证券代码：688018 证券简称：乐鑫科技 公告编号：2024-038 重要内容提示： | 股权登记日 | 除权（息）日 | 新增无限售条件 | 现金红利发放日 | | --- | --- | --- | --- | | | | 流通股份上市日 | | | 2024/5/15 | 2024/5/16 | 2024/5/16 | 2024/5/16 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司 2024 年 4 月 12 日的 2023 年年度股东大 会审议通过。 二、 分配、转增股本方案 乐鑫信息科技（上海）股份有限公司 2023 年年度 权益分派实施公告 本公司董事会及全体董事保证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。 本次利润分配及转增股本以方案实施前的公司总股本 80,789,724 股，扣除回 公司存在首发战略配售股份，首发战略配售股份已全部上市流通 是否涉及差异化分红送转：是 每股分配比例，每股转增比例 每股现金红利 1 元（含税） 每股转增 0.4 股 相关日期 购专用证券账户中股份数后剩 ...

Investment Rating - The report maintains a "Buy" rating for the company 乐鑫科技 (688018) [10][13] Core Insights - The company reported Q1 2024 revenue of 387 million yuan, a year-on-year increase of 21.71%, and a net profit of 54 million yuan, up 73.43% year-on-year [12] - The gross margin improved to 41.93%, with a sequential increase of 1.86 percentage points, driven by a higher proportion of chip sales [12] - The product matrix is expanding with new products like ESP32-C6 and ESP32-H4 expected to enter high growth phases [12] Financial Performance - For 2024, the company is projected to achieve revenues of 1.83 billion yuan, 2.36 billion yuan in 2025, and 3.07 billion yuan in 2026, with corresponding net profits of 188 million yuan, 267 million yuan, and 381 million yuan [13][16] - The company’s earnings per share (EPS) are expected to grow from 2.33 yuan in 2024 to 4.72 yuan in 2026 [16] - The price-to-earnings (P/E) ratio is projected to decrease from 48 times in 2024 to 24 times in 2026 [13][16] Market Position - The company has a total market capitalization of 8.6 billion yuan and a total share capital of 81 million shares [5][4] - The stock has experienced a price fluctuation with a 52-week high of 157.63 yuan and a low of 78.67 yuan [6] Product Development - The company’s new product lines, including ESP32-C3, ESP32-C2, and ESP32-S3, are contributing significantly to revenue growth [12] - The ESP32-C6, which supports Wi-Fi 6, is expected to drive further growth in the IoT sector [12]

持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-5%～+5%。 卖出： 预期未来 12 个月内，股价表现弱于大盘 5%以上。 [Table_Address] 联系我们 | --- | --- | --- | --- | --- | --- | |-------------------------|--------------------------|-----------------------|-------------------------------|-------------------------|--------------------------| | | 广州市 | 深圳市 | 北京市 | 上海市 | 香港 | | 地址 | 广州市天河区马场路 | 深圳市福田区益田路 | 北京市西城区月坛北 | 上海市浦东新区南泉 | 香港湾仔骆克道 81 号 | | | 26 号广发证券大厦 47 | 6001 号太平金融大厦 | 街 2 号月坛大厦 18 层 | 北路 429 号泰康保险 | 广发大厦 27 楼 | | | 楼 | 31 层 | | 大厦 37 楼 | | | 邮政编码 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 1.433 billion yuan in 2023, representing a year-on-year growth of 12.74%, and a net profit attributable to shareholders of 136 million yuan, up 39.95% year-on-year [2] - In Q1 2024, the company reported a revenue of 387 million yuan, a year-on-year increase of 21.71%, and a net profit attributable to shareholders of 54 million yuan, growing 73.43% year-on-year [2] - The product matrix is continuously expanding, meeting a broader range of customer application needs, with significant contributions from both new and existing customers [2][4] Revenue and Profit Analysis - In 2023, the company's revenue was 1.433 billion yuan, with a net profit of 136 million yuan, and in Q1 2024, revenue reached 387 million yuan with a net profit of 54 million yuan [2] - The gross margin for 2023 was 40.56%, increasing by 0.58 percentage points year-on-year, while Q1 2024 gross margin was 41.9%, up 1.2 percentage points year-on-year [2][5] - The company’s R&D expenses in 2023 were 404 million yuan, a year-on-year increase of 19.75%, with a focus on maintaining core technology development [5] Financial Forecast - The company is expected to achieve revenues of 1.791 billion yuan in 2024, 2.306 billion yuan in 2025, and 2.897 billion yuan in 2026, with year-on-year growth rates of 25%, 28.7%, and 25.6% respectively [6][12] - The net profit attributable to shareholders is projected to be 187 million yuan in 2024, 265 million yuan in 2025, and 356 million yuan in 2026, with growth rates of 37.6%, 41.1%, and 34.5% respectively [6][12] Product Development - The company’s product lines include high-performance and cost-effective categories, with the ESP32-C3 and ESP32-C2 series rapidly gaining market acceptance [4] - The ESP32-S3 series is expected to enhance AI applications, featuring vector instructions for accelerating neural network computations [4]

乐鑫科技（688018.SH） 增持 一季度净利润实现同环比增长 1Q24 营收同比增长 22%，净利润增长超 70%。1Q24 公司实现营业收入 3.87 亿元（YoY +21.7%，QoQ -4.7%），扩充的产品矩阵能够满足更广泛的客户 应用需求，实现了整体营收的增长；归母净利润 0.54 亿元（YoY +73.4%,QoQ +10%），扣非归母净利润 0.48 亿元（YoY +88.6%，QoQ +17.8%），剔除股 份支付影响，归母净利润为 0.60 亿元，毛利率提升至 41.9%（YoY +1.2pct， QoQ +1.8pct），营业收入增长、毛利率稳定、以及费用增速控制在营业收 入增速之下助力利润增长。 芯片收入占比提升，研发投入继续增强。按产品品种划分，1Q24 芯片收入占 比上升至 42.7%，模组收入占比下降至 56.7%（1Q23 34.2%/64.6%），芯片 和模组毛利率分别为 47.1%（YoY -1.3pct）和 38.1%（YoY +1.3pct），主 因芯片客户采用人民币定价为主，成本则以美元为主，美元升值使得芯片毛 利率也有所承压。1Q24 公司研发投入 1.04 亿元 ...

丨证券研究报告丨 | --- | --- | |----------|-------| | | | | 报告要点 | | SAC：S0490517070012 SAC：S0490523120002 SAC：S0490513080001 SFC：BQK473 相关研究 [Table_Summary2] 事件描述 ⚫ 次新类产品放量带动营收增长。2024Q1，公司实现营业收入 3.87 亿元、同比+21.71%， 实现归母净利润0.54亿元、同比+73.43%；实现扣非归母净利润0.48亿元、同比+88.56%； 次新类的高性价比产品线 ESP32-C3、ESP32-C2 及高性能产品线 ESP32-S3 维持高速 增长，丰富的产品矩阵满足广泛的客户应用需求，公司营收实现同比增长；费用增速低于 营收增速助力公司一季度净利润实现高增。毛利率方面，2024Q1 公司综合毛利率为 41.93%、同比+1.22pct，其中芯片、模组的毛利率分别为 47.10%、38.06%，同比-1.26pct、 +1.32pct；高毛利率芯片营收占比提升的结构性变化，助力公司综合毛利率同比提升，高 于公司 40%的预设毛利率目标。研发 ...

乐鑫科技 688018 乐鑫信息科技（上海）股份有限公司 投资者关系活动记录表 投资者 √特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布 关系活 会□路演活动 □现场参观 □其他（ ） 动类别 参与单 Arohi Asset Management、北大方正人寿、才誉资管、财通证券、财 位名称 通资管、城天九投资、大家资产、德邦证券、东海证券、东吴证 券、东兴基金、敦和资管、方正证券、丰琰投资、符恒投资、福建 汉石投资、富国基金、高毅资产、耕霁投资、工银安盛资产、观合 资产、贵源投资、国海富兰克林基金、国联证券、国融基金、国投 证券、国信证券、海通证券、杭州汇升投资、合远基金、合众资 产、和谐汇一、弘尚资产、弘则弥道、红犇资本、泓德基金、鸿运 私募、厚坡基金、华安财保、华安基金、华安证券、华福证券、华 杉瑞联基金、华泰证券、华泰证券资管、寰薪企业、汇丰前海证 ...

Financial Performance - The company's revenue for Q1 2024 reached CNY 387.19 million, representing a year-on-year increase of 21.71%[7]. - Net profit attributable to shareholders was CNY 53.92 million, up 73.43% compared to the same period last year[8]. - The gross profit margin increased by 1.22 percentage points year-on-year, reaching 41.93%[9]. - Total operating revenue for Q1 2024 was RMB 387.19 million, an increase of 21.7% compared to RMB 318.12 million in Q1 2023[38]. - Net profit for Q1 2024 reached RMB 53.92 million, representing a 73.5% increase from RMB 31.09 million in Q1 2023[39]. - Basic and diluted earnings per share for Q1 2024 were RMB 0.6849, compared to RMB 0.3884 in Q1 2023, reflecting an increase of 76.3%[39]. Research and Development - R&D expenses totaled CNY 103.85 million, a year-on-year increase of 21.48%, accounting for 26.82% of revenue[7][10]. - The number of R&D personnel increased by 8.71% year-on-year, totaling approximately 490[10]. - Research and development expenses for Q1 2024 totaled RMB 103.85 million, an increase of 21.5% from RMB 85.48 million in Q1 2023[38]. Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of CNY 12.01 million, compared to a net inflow of CNY 33.29 million in the same period last year[12]. - The company's cash and cash equivalents increased to RMB 494,579,961.63 from RMB 464,011,234.05, reflecting a growth of about 6.0%[33]. - Cash inflow from investment activities in Q1 2024 was RMB 271.90 million, down from RMB 819.82 million in Q1 2023[41]. - The net cash increase from operating activities was $31,775,671.63, compared to a decrease of $26,047,002.95 in the same period last year[43]. - The total cash and cash equivalents at the end of Q1 2024 amounted to $491,341,398.22, up from $324,630,351.07 at the end of Q1 2023[43]. - The cash outflow from financing activities was $93,121,892.28, compared to $3,331,677.61 in the previous year, reflecting increased financial obligations[43]. Assets and Liabilities - The total assets decreased by 2.53% compared to the end of the previous year, amounting to CNY 2.15 billion[7][14]. - The total liabilities decreased from RMB 1,204,000,000 to RMB 1,180,000,000, reflecting a decrease of approximately 2.0%[34]. - The total current liabilities decreased to RMB 180,056,927.59 from RMB 216,633,191.87, a reduction of about 16.9%[34]. - The total liabilities as of Q1 2024 were RMB 265.50 million, a decrease from RMB 290.80 million in Q1 2023[38]. - Total equity attributable to shareholders was RMB 1,882.49 million in Q1 2024, down from RMB 1,913.00 million in Q1 2023[38]. Market Presence and Engagement - The company has a strong presence in the global IoT developer community, enhancing its product and technology engagement[16]. - The number of ESP32 projects on GitHub increased to 64,000, up from 59,100, representing an increase of 8.3%[19]. - The number of ESP8266 projects on GitHub rose to 44,800, a growth of 2.5% from 43,700[19]. - The total number of ESP32 videos on YouTube exceeded 1,000,000, indicating significant content growth[20]. - The number of ESP32 group members on Reddit grew to 81,000, an increase of 6.5% from 76,046[19]. - The number of official account followers on Bilibili reached 31,672, an increase of 4.7% from 30,261[19]. Non-Recurring Gains and Subsidies - The total government subsidies recognized in the current period amounted to ¥280,284.91[24]. - The total non-recurring gains amounted to ¥6,007,670.64 after tax effects[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 88.56%[25].

Q1 2024 REPORT Contents 03 About Espressif 04 Business Highlights 06 Management Report 16 Consolidated Financial Statements (Unaudited) 16 Consolidated Balance Sheet 18 Consolidated Income Statement 19 Consolidated Cash Flow Statement 20 Further Information 04 Key Financial Data (Unaudited) 04 Financial Indicators (Unaudited) 05 Financial Analysis 06 Business Strategy 07 Core Technologies 08 Key Products - IoT Chips 09 Key Products - Product Map 10 Market 11 Developer Community Content 12 Business Model 14 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-037 乐鑫信息科技（上海）股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 本次股东大会采用现场投票和网络投票相结合的方式召开，会议由董事长 TEO SWEE ANN（张瑞安）先生主持，本次会议的召集、召开程序符合《公司法》 《证券法》《公司章程》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 7 人，出席 7 人； 2、 公司在任监事 3 人，出席 3 人； 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 4 月 12 日 （二） 股东大会召开的地点：上海市浦东新区碧波路 690 号 2 号楼 101 室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 116 | | --- | --- | | 普通股股东人数 | 116 | | ...