公司点评报告 · 电子行业 资料来源：中国银河证券研究院 资料来源：Wind,中国银河证券研究院 核心观点 ⚫ 投资建议：我们认为公司是国内"处理+连接"领域头部厂商，公司产品品类 持续扩张叠加客户结构逐步优化，长期盈利空间将会打开，上调公司盈利预测。 我们预计公司 2024-2026 年营收分别为 20.12/25.23/30.98 亿元，归母净利润 为 3.32/4.30/5.73 亿 元 ，同 比 增 长 143.85%/29.56%/33.26%， 对 应 PE 为 34.67x/26.76x/20.08x，给予公司"推荐"评级。 ⚫ 风险提示：下游需求不及预期的风险，市场竞争加剧的风险，新品放量不及预 期的风险。 高峰 ：010-80927671 ：gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 王子路 ：010-80927632 ：wangzilu_yj@chinastock.com.cn 分析师登记编码：S0130522050001 | --- | --- | |-----------------------------|--------- ...

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 ...

相关报告 1. 《 新品节奏加快，生态构筑壁垒》 2024-03-31 2. 《研发大力投入，期待新品开启放量 周期》 2023-10-25 3. 《新品持续放量，软硬件生态体现核 心竞争力》 2023-07-29 ❖ 事件：公司发布 2024 半年报，2024 上半年公司实现营业收入 9.20 亿元，同 比增加 37.96%；利润端实现归母净利润 1.52 亿元，同比增加 134.85%；实现 扣非归母净利润 1.46 亿元，同比增加 170.12%。单 Q2 公司实现营业收入 5.33 亿元，同比增加 52.78%；实现归母净利润 0.98 亿元，同比增加 191.87%；实 现扣非归母净利润 0.98 亿元，同比增加 242.78%。 ❖ 风险提示：技术迭代风险、下游需求风险、市场竞争风险、成本上升风险。 谨请参阅尾页重要声明及财通证券股票和行业评级标准 2 ⚫ 资质声明 ⚫ 行业评级 联系人 朱陈星 zhucx@ctsec.com -35% -21% -8% 6% 20% 33% 乐鑫科技 沪深300 上证指数 半导体 乐鑫科技(688018) / 半导体 / 公司点评 / 2024.07.31 ❖ ...

电子/半导体 乐鑫科技（688018.SH） 2024 年 07 月 30 日 ——公司信息更新报告 罗通（分析师） 周勃宇（分析师） luotong@kysec.cn 证书编号：S0790522070002 zhouboyu@kysec.cn 证书编号：S0790124070036 下游智能化持续渗透+产品矩阵扩展贡献营收增量，毛利率稳增业绩高增 F熄证券 公 司 研 究 2024H1 业绩同比高增，看好产品矩阵持续拓展 投资评级：买入（维持） 2024H1 业绩同比高增，产品矩阵拓展助力营收增长，维持"买入"评级 2024H1 公司实现营收 9.20 亿元，同比+37.96%，实现归母净利润 1.52 亿元，同 比+134.85%；扣非净利润 1.46 亿元，同比+170.12%，毛利率 43.20%，同比 +2.35pcts；2024Q2 实现营收 5.33 亿元，同比+52.78%，环比+37.66%，实现归母 净利润 0.98 亿元，同比+191.87%，环比+81.26%，扣非净利润 0.98 亿元，同比 +242.78%，环比+104.08%，毛利率 44.11%，同比+3.14pcts，环比+ ...

业绩显著超预期，多产品线厚积薄发 2024 年 07 月 30 日 ➢ 事件：7 月 29 日，乐鑫科技发布 2024 年半年度报告。报告期内，公司实 现营业收入 9.20 亿元，同比增长 37.96%；归属于母公司所有者的净利润 1.52 亿元，同比增长 134.85%；归属于母公司所有者的扣除非经常性损益的净利润 1.46 亿元，同比增长 170.12%。其中第二季度营业收入 5.33 亿元，同比增长 52.78%，第二季度归母净利润 0.98 亿元，同比增长 191.87%。 ➢ 新老产品线推动业绩增长，盈利能力显著提升。下游新老客户需求增长，公 司业绩持续改善，同时次新类的高性价比产品线 ESP32-C3 和 ESP32-C2 以及 高性能产品线 ESP32-S3 都处于高速增长阶段，推动收入快速增长，1H24 实现 营业收入 9.20 亿元，同比增长 37.96%。公司在毛利率持续改善的同时，研发等 费用投入有所控制，1H24 研发费用同比增长 22.73%，增速低于收入同比增速， 经营杠杆带动公司净利润显著增长。 ➢ 产品线持续拓宽，打开成长天花板。随着公司发布新产品的节奏加快，公司 打造产品矩阵 ...

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 ...

备注：评级标准为报告发布日后的 6~12 个月内公司股价（或行业指数）相对同期基准指数的相对市场表现。其中 A 股市场以沪 深 300 指数为基准；香港市场以恒生指数为基准，美股市场以标普 500 指数或纳斯达克综合指数为基准（另有说明的除外） 联系方式 华福证券研究所 上海 公司地址：上海市浦东新区浦明路 1436 号陆家嘴滨江中心 MT 座 20 层 邮编：200120 邮箱：hfyjs@hfzq.com.cn 华福证券 t and 投资要点： （1）营收：24H1 实现营收 9.2 亿元，yoy+38%，单 Q2 营收 5.3 亿元，yoy+53%，qoq+38%。次新类的高性价比产品 ESP32- C3、C2 和高性能产品线 ESP32-S3 在本年度处于快速增长阶段。（2）归母净 利润：24H1 实现归母净利润 1.5 亿元，yoy+135%，单 Q2 归母 0.98 亿 元，yoy+192%，qoq+81%。（3）盈利能力超预期：24H1 毛利率 43.2%， 环比+2.6pcts，净利率 16.6%，环比+7.1pcts；单 Q2 毛利率 44.1%，环 比+2.2pcts，净利率 18.5%， ...

Financial Performance - Net profit attributable to shareholders of the listed company increased by 134.85% YoY to RMB 151.64 million, with non-GAAP net profit up 170.12% YoY to RMB 145.68 million[30] - Revenue for the reporting period (January 1, 2024 - June 30, 2024) was 920.21 million yuan, a 37.96% increase compared to the same period last year[53] - Net profit attributable to shareholders of the listed company was 151.64 million yuan, a 134.85% increase compared to the same period last year[53] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 145.68 million yuan, a 170.12% increase compared to the same period last year[53] - Net profit attributable to shareholders of the listed company after excluding the impact of share-based payments was 166.97 million yuan, a 117.31% increase compared to the same period last year[53] - Total assets at the end of the reporting period were 2.32 billion yuan, a 5.36% increase compared to the end of the previous year[53] - Basic earnings per share increased by 124.79% to 1.8116 yuan per share compared to the same period last year[75] - Weighted average return on equity increased by 4.48 percentage points to 7.91%[75] - Revenue for the period reached 920.2123 million yuan, a year-on-year increase of 37.96%, driven by contributions from both new and existing customers[101] - Basic earnings per share increased by 124.79%, and diluted earnings per share also increased by 124.79%, with a 4.48 percentage point increase in weighted average return on equity[109] Profitability and Margins - Gross margin remained stable with slight improvement, contributing to profit growth[30] - The company's gross margin increased slightly due to lower raw material prices, new customers with higher initial margins, increased sales of handheld miniaturized devices, and improved competitive landscape[55] - Gross profit margin increased by 2.35 percentage points, with total sales gross profit reaching 397.4968 million yuan, a year-on-year increase of 45.89%[76] - Chip gross margin rose to 49.00% in H1 2024, up from 47.51% in H1 2023[77] - Comprehensive gross margin improved to 43.20% in H1 2024 from 40.85% in H1 2023[77] - Module and development kit gross margin increased to 38.91% in H1 2024 from 37.48% in H1 2023[77] - Gross profit margin target set at 40%, with minimal pricing adjustments expected to maintain this level[103] R&D and Innovation - The company faces risks from potential delays in R&D progress[5] - R&D expenses increased by 22.73% to 218.6824 million yuan, with the number of R&D personnel growing by 14.07% to 519[78] - R&D investment accounted for 23.76% of operating income, a decrease of 2.95 percentage points compared to the same period last year[75] - The company's R&D expenses for the first half of 2024 were RMB 218.68 million, a 22.73% increase compared to the same period last year[181] - The company's R&D investment as a percentage of revenue decreased by 2.95 percentage points to 23.76% in the first half of 2024[181] - The company has accumulated 195 authorized patents and software copyrights by the end of June 2024, including 95 invention patents and 32 US patents[178] - The company's R&D direction focuses on AIoT chip development, requiring parallel hardware and software development with high technical difficulty[194] - The company has 519 R&D personnel, with 54.91% holding a master's degree and 37.96% holding a bachelor's degree[187] - 47.40% of R&D personnel are under 30 years old, and 42.58% are between 30-40 years old[187] Business Expansion and Acquisitions - The company acquired Shenzhen Mingzhan Information Technology Co., Ltd. with a 57.0956% stake on May 27, 2024[19] - The company acquired a controlling stake in M5Stack, a well-known IoT solution provider, during the reporting period[33] - Acquired majority stake in M5Stack in Q2 2024, enhancing IoT and embedded system solutions[126] Market and Industry Trends - The global smart home market is projected to reach $154.4 billion in 2024, with a compound annual growth rate of 10.67% over the next five years, reaching $231.6 billion by 2028[92] - Global semiconductor market is expected to grow by 16.0% in 2024, reaching $6,870 billion by 2025[114] - SoC market is projected to reach $214.05 billion by 2028, with a CAGR of 8.9%[116] - Statista predicts global IoT device connections will reach 18 billion in 2024, growing to 39.6 billion by 2033, with a CAGR of 9.18%. IDC estimates China's IoT connections exceeded 6.6 billion in 2023, with a 5-year CAGR of 16.4%[146] Product Development and Technology - The company's products include Wi-Fi MCU chips supporting 2.4GHz and 5GHz frequency bands[28] - The company's product lines, including ESP32-C3, ESP32-C2, and ESP32-S3, are experiencing rapid growth, contributing to overall revenue growth[101] - Company's global cumulative shipments of IoT chips exceeded 1 billion units by September 2023[124] - ESP32-S3 chip enhances edge AI applications with vector instructions for neural network acceleration[124] - ESP32-C6 chip offers 2.4GHz Wi-Fi 6 technology, targeting battery-powered applications[124] - ESP32-C5 is the company's first dual-band 2.4&5GHz Wi-Fi 6 product, expanding into video streaming markets[124] - ESP32-H2 supports IEEE 802.15.4 technology, entering Thread/Zigbee markets[124] - ESP32-H4 upgrades to Bluetooth 5.4, marking a significant breakthrough in low-power Bluetooth technology[124] - ESP32-P4 is the company's first non-wireless SoC, targeting high-performance edge computing applications[124] - The company's Wi-Fi products cover Wi-Fi 4 and Wi-Fi 6 technologies, with Wi-Fi 6E products successfully developed. Wi-Fi 6 supports large-scale IoT scenarios using OFDMA in 2.4GHz and 5GHz bands[141] - The ESP32-C5 product line integrates 2.4GHz/5GHz Wi-Fi 6 and Bluetooth 5 (LE), featuring a RISC-V 32-bit single-core processor. The ESP32-C6, a Wi-Fi 6 series product, has been mass-produced in 2023, supporting 2.4GHz Wi-Fi 6, Bluetooth 5 (LE), and Thread/Zigbee, with a RISC-V 32-bit single-core processor[141] - The company is closely monitoring the market acceptance and application demand for Wi-Fi 6 and Wi-Fi 6E products, planning product lines accordingly, and accumulating technical expertise for Wi-Fi 7 product development[141] - The company has integrated self-developed MCU architecture based on the RISC-V instruction set into its products, which is expected to gradually reduce licensing fees and ultimately lower the cost of IoT terminals. Current products include ESP32-C, ESP32-H, and ESP32-P series with RISC-V 32-bit processors, achieving up to dual-core 400 MHz[143] - The company's chip products have expanded into the Wireless SoC field, focusing on "processing + connectivity," with "processing" covering AI and RISC-V processors, and "connectivity" including Wi-Fi, Bluetooth, and Thread/Zigbee wireless communication technologies[139] - The company's RISC-V-based MCU architecture is designed to reduce licensing costs and lower IoT terminal prices, with future plans to release higher-frequency product lines based on RISC-V[143] - The company's AI compression algorithm technology enables face recognition on small chips, reducing the need for high-performance, high-memory chips and lowering costs[138] - The company's Wi-Fi Mesh networking technology supports high-bandwidth, high-transmission-rate Wi-Fi device networking[138] - The company's AIoT cloud software technology integrates with AWS serverless architecture, enabling customers to build, develop, and deploy highly secure custom AIoT solutions with minimal code[138] - The company's Wi-Fi and Bluetooth LE SoC products are expected to be the main core chips in the IoT field in the medium term, with the ESP32-H4 product already certified for Bluetooth 5.4[174] - The company has developed AI MCU and wireless connectivity integrated SoC, such as ESP32-S3, which supports offline voice wake-up/recognition technology with up to 200 offline commands[177] - The company's ESP32-S3 chip can integrate with third-party AI applications like OpenAI's ChatGPT and Baidu's "Wenxin Yiyan"[177] - The company's ESP32-P4 product also features edge AI capabilities, further enhancing its product offerings in the IoT space[177] - The company's product line has expanded from single Wi-Fi chips to include 2.4 & 5GHz Wi-Fi 6, Bluetooth, Thread/Zigbee, and future plans for Wi-Fi 6E and Wi-Fi 7[160] Operational Efficiency and Costs - Operating leverage effect emerged as expense growth was controlled below revenue growth[30] - Accounts receivable increased due to expansion of business scale and longer payment terms[8] - Share-based payment expenses for the reporting period were 15.33 million yuan, compared to 12.27 million yuan in the same period last year[56] - Sales expenses increased by 13.29% to 28.9159 million yuan, with royalty fees accounting for 42.88% of sales expenses, growing by 27.97%[104] - Operating cash flow showed a net outflow of 25.6768 million yuan, compared to a net inflow of 99.6996 million yuan in the same period last year, due to increased procurement and labor costs[107] - Non-recurring gains and losses amounted to 5.965096 million yuan, including a significant impact from government subsidies and financial asset transactions[112] Customer and Market Risks - Customer concentration risk remains a concern for the company[7] - Sales to the top 5 customers accounted for 24.96% of total revenue in the first half of 2024[196] International Operations - The company's overseas assets account for a significant portion of total assets[15] - The company's overseas revenue accounted for 74.2% of total revenue[58] Corporate Governance - The company held its 2023 annual shareholders' meeting on April 12, 2024, approving all 6 proposals[21] Business Model and Strategy - The company aims to become an IoT platform company, integrating chip hardware, software solutions, and cloud technologies to provide comprehensive AIoT products and services globally[96] - The company's B2D2B business model leverages a developer ecosystem to generate business opportunities, with developers bringing in business opportunities from their respective companies[165] - The company's cloud products have created business synergies, transitioning from hardware sales to providing hardware, software, and cloud products as a one-stop service[160] Investment Projects - Wi-Fi 6 FEM R&D and industrialization project has a total investment of 35,000.00万元, with 6,815.06万元 invested this period and a cumulative investment of 28,174.90万元, currently in the product development stage[183] - Wi-Fi EHT chip R&D project has a total investment of 24,000.00万元, with 4,086.14万元 invested this period and a cumulative investment of 24,567.97万元, already completed[183] - ESP-IDF 5X project has a total investment of 25,000.00万元, with 4,647.20万元 invested this period and a cumulative investment of 17,481.63万元, currently in the product development stage[183] - RISC-V multi-core application processor project has a total investment of 50,000.00万元, with 4,389.79万元 invested this period and a cumulative investment of 5,493.70万元, currently in the product design stage[184] - Cloud platform upgrade project has a total investment of 25,000.00万元, with 1,930.05万元 invested this period and a cumulative investment of 2,559.62万元, currently in the product design stage[184] User and Market Impact - The company's products are used by hundreds of millions of users globally for secure and stable wireless connections, voice interaction, facial recognition, and data management[192]