乐鑫信息科技（上海）股份有限公司 董事、监事和高级管理人员所持本公司股份 及其变动管理制度 第一章 总 则 上市公司董事、监事和高级管理人员从事融资融券交易的，其所持 本公司股份还包括记载在其信用账户内的本公司股份。 公司董事、监事、高级管理人员不得从事以本公司股票为标的的融 资融券交易，不得开展以本公司股票为合约标的物的衍生品交易。 第五条 公司董事、监事和高级管理人员所持本公司股份在下列情形下不得 转让： （一）本人离职后半年内； （二）公司因涉嫌证券期货违法犯罪，被中国证券监督管理委员会 （以下简称"中国证监会"）立案调查或者被司法机关立案侦查， 或者被行政处罚、判处刑罚未满 6 个月的； （三）本人因涉嫌与公司有关的证券期货违法犯罪，被中国证监会 立案调查或者被司法机关立案侦查，或者被行政处罚、判处刑罚未 满 6 个月的； 第一条 为加强对乐鑫信息科技（上海）股份有限公司（以下简称"公司"） 董事、监事和高级管理人员所持本公司股份及其变动的管理，明确 相关办理程序，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司股东减持股份管理暂行办法》《上市公司董事、 监事和高级管理人员所持本公司股 ...

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 | Spathiphy Capital、北大方正人寿、博时基金、才誉资本、翀云基金、 | | 位名称 | 春新基金、大成基金、大筝资产、德邦证券、东北证券、东北证券资 | | | 管、东财基金、复胜资产、工银瑞信基金、光大证券、广发基金、国 | | | 海证券、国金证券、国君资管、国泰基金、韩国投信运用、和君咨询、 | | | 弘毅远方基金、弘悦基金、鸿商资本、华安证券、华富基金、华泰柏 | | | 瑞基金、汇丰晋信基金、汇添富基金、惠璞投资、嘉合基金、嘉实基 | | | 金、见龙资产、建信基金、交银基金、桀新投资、金友创智、玖润投 | | | 资、立格资本、聆泽私募、民生 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 134.05 CNY over the next six months [1][2]. Core Insights - The company reported a record high in single-quarter performance, with revenue of 9.2 billion CNY in the first half of 2024, representing a year-on-year growth of 38%, and a net profit of 1.5 billion CNY, up 134.9% year-on-year [1]. - In Q2 alone, the company achieved revenue of 5.3 billion CNY, a quarter-on-quarter increase of 37.7%, and a net profit of 0.98 billion CNY, up 81.3% quarter-on-quarter [1]. - The significant improvement in profitability is attributed to increased penetration in the digital intelligence sector and an improving competitive landscape [1]. - The company’s gross margin improved by 2.2 percentage points to 44.11% in Q2, while the net margin increased by 4.6 percentage points to 18.5% [1]. - New product launches, particularly the ESP32-S3, C2, and C3, have driven revenue growth, with the company’s WiFi chip sales ranking fifth globally [1]. Financial Forecast and Valuation - The company is expected to achieve net profits of 3.5 billion CNY, 4.3 billion CNY, and 5.2 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 3.13 CNY, 3.83 CNY, and 4.59 CNY [2][6]. - The projected dynamic PE ratios for the same years are 33x, 27x, and 22x [2][6]. - The report anticipates a compound annual growth rate (CAGR) of 55.8% for net profit over the next three years, outperforming the industry average [8].

乐鑫科技 2024 年半年报投资者交流纪要 Pro 版 略以"处理+连接"为方向，在连接方面，覆盖了 Wi-Fi 4、Wi-Fi 6、蓝牙、Thread、Matter 等 多种通信协议，在处理方面则可以视同为一家 SoC 公司，通过不同算力的处理器和通信协 议组合而成各种物联网芯片产品，满足下游各种领域的需求。随着 AI 在物联网领域的逐渐 渗透，我们的产品也包含边缘 AI 功能，具备语音唤醒、控制，图像识别等功能。围绕物联 网，我们除了硬件之外，也开始衍生提供云平台的服务业务,希望为物联网客户提供从端到 云的一站式解决方案。 受益于下游各行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，公司下游领域中的客户不断有项目进入放量 期。我司产品应用下游属于泛 IoT 领域，不依赖特定行业或特定客户的爆发性增长，而着 眼于更长期持续的数智化渗透。 本报告期，经典款产品业绩稳定，次新品类（ESP32-S3、C2 和 C3）则处于高增长期，贡献 了营收业绩的增量。公司产品矩阵正在不断丰富，新品相比目前的次新品类增加差异化的 功能属性，非替代关系，将协助拓展新的市场 ...

丨证券研究报告丨 公司研究丨点评报告丨乐鑫科技（688018.SH） [Table_Title] 次新品持续放量，二季度业绩高增 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2024 年上半年，公司实现收入 9 ...

总市值（亿）： 122.27 专用计算机设备 乐鑫科技（688018.SH） 买入-A(维持) 下游需求回暖，次新品放量业绩加速增长 证券研究报告 2024 年 8 月 1 日 公司研究/公司快报 事件描述 公司近一年市场表现 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+37.96%；实现归母净利润 1.52 亿元，同比+134.85%。2024Q2 季度，公司实现营收 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%。 事件点评 营收季度环比高增，产品多元化扩大市场空间。公司产品矩阵持续丰富， 市场数据：2024 年 7 月 31 日 次新类的高性价比产品ESP32-C2以及高性价比产品ESP32-S3处于高速成长 收盘价（元）： 108.99 期。下游需求中小型化设备放量，拉动芯片收入占比进一步提升，模组产品 年内最高/最低（元）： 122.60/70.30 与芯片形成协同效应。同时公司进一步扩充下游客户群，除传统物联网设备 流通A股/总股本（亿）： 1.12/1.12 外， ...

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 欢迎大家关注微信公众号"乐鑫董办"。目前此号已发布约 70 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，建议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。 | --- | --- | |--------|------------------------------------------------------------------| | 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 | Point 72、安信证券、百川财富、百年保险资管、才誉资本、博普资产、 | | 位名称 | 博时基金、博研睿选、博裕资本、博众投资、财通证券、财通资管、 | | | 常春藤资本、常亿资管、晨燕资产、城天九投资、翀云基金、创金合 | | | 信、淳厚基金、慈阳投资、大家资产、淡水泉投资、道翼资本、东北 | | | ...

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]