Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant revenue growth, achieving 1.46 billion yuan in revenue for the first three quarters of 2024, representing a year-on-year increase of 42.17%. The net profit attributable to shareholders reached 251 million yuan, up 188.08% year-on-year [2][3] - The third quarter of 2024 saw revenue of 540 million yuan, a year-on-year increase of 49.96% and a quarter-on-quarter increase of 1.27%. The net profit attributable to shareholders was 99 million yuan, reflecting a year-on-year growth of 340.17% [3] - The company is experiencing growth across multiple downstream application areas, with significant contributions from smart home and consumer electronics, as well as increasing penetration in other IoT sectors [2][5] Financial Performance - For the first three quarters of 2024, the gross margin was 42.81%, an increase of 2.25 percentage points year-on-year, driven by a higher proportion of chip sales [2] - The company’s R&D expenses for the first three quarters of 2024 were 340 million yuan, a year-on-year increase of 19.06%, indicating a strong commitment to innovation [4] - The company expects net profits attributable to shareholders to reach 347 million yuan, 472 million yuan, and 628 million yuan for the years 2024, 2025, and 2026 respectively [5] Product Development - The company has launched 12 different product lines based on RISC-V architecture, enhancing its core competitiveness in the market [4] - New products such as ESP32-S3 and ESP32-P4 are designed to support advanced applications like image recognition and multimedia, expanding the company's market reach beyond traditional IoT devices [4] Market Position - The company is positioned as a leading player in the IoT technology ecosystem, with a focus on high-performance and cost-effective products, which is expected to drive long-term growth [5]

本公司董事会及全体董事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、准确性和完整性承担法律责任。 为进一步加强与广大投资者的沟通交流，乐鑫信息科技（上海）股份有限公 司（以下简称"公司"）将参加"2024 年上海辖区上市公司三季报集体业绩说明会" 活动，现将有关事项公告如下： 本次活动将采取网络的方式举行，投资者可以登录"上证路演中心"网站 （https://roadshow.sseinfo.com）或关注微信公众号上证路演中心参与互动交流， 活动时间为 2024 年 11 月 13 日（周三）15:00 至 16:30。 证券代码：688018 证券简称：乐鑫科技 公告编号：2024-069 乐鑫信息科技（上海）股份有限公司 关于参加 2024 年上海辖区上市公司三季报 集体业绩说明会的公告 欢迎大家关注微信公众号"乐鑫董办"。目前此号已发布 90 余篇主题文章， 从多维度展示乐鑫的风貌，包含了关于乐鑫文化、商业模式、产品情况、近期 新闻、投资者交流纪要等信息。新朋友可在公众号的菜单栏里面选择"推荐必读" 系列阅读，以便快捷了解乐鑫整体情况。 "乐鑫董办"微信公众号 微信视 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-068 乐鑫信息科技（上海）股份有限公司 2023 年第三期限制性股票激励计划第一个归属期 归属结果公告 本公司董事会及全体董事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： 本次归属股票数量为 45,389 股，来源于公司从二级市场回购的公司 A 股普 通股股票，由回购专用证券账户过户登记。 一、 限制性股票归属的决策程序及相关信息披露情况 1. 2023 年第三期限制性股票归属的决策程序及相关信息披露情况 （1）2023 年 9 月 26 日，公司召开第二届董事会第十九次会议，会议审议 通过了《关于审议<公司 2023 年第三期限制性股票激励计划（草案）>及其摘要 的议案》《关于审议<公司 2023 年第三期限制性股票激励计划实施考核管理办法> 的议案》以及《关于提请股东大会授权董事会办理公司 2023 年第三期限制性股 票激励计划相关事宜的议案》等议案。公司独立董事就本激励计划相关议案发表 了独立意见。 同日，公司召开第二届监事会第十四次会议，审议通过了《关于 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 131.81 CNY [4]. Core Insights - The company achieved significant growth in its financial performance, with a revenue of 1.46 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 42.17%. The net profit attributable to shareholders reached 251 million CNY, up 188.08% year-on-year [2]. - The company's AIoT strategy is driving growth, with a focus on embedded wireless communication chips and multiple key project developments [2]. - The company has established a strong ecosystem through its 2D2B business model, attracting a global developer community that enhances its market competitiveness [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 540 million CNY, a year-on-year increase of 49.96%, and a net profit of 99 million CNY, up 340.17% year-on-year [2]. - The projected net profits for 2024, 2025, and 2026 are 346 million CNY, 462 million CNY, and 581 million CNY, respectively, with growth rates of 154.1%, 33.3%, and 25.9% [2][3]. - The company's gross margin for Q3 2024 was 42.14%, maintaining a high level despite a slight decrease [2]. Project Development - The company is focusing on several key projects, including the development of Wi-Fi 6 FEM, high-performance low-resource firmware (ESP-IDF 5X), cloud platform upgrades, and RISC-V multi-core application processors [2]. Market Positioning - The company has built high barriers to entry through its ecosystem, which is expected to support sustained high growth in performance as the industry expands [2].

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company achieved significant revenue and profit growth in the first three quarters of 2024, with revenue reaching 1.46 billion yuan, a year-on-year increase of 42.17%, and net profit attributable to shareholders of 251 million yuan, up 188.08% year-on-year [1][3] - The company's gross margin improved due to a structural change in revenue sources, with the gross margin for the first three quarters of 2024 at 42.81%, an increase of 2.06 percentage points year-on-year [1][3] - The company is expected to benefit from the recovery in the smart home and consumer electronics sectors, with projected growth rates of 30-35% for the year [1][3] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 540 million yuan, a year-on-year increase of 49.96%, and a net profit of 99 million yuan, up 340.17% year-on-year [1] - For the first three quarters of 2024, chip revenue was approximately 562 million yuan, accounting for 38.5% of total revenue, with a year-on-year growth of 52.46% [1] - The company's R&D expenses grew by 19.06% year-on-year to 340 million yuan, which is lower than the revenue growth rate [1][3] Market Outlook - The global smart home market is projected to reach 154.4 billion USD in 2024, with a compound annual growth rate of 10.67% expected until 2028 [1] - The company is expanding its product matrix, with new high-performance chips like ESP32-S3 and ESP32-H4, which are expected to drive future growth [1][3] Earnings Forecast - Revenue forecasts for 2024-2026 are 1.95 billion yuan, 2.51 billion yuan, and 3.06 billion yuan, respectively, with net profits of 342 million yuan, 466 million yuan, and 609 million yuan [3][5] - The expected earnings per share (EPS) for the same period are 3.05 yuan, 4.15 yuan, and 5.42 yuan, with corresponding price-to-earnings ratios of 43, 32, and 24 times [3][5]

Group 1: Company Overview - The company started with self-developed Wi-Fi MCU chips and has expanded its product matrix to include various processors with wireless connectivity (SoC) [1] - The product strategy focuses on "Processing" and "Connecting," driven by insights into the IoT industry's future needs [1] - The company has evolved from a chip manufacturer to an IoT technology ecosystem company, emphasizing a full-stack engineering capability [2] Group 2: Market Performance - In the first three quarters, the company achieved a total revenue of 1.46 billion, a year-on-year increase of 42.17%, with a single-quarter revenue of 540 million [2] - The net profit attributable to shareholders for the first three quarters was 251 million, up 188.08% year-on-year, primarily due to rapid revenue growth and lower expense growth [2] - The gross profit margin for the first three quarters was 42.81%, with a target to maintain a gross margin of 40% [2] Group 3: Cost and R&D Management - R&D expenses accounted for 78.18% of total expenses, with a year-on-year growth of 19.06% [3] - Sales expenses increased by 16.69% to 3.05%, while management expenses decreased to 3.45% [3] - The company actively manages inventory, with a significant improvement in inventory turnover compared to the previous year [5] Group 4: Market Trends and Future Outlook - The IoT market is diversifying, with significant growth in sectors like energy management, tools, and healthcare, projected to achieve a 40% growth rate [3] - The company anticipates a revenue target of 2 billion for the year, with Q4 expected to contribute over 500 million [5] - The first five customers accounted for approximately 23.4% of total sales, indicating a growing long-tail effect as new customers increase [5] Group 5: Developer Ecosystem and Collaboration - The company emphasizes building a developer ecosystem, with over 120,000 open-source projects related to its products on GitHub [4] - Collaboration with universities is expanding, with many students using the company's ESP32 chips in their projects [4] - The acquisition of M5Stack is aimed at enhancing brand influence within the developer community and fostering ecosystem growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight quarter-on-quarter revenue increase, with continuous improvement in operational efficiency [1] - The main revenue sources remain in smart home and consumer electronics, with an expected growth rate of 30-35% this year [1] - The company is expanding its ecological influence, showing high growth in energy management, tools, and health sectors, with many potential new customers joining during 2023-2024 [1] - The gross margin has improved by 2.1 percentage points, with specific increases in chip, module, and development kit gross margins [1] - The company focuses on developing high-performance, low-power wireless communication chips, which is expected to provide broader development space as IoT penetration continues to rise [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.46 billion yuan, a year-on-year increase of 42.2% [1] - The net profit attributable to the parent company reached 250 million yuan, a year-on-year increase of 188.1% [1] - The company expects revenues of 2.03 billion, 2.50 billion, and 3.10 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41.7%, 23.3%, and 23.8% [2][5] - The net profit attributable to the parent company is projected to be 351 million, 452 million, and 590 million yuan for the same years, with growth rates of 157.3%, 29.1%, and 30.4% [2][5] - The gross margin is expected to improve to 43.3%, 43.7%, and 44.1% over the next three years [2][5] Cash Flow and Balance Sheet Summary - The operating cash flow for 2023 is reported at 303 million yuan, with projections of 238 million, 355 million, and 481 million yuan for the following years [3] - The total assets are expected to grow from 2.20 billion yuan in 2023 to 3.46 billion yuan by 2026 [4] - The company’s total liabilities are projected to increase from 291 million yuan in 2023 to 427 million yuan in 2026 [4] - The net profit margin is expected to improve, reflecting the company's operational efficiency [5]

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]