. Product and Market Dynamics - The company's chip products generated revenue of 3.81 billion yuan in the first half of 2024, accounting for 41.4% of total revenue, with a gross margin of 49.0%. Meanwhile, modules and development kits contributed 5.32 billion yuan, representing 57.8% of total revenue, with a gross margin of 38.9% [5]. - The company has seen a significant increase in chip shipments, surpassing 1 billion units in September 2023, with new product lines such as ESP-S3/C2/C3 gaining traction. The demand for connectivity products is driven by the increasing smart home and consumer electronics market [5][6]. Cost Control and Efficiency - The company's R&D expenses for the first half of 2024 were 2.19 billion yuan, a 22.7% increase year-on-year, but the R&D expense ratio decreased to 23.76%, down 2.95 percentage points year-on-year. This reduction is attributed to lower employee costs and improved operational efficiency as new product lines enter a growth phase [6][7].

2024 年 7 月 30 日 总股本/流通股本（亿股）1.12 / 1.12 资产负债率(%) 13.2% 股票投资评级 ⚫ 事件 公司发布 2024 年半年度报告。2024 年上半年，公司实现营业收 入 9.20 亿元，同比增长 37.96%；实现归母净利润 1.52 亿元，同比 增长 134.85%；2024 年 Q2 单季，公司实现营业收入 5.33 亿元，同 比增长 52.78%，环比增长 37.66%；实现归母净利润 0.98 亿元，同 比增长 191.87%，环比增长 81.26%。 ⚫ 投资要点 经营杠杆效应显现，盈利能力进一步提升。公司次新类的高性 价比产品线 ESP32-C3、ESP32-C2 以及高性能产品线 ESP32-S3 处于 高速增长期，公司 24Q2 单季度收入实现历史新高，在经营杠杆效应 之下，公司 Q2 单季实现归母净利润 0.98 亿元，同比增长 191.87%， 环比增长 81.26%。在原材料成本下降、新客户不断增加且前期毛利 率较高、手持小型化设备放量提升芯片营收占比、竞争格局改善多 重因素加持下，公司盈利能力进一步提升，24H1 综合毛利率 43.20%，其中芯片 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [15] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with revenue reaching 920 million yuan, a year-on-year increase of 37.96%, and net profit attributable to shareholders reaching 152 million yuan, a year-on-year increase of 134.85% [1] - The company's gross margin improved to 44.11% in Q2 2024, up 3.14 percentage points year-on-year, driven by lower upstream supply chain costs and increased demand from module solution customers [9] - The company is experiencing strong demand driven by new product launches and customer expansion, particularly in the AIoT sector, with new products like ESP32-S3, C3, and C2 showing rapid growth [16] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 2.053 billion yuan and net profits of 329 million yuan, with corresponding PE ratios of 36.13 [23] - The company’s revenue growth rate is projected to be 43.27% for 2024, followed by 29.78% in 2025 and 28.68% in 2026 [24] - The net profit growth rate is expected to be 141.24% for 2024, 37.75% for 2025, and 39.84% for 2026 [24] Product and Market Development - The company is enhancing its product matrix through the acquisition of M5 Stack, which will strengthen its hardware application solutions in the IoT market [21] - The introduction of new products such as low-power Bluetooth and dual-band WiFi 6 is anticipated to further drive growth in 2024 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a significant year-on-year revenue growth of 37.96% in H1 2024, reaching 920 million yuan, with a net profit of 152 million yuan, up 134.85% [4] - The expansion of the product matrix is expected to continue driving revenue growth, leading to an upward revision of profit forecasts for 2024, 2025, and 2026 [4] - The company benefits from the increasing penetration of smart home and consumer electronics industries, alongside a continuous expansion of its product lines [5][6] Financial Performance Summary - In H1 2024, the company reported revenue of 920 million yuan, a 37.96% increase year-on-year, and a net profit of 152 million yuan, a 134.85% increase year-on-year [4] - The gross margin improved to 43.20%, up 2.35 percentage points year-on-year [4] - For Q2 2024, revenue reached 533 million yuan, a 52.78% increase year-on-year, with a net profit of 98 million yuan, up 191.87% year-on-year [4] - The company’s EPS for 2024, 2025, and 2026 is projected to be 3.01, 4.07, and 5.43 yuan respectively, with corresponding P/E ratios of 35.2, 26.0, and 19.5 [4] Product Performance - In H1 2024, chip revenue was 381 million yuan (41.40% of total revenue), a 72% increase year-on-year, with a gross margin of 49.00% [5] - Module revenue was 532 million yuan (57.80% of total revenue), a 22% increase year-on-year, with a gross margin of 38.91% [5] - The company’s overall gross margin increased due to low raw material prices and a higher proportion of revenue from new customers with better margins [5] Market Outlook - The global smart home market is expected to reach 154.4 billion USD in 2024, with a projected CAGR of 11% over the next five years [6] - The introduction of new products, such as the dual-core RISC-V SoC ESP32-P4, is anticipated to expand the market capacity by 2.5 times [6]

Investment Rating - The report maintains a "Recommend" rating for the company [13] Core Views - The company's performance significantly exceeded expectations, driven by multiple product lines and improved profitability [7] - Revenue for 1H24 reached RMB 920 million, a 37.96% YoY increase, with net profit attributable to parent company owners at RMB 152 million, up 134.85% YoY [7] - The company's product lines are continuously expanding, opening up new growth opportunities, particularly in edge AI, Wi-Fi 6, and low-power Bluetooth chip markets [7] - The acquisition of M5Stack enhances the company's presence in the industrial market and strengthens its software ecosystem, creating a core competitive barrier [7] Financial Performance - Revenue is projected to grow from RMB 1,433 million in 2023A to RMB 3,101 million in 2026E, with a CAGR of 29.6% [8] - Net profit attributable to parent company owners is expected to increase from RMB 136 million in 2023A to RMB 581 million in 2026E, with a CAGR of 62.5% [8] - The company's PE ratio is forecasted to decrease from 87 in 2023A to 20 in 2026E, indicating improving valuation metrics [8] - Gross margin is expected to improve from 40.56% in 2023A to 44.30% in 2025E, reflecting better cost management and product mix [16] Product and Market Expansion - The company's ESP32-S series, particularly ESP32-S3, is enhancing edge AI applications, enabling high-performance image and voice recognition [7] - ESP32-C6 offers 2.4GHz Wi-Fi 6 technology, targeting battery or energy storage-driven applications [7] - ESP32-H2 introduces support for IEEE 802.15.4 technology, expanding the company's Wireless SoC product line [7] - ESP32-P4 marks the company's entry into the multimedia market, targeting customers with high edge computing needs [7] Strategic Initiatives - The acquisition of M5Stack strengthens the company's position in the industrial, education, and developer markets, accelerating product design processes and creating more B2B opportunities [7] - The company's software ecosystem, including open SDKs and comprehensive software solutions, forms a strong competitive barrier and shortens development cycles for customers [7]

证券研究报告 乐鑫科技 (688018 CH) 2Q24：收入高增，毛利率创近三年新高 华泰研究 中报点评 2024 年 7 月 30 日│中国内地 半导体 投资评级(维持): 增持 目标价(人民币): 145.90 2Q24：营收同环比高增，盈利能力大幅提升 公司 2Q24 实现营收 5.33 亿元（yoy：+52.78%，qoq：+37.66%），归母净 利润 0.98 亿元（yoy：+191.87%，qoq：+81.26%），扣非归母净利润 0.98 亿元（yoy：+242.79%，qoq：+104.08%）。公司二季度收入实现同环比高 增，主要得益于智能家居/消费电子/工业控制等领域的智能化渗透率不断提 升，且公司产品矩阵不断完善带来份额的持续提升。公司此前预计 4-5 月归 母净利润约 0.65 亿元，市场担心 6 月归母净利润较 4/5 月平均有所下滑导 致对 2Q 景气的可持续性产生担忧，但我们预计主要受营业外支出增加 （2Q24：467 万元）及奖金费用计提影响，实际需求仍维持较高景气。我 们上调公司 C2/C3/S3 产品收入预期，给予 24/25/26 年归母净利润 3.75/4.81/6 ...

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2024年07月29日 (维持评级) 下游需求逐渐恢复，规模效应带来利 业绩简评 研发授入渐显成效,规模效应带来利润弹性。公司上半年研发费 用为 2.19 亿元，同比增加 22.7%。当公司营收增速高于研发费用 增速,我们看到规模效应给公司带来更多利润弹性。24年上半年 公司综合毛利率 43.2%,同比+2.35pct,系原材料价格低位、出货 中芯片占比提升、新客户导入、竞争格局改善等多重因素导致。 盈利预测、估值与评级 我们预计 24-26 年收入分别为 20.40 亿元、25.26 亿元和 30.73 亿 元,归母净利润分别为 3.39 亿元、4.57 亿元、5.86 亿元,对应 EPS 分别为 3.02 元、4.07 元、5.22 元, 维持"买入"评级。 风险提示 电子组 分析师：樊志远（执业S1130518070003) fanzhiyuan@gjzq.com.cn 相关报告: 人民币(元) 成交金额(百万元) 116.00 106.00 96.00 86. 00 500 400 76.00 66.00 100 56.00 乐鑫科技 成交金额 沪深3 1.000 900 800 600 300 投请 ...

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 index within the next 6 months [20]. Core Insights - The company achieved a revenue of 920 million yuan in H1 2024, representing a year-over-year increase of 38%, with Q2 revenue reaching 530 million yuan, up 53% year-over-year and 38% quarter-over-quarter [2]. - The net profit attributable to the parent company for H1 2024 was 150 million yuan, a significant year-over-year increase of 135%, with Q2 net profit at 98 million yuan, reflecting a 192% year-over-year growth and an 81% quarter-over-quarter increase [2]. - The company's gross margin for H1 2024 was 43.2%, up 2.6 percentage points from the previous period, while the net margin was 16.6%, an increase of 7.1 percentage points [2]. - The company is positioned as a leader in the AIoT industry, with strong performance recovery trends and projected net profits of 330 million, 470 million, and 640 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 35, 24, and 18 [4]. Summary by Sections Revenue and Profitability - The company reported a revenue of 1,433 million yuan for 2023, with projections of 2,005 million yuan for 2024, 2,599 million yuan for 2025, and 3,211 million yuan for 2026, indicating a growth rate of 40% in 2024 [18]. - The net profit for 2023 was 136 million yuan, with forecasts of 326 million yuan for 2024, 472 million yuan for 2025, and 635 million yuan for 2026, reflecting a growth rate of 140% in 2024 [18]. Market and Industry Outlook - The global IoT device connections are expected to reach 18 billion by 2024 and grow to 39.6 billion by 2033, with a compound annual growth rate of 9.18% [3]. - The smart home market is projected to generate revenues of 154.4 billion USD in 2024, with a compound annual growth rate of 10.67% over the next five years [3]. - The company aims to expand its market beyond IoT devices, targeting a market capacity increase of 2.5 times, and is focusing on a dual strategy of "processing + connectivity" for AIoT SoC development [4]. Financial Projections - The company is expected to achieve a gross margin of approximately 40.9% and a net margin of 18.9% by 2025, with an EPS of 4.21 yuan [18]. - The projected financial ratios indicate a strong growth trajectory, with a significant increase in both revenue and net profit over the next few years [18].

乐鑫信息科技（上海）股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的 半年度评估报告 为彰显"以投资者为本"的发展理念，并坚守维护股东利益的承诺，乐鑫科技 基于对未来发展的坚定信心、对企业价值的深刻认识以及对社会责任的认真履行， 于 2024 年 3 月 23 日发布了《关于"2024 年提质增效重回报"行动方案》，以维护 股价稳定性和塑造积极的市场形象，现将行动方案进展半年度评估情况公告如下： 一、聚焦经营主业，深耕 AIoT 芯片设计 乐鑫科技是物联网领域的专业芯片设计企业及整体解决方案供应商，公司以 "处理+连接"为方向，为用户提供 AIoT SoC 及其软件。2024 年上半年，公司实 现营业收入 9.2 亿元，较 2023 年同比增加 37.96%；归属于上市公司股东的净利 润 15,164.25 万元，同比增加 134.85%；归属于上市公司股东的扣除非经常性损 益的净利润 14,567.74 万元，同比增加 170.12%。 受益于下游各行各业不断提升的数智化渗透率、持续扩大的乐鑫全球品牌影 响力、广泛的开发者社区支持，以及逐渐改善的竞争格局，公司在 B 端业绩方面 获得了新的 ...