Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a significant year-on-year revenue growth of 37.96% in H1 2024, reaching 920 million yuan, with a net profit of 152 million yuan, up 134.85% [4] - The expansion of the product matrix is expected to continue driving revenue growth, leading to an upward revision of profit forecasts for 2024, 2025, and 2026 [4] - The company benefits from the increasing penetration of smart home and consumer electronics industries, alongside a continuous expansion of its product lines [5][6] Financial Performance Summary - In H1 2024, the company reported revenue of 920 million yuan, a 37.96% increase year-on-year, and a net profit of 152 million yuan, a 134.85% increase year-on-year [4] - The gross margin improved to 43.20%, up 2.35 percentage points year-on-year [4] - For Q2 2024, revenue reached 533 million yuan, a 52.78% increase year-on-year, with a net profit of 98 million yuan, up 191.87% year-on-year [4] - The company’s EPS for 2024, 2025, and 2026 is projected to be 3.01, 4.07, and 5.43 yuan respectively, with corresponding P/E ratios of 35.2, 26.0, and 19.5 [4] Product Performance - In H1 2024, chip revenue was 381 million yuan (41.40% of total revenue), a 72% increase year-on-year, with a gross margin of 49.00% [5] - Module revenue was 532 million yuan (57.80% of total revenue), a 22% increase year-on-year, with a gross margin of 38.91% [5] - The company’s overall gross margin increased due to low raw material prices and a higher proportion of revenue from new customers with better margins [5] Market Outlook - The global smart home market is expected to reach 154.4 billion USD in 2024, with a projected CAGR of 11% over the next five years [6] - The introduction of new products, such as the dual-core RISC-V SoC ESP32-P4, is anticipated to expand the market capacity by 2.5 times [6]

Investment Rating - The report maintains a "Recommend" rating for the company [13] Core Views - The company's performance significantly exceeded expectations, driven by multiple product lines and improved profitability [7] - Revenue for 1H24 reached RMB 920 million, a 37.96% YoY increase, with net profit attributable to parent company owners at RMB 152 million, up 134.85% YoY [7] - The company's product lines are continuously expanding, opening up new growth opportunities, particularly in edge AI, Wi-Fi 6, and low-power Bluetooth chip markets [7] - The acquisition of M5Stack enhances the company's presence in the industrial market and strengthens its software ecosystem, creating a core competitive barrier [7] Financial Performance - Revenue is projected to grow from RMB 1,433 million in 2023A to RMB 3,101 million in 2026E, with a CAGR of 29.6% [8] - Net profit attributable to parent company owners is expected to increase from RMB 136 million in 2023A to RMB 581 million in 2026E, with a CAGR of 62.5% [8] - The company's PE ratio is forecasted to decrease from 87 in 2023A to 20 in 2026E, indicating improving valuation metrics [8] - Gross margin is expected to improve from 40.56% in 2023A to 44.30% in 2025E, reflecting better cost management and product mix [16] Product and Market Expansion - The company's ESP32-S series, particularly ESP32-S3, is enhancing edge AI applications, enabling high-performance image and voice recognition [7] - ESP32-C6 offers 2.4GHz Wi-Fi 6 technology, targeting battery or energy storage-driven applications [7] - ESP32-H2 introduces support for IEEE 802.15.4 technology, expanding the company's Wireless SoC product line [7] - ESP32-P4 marks the company's entry into the multimedia market, targeting customers with high edge computing needs [7] Strategic Initiatives - The acquisition of M5Stack strengthens the company's position in the industrial, education, and developer markets, accelerating product design processes and creating more B2B opportunities [7] - The company's software ecosystem, including open SDKs and comprehensive software solutions, forms a strong competitive barrier and shortens development cycles for customers [7]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next 6 months [20]. Core Insights - The company achieved a revenue of 920 million yuan in H1 2024, representing a year-over-year increase of 38%, with Q2 revenue reaching 530 million yuan, up 53% year-over-year and 38% quarter-over-quarter [2]. - The net profit attributable to the parent company for H1 2024 was 150 million yuan, a significant year-over-year increase of 135%, with Q2 net profit at 98 million yuan, reflecting a 192% year-over-year growth and an 81% quarter-over-quarter increase [2]. - The company's gross margin for H1 2024 was 43.2%, up 2.6 percentage points from the previous period, while the net margin was 16.6%, an increase of 7.1 percentage points [2]. - The company is positioned as a leader in the AIoT industry, with strong performance recovery trends and projected net profits of 330 million, 470 million, and 640 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 35, 24, and 18 [4]. Summary by Sections Revenue and Profitability - The company reported a revenue of 1,433 million yuan for 2023, with projections of 2,005 million yuan for 2024, 2,599 million yuan for 2025, and 3,211 million yuan for 2026, indicating a growth rate of 40% in 2024 [18]. - The net profit for 2023 was 136 million yuan, with forecasts of 326 million yuan for 2024, 472 million yuan for 2025, and 635 million yuan for 2026, reflecting a growth rate of 140% in 2024 [18]. Market and Industry Outlook - The global IoT device connections are expected to reach 18 billion by 2024 and grow to 39.6 billion by 2033, with a compound annual growth rate of 9.18% [3]. - The smart home market is projected to generate revenues of 154.4 billion USD in 2024, with a compound annual growth rate of 10.67% over the next five years [3]. - The company aims to expand its market beyond IoT devices, targeting a market capacity increase of 2.5 times, and is focusing on a dual strategy of "processing + connectivity" for AIoT SoC development [4]. Financial Projections - The company is expected to achieve a gross margin of approximately 40.9% and a net margin of 18.9% by 2025, with an EPS of 4.21 yuan [18]. - The projected financial ratios indicate a strong growth trajectory, with a significant increase in both revenue and net profit over the next few years [18].

乐鑫信息科技（上海）股份有限公司 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 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》，以维护 股价稳定性和塑造积极的市场形象，现将行动方案进展半年度评估情况公告如下： 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，公司以 "处理+连接"为方向，为用户提供 AIoT SoC 及其软件。2024 年上半年，公司实 现营业收入 9.2 亿元，较 2023 年同比增加 37.96%；归属于上市公司股东的净利 润 15,164.25 万元，同比增加 134.85%；归属于上市公司股东的扣除非经常性损 益的净利润 14,567.74 万元，同比增加 170.12%。 受益于下游各行各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，公司在 B 端业绩方面 获得了新的 ...

招商证券股份有限公司 关于乐鑫信息科技（上海）股份有限公司 （二）募集资金投资项目情况 2022 年 8 月 22 日，第二届董事会第六次会议、第二届监事会第五次会议， 审议通过了《关于首次公开发行股票部分募投项目结项的议案》，同意"标准协 议无线互联芯片技术升级项目"、"AI 处理芯片研发及产业化项目"、"低功耗蓝牙 芯片研发及产业化项目"计划使用募集资金 38,563.60 万元，承诺募集资金投资总 额已投入完毕，这些项目皆已达到项目预定要求，达到预定运行条件，可以结项。 不涉及节余募集资金的使用，不存在损害公司股东特别是中小股东利益的情形。 独立董事发表了明确同意的独立意见，保荐机构招商证券股份有限公司（以下简 称"保荐机构"）对本事项出具了明确的核查意见。详见公司于 2022 年 8 月 23 日 在上海证券交易所网站(www.sse.com.cn)披露的《乐鑫信息科技（上海）股份有 限公司关于首次公开发行股票部分募投项目结项的公告》(2022-040)。 2022 年 11 月 9 日，第二届董事会第八次会议、第二届监事会第七次会议审 议通过了《关于首次公开发行股票部分募投项目子项目金额调整及使用超 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-053 乐鑫信息科技（上海）股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 07 月 31 日（星期三） 至 08 月 06 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 ir@espressif.com、"乐鑫董办"微信公众号后台提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）已于 2024 年 7 月 30 日发布公司 2024 年半年度报告，为便于广大投资者更全面 深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 08 月 07 日上午 11:00-12:00 举行 2024 年半年度业绩说明会，就投 资者关心的问题进行交流。 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-049 乐鑫信息科技（上海）股份有限公司 第二届董事会第二十九次会议决议公告 一、董事会会议召开情况 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"）第 二届董事会第二十九次会议（以下简称"本次会议"）于 2024 年 7 月 29 日在公司 304 会议室以现场方式召开。本次会议的通知于 2024 年 7 月 19 日通过电话及邮 件方式送达全体董事。会议应出席董事 7 人，实际到会董事 7 人，会议由公司董 事长 TEO SWEE ANN（张瑞安）主持。会议的召集和召开程序符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议由公司董事长 TEO SWEE ANN（张瑞安）主持，经全体董事表决， 形成决议如下： （一）审议通过《关于审议<2024 年半年度报告>及摘要的议案》 经审核，董事会认为公司 2024 年半年度报告的编制和审议程序符合相关法 律法规及公司章程等内部规章制度的规定；公司 2024 年半年度报告的内容与格 式符合相关规定，公允地反映了公司 2 ...