证券研究报告 | 2025年03月27日 乐鑫科技（688018.SH） 优于大市 毛利率持续优化提升，布局 WiFi7 与 AP 开拓新市场 2024 年营收同比增长 40.04%，归母净利润同比增长 149.13%。公司发布 2024 年报，全年实现营业收入 20.07 亿元，同比增加 40.04%；实现归母净利润 3.39 亿元，同比增加 149.13%；扣非净利润 3.08 亿元，同比增加 182.77%。 营收增长主要得益于下游各行各业数字化与智能化渗透率不断提升，以及近 两年的新增潜力客户逐步放量。 新兴应用市场高速增长，4Q 毛利率进一步提升。分业务看，公司芯片实现收 入 7.83 亿(YoY +43.04%)，模组实现收入 12.08 亿(YoY +38.69%)，全年芯 片与模组合计销量 2.53 亿颗(YoY +35.87%)。从应用端来看，2024 年智能家 居、智能照明和消费电子等核心应用合计达到 30%以上的增长，而能源管理、 工具设备、大健康等新兴应用市场更加突出，均呈现出了高速增长。2024 年 股权激励费用对净利润的影响约 3766.13 万元，研发费用方面 24 年达到 4. ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected growth in digitalization and intelligence penetration in downstream applications [4][6]. Core Insights - The company achieved a significant increase in both revenue and profit, with a total revenue of 2.007 billion yuan in 2024, representing a year-on-year growth of 40.04%, and a net profit attributable to shareholders of 339 million yuan, up 149.13% year-on-year [1][2]. - The company's product strategy focuses on "processing + connectivity," positioning itself as a leading AIoT SoC manufacturer, benefiting from the increasing digitalization and intelligence in downstream industries [2][3]. - The product matrix continues to expand, with a total chip shipment of 253 million units in 2024, marking a year-on-year growth of 35.85% [3]. - The acquisition of M5Stack in Q2 2024 is expected to enhance the company's ecosystem, providing a diverse product range and more B-end business opportunities [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 43.91%, an increase of 3.35 percentage points year-on-year, and effective cost control contributed to the doubling of net profit [2][4]. - The financial forecast for 2025-2027 estimates net profits of 483 million yuan, 644 million yuan, and 800 million yuan, respectively, with corresponding PE ratios of 49, 36, and 29 [5][4]. - The projected revenue growth rates for the next few years are 31.9% in 2025, 27.7% in 2026, and 19.5% in 2027 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [1][10]. Core Insights - The company reported a total revenue of 2.007 billion yuan for 2024, representing a year-over-year increase of 40.04%. The net profit attributable to shareholders was 339 million yuan, up 149.13% year-over-year [6]. - The company plans to distribute a cash dividend of 6 yuan per 10 shares and a bonus issue of 4 shares for every 10 shares held [6]. - The growth in revenue is attributed to the digitalization and intelligence enhancement in smart home applications, as well as the expansion into non-smart home markets [6]. - The company is focusing on long-term growth with a stock incentive plan and aims for a compound annual growth rate (CAGR) of 19.92% in revenue by 2028 [6]. - The company is transitioning from a Wi-Fi solution provider to a System on Chip (SoC) provider, with plans to invest up to 1.778 billion yuan in Wi-Fi 7 technology and AI chip projects [6][7]. - The product matrix includes advancements in Wi-Fi and low-power Bluetooth technologies, with new products supporting the latest Bluetooth specifications [6][7]. - The company is adapting to AI market demands by integrating AI capabilities into its products, including cloud and edge solutions [7]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.91%, with a significant increase in quarterly gross margin in Q4 [6]. - The projected net profits for 2025, 2026, and 2027 are 466 million yuan, 624 million yuan, and 849 million yuan, respectively, with corresponding price-to-earnings ratios of 52.04, 38.91, and 28.58 [8]. Product Development - The company has launched new products that enhance its offerings in the IoT space, including chips that support low-power applications and advanced connectivity features [6][7]. - The integration of RISC-V architecture into its products is expected to reduce licensing costs and differentiate its offerings in the market [6][7]. Market Position - The company is experiencing rapid growth in non-smart home applications, indicating a diversification of its revenue streams [6]. - The ongoing development of AI capabilities in its products positions the company well for future market demands [7].

证券研究报告：电子 | 公司点评报告 个股表现 2024-03 2024-06 2024-08 2024-10 2025-01 2025-03 -12% 21% 54% 87% 120% 153% 186% 219% 252% 285% 318% 乐鑫科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 215.00 | | --- | --- | | 总股本/流通股本（亿股）1.12 | / 1.12 | | 总市值/流通市值（亿元）241 | / 241 | | 52 周内最高/最低价 | 287.00 / 72.29 | | 资产负债率(%) | 17.7% | | 市盈率 | 69.60 | | 第一大股东 | 樂鑫(香港)投資有限公 | | 司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 乐鑫科技(688018) 营收稳健增长，盈利水平持续提升 股票投资评级 买入 |维持 l ...

公告指出，公司2024年净利润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。营收增长主要得益于下游各行各业数 字化与智能化渗透率不断提升，以及2023年至2024年的新增潜力客户逐步放量。 本报讯(记者张文湘见习记者占健宇)日前，乐鑫信息科技(上海)股份有限公司(以下简称"乐鑫科技")发布 2024年年度报告。2024年，公司实现营业收入20.07亿元，同比增长40.04%；归属于上市公司股东的净 利润为3.39亿元，同比增长149.13%；归属于上市公司股东的扣除非经常性损益的净利润为3.08亿元， 同比增长182.77%。 乐鑫科技2024年营收净利双增 研发投入同比增长 21.45% 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 此外，公司2024年研发费用投入4.9亿元，同比增长21.45%。公司的研发策略是保持核心技术自研，大 量投入底层技术研发。截至2024年末，公司研发人员数量553人，较上年同期增长14.26%。 公告显示，在应用端，智能家居仍然是公司的主要收入来源，但非智能家居领域已经呈现 ...

Core Viewpoint - The company, Lexin Technology, reported significant growth in both revenue and profit for the year 2024, driven by the expansion of new customers and applications in the AIoT sector, indicating a strong market position and innovative capabilities [1][2]. Financial Performance - In 2024, the total revenue reached 2.01 billion yuan, representing a year-on-year increase of 40% - The net profit attributable to shareholders was 340 million yuan, up 149% year-on-year - The company's chip revenue was 783 million yuan, also up 43% year-on-year, while module and development kit revenue was 1.21 billion yuan, increasing by 38.7% [1] - For Q4 2024, revenue was 547 million yuan, reflecting a year-on-year growth of 34.7% and a quarter-on-quarter increase of 1.3% [2] Profitability Metrics - The gross margin for the IC business was 43.9%, an increase of 3.35 percentage points year-on-year - The gross margin for chips was 51.5%, up 4.64 percentage points year-on-year, while the gross margin for modules and development kits was 38.9%, an increase of 2.45 percentage points [1] - In Q4 2024, the gross margin was 46.9%, which is a year-on-year increase of 6.8 percentage points [2] Business Expansion and Innovation - The company is expanding its AIoT ecosystem, with a focus on both cloud and edge solutions - As of the end of 2024, the number of GitHub ESP32 projects reached 82,100, indicating a robust developer community - The acquisition of a majority stake in M5Stack has strengthened the company's position in the education and developer markets [2] Product Development - The company has integrated AI algorithms into its products, enhancing capabilities such as image recognition and voice wake-up features - New products like the S3 and P4 have reinforced edge AI functionalities, while the C61 supports WiFi6, significantly improving connectivity [2]

Core Viewpoint - Lexin Technology plans to raise 1.778 billion yuan through a private placement to fund various projects, including Wi-Fi 7 chip development and RISC-V AI chip research, while also addressing liquidity needs [3][4][6]. Financing Details - Lexin Technology aims to raise 1.778 billion yuan for projects such as Wi-Fi 7 router and terminal chip development, RISC-V AI chip research, and the construction of a Shanghai R&D center, with 100 million yuan allocated for working capital [3][4][9]. - The company previously raised 1.252 billion yuan during its IPO in 2019 [4]. Financial Performance - For 2024, Lexin Technology expects total revenue of 2.007 billion yuan, a year-on-year increase of 40.04%, and a net profit of 340 million yuan, up 149.54% [4][5]. - Key financial metrics show significant growth, including a 217.40% increase in operating profit and a 106.38% rise in basic earnings per share [5]. Market Trends and Opportunities - The demand for IoT devices connected via Wi-Fi is projected to grow from 3.573 billion in 2023 to 4.549 billion by 2030, indicating a robust market for Lexin's products [7]. - The company is focusing on the application of Wi-Fi 7 technology in smart homes, industrial IoT, and smart cities [8]. Strategic Focus - Lexin Technology emphasizes the need for advanced AI processing capabilities in terminal devices, which necessitates the development of flexible RISC-V AI acceleration chips [7][10]. - The company aims to enhance its independence in semiconductor technology, particularly in the context of increasing reliance on domestic IP design and development [10].

星标 ★ IPO日报 精彩文章第一时间推送 自2019年在A股市场融资10余亿元后，这家公司又欲拟募资17.78亿元。 近期，终端SoC芯片商乐鑫信息科技（上海）股份有限公司（SH688018，下称"乐鑫科技"）发布向特定对象发行A股股票预案。公告显示，乐鑫科技此次 再融资拟募资17.78亿元，用于Wi-Fi 7路由器芯片研发及产业化项目、Wi-Fi 7智能终端芯片研发及产业化项目、基于RISC-V自研IP的AI端侧芯片研发及产 业化项目、上海研发中心建设项目等，其中1亿元将用于补充流动资金。 制图：佘诗婕 再融资 乐鑫科技2008年成立于上海，2019年7月，乐鑫科技在上交所科创板上市，彼时募集资金总额12.52亿元。 此次定增预案中，乐鑫科技欲再募资17.78亿元，其暂未披露发行对象、认购方式及发行价格。届时发行价格将不低于定价基准日前二十个交易日该公司 股票交易均价的80%。融资实施进度方面，目前上述定增方案及相关事项已经乐鑫科技董事会审议通过，目前仍需股东会审议以及交易所、证监会审核。 据悉，乐鑫科技致力于为企业和开发者提供前沿的开源AIOT解决方案，不断拓宽科技行业的多元化边界，拥有全球研发网络包括 ...

乐鑫信息科技（上海）股份有限公司 关于"2025 年提质增效重回报"行动方案 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》，于 2024 年 7 月 30 日发布了《乐鑫科技关于公司 2024 年度提质增效重回报专项行动方 案的半年度评估报告》，以维护股价稳定性和塑造积极的市场形象。在过去的一 年时间里，我们根据行动方案开展工作，取得了卓越的成绩，现将行动方案年度 执行情况评估公告如下，并基于 2024 年的实际情况制定 2025 年的优化目标和 提升举措： 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，以"处 理+连接"为方向，为用户提供 AIoT SoC 及其软件，现已发展成为一家物联网技 术生态型公司。2024 年，公司实现营业收入 200,691.97 万元，较 2023 年同比增 加 40.04%；归属于母公司股东的净利润 33,932.39 万元，同比增加 ...