第二届董事会第二十八次会议决议公告 证券代码：688018 证券简称：乐鑫科技 公告编号：2024-040 乐鑫信息科技（上海）股份有限公司 本公司及董事会全体成员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。 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 二届董事会第二十八次会议（以下简称"本次会议"）于 2024 年 5 月 14 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 5 月 9 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《关于调整 2019 年、2020 年第一期、2021 年、2022 年、 2023 年、2023 年第 ...

乐鑫信息科技（上海）股份有限公司 第二届董事会第二十八次会议决议公告 本公司及董事会全体成员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。 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 二届董事会第二十八次会议（以下简称"本次会议"）于 2024 年 5 月 14 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 5 月 9 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。 证券代码：688018 证券简称：乐鑫科技 公告编号：2024-040 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《关于调整 2019 年、2020 年第一期、2021 年、2022 年、 2023 年、2023 年第 ...

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 差异化权益分派事项之 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 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 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 差异化权益分派事项之 法律意见书 致：乐鑫信息科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受乐鑫信息科技（上海） 股份有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法（2018 年修订）》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下 简称"《回购指引》"）等法律、法规和其他规范性文件（以下简称"法律、法规"） 以及《乐鑫信息科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，就公司 2023 年度利润分配及资本公积转增股本所涉及的差异化权益 分派（以下简称"本次差异化权益分派"）相关事项出具本法律意见书。 为出具本法律意见书，本所及本所律师 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-038 重要内容提示： | 股权登记日 | 除权（息）日 | 新增无限售条件 | 现金红利发放日 | | --- | --- | --- | --- | | | | 流通股份上市日 | | | 2024/5/15 | 2024/5/16 | 2024/5/16 | 2024/5/16 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司 2024 年 4 月 12 日的 2023 年年度股东大 会审议通过。 二、 分配、转增股本方案 乐鑫信息科技（上海）股份有限公司 2023 年年度 权益分派实施公告 本公司董事会及全体董事保证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。 本次利润分配及转增股本以方案实施前的公司总股本 80,789,724 股，扣除回 公司存在首发战略配售股份，首发战略配售股份已全部上市流通 是否涉及差异化分红送转：是 每股分配比例，每股转增比例 每股现金红利 1 元（含税） 每股转增 0.4 股 相关日期 购专用证券账户中股份数后剩 ...

Investment Rating - The report maintains a "Buy" rating for the company 乐鑫科技 (688018) [10][13] Core Insights - The company reported Q1 2024 revenue of 387 million yuan, a year-on-year increase of 21.71%, and a net profit of 54 million yuan, up 73.43% year-on-year [12] - The gross margin improved to 41.93%, with a sequential increase of 1.86 percentage points, driven by a higher proportion of chip sales [12] - The product matrix is expanding with new products like ESP32-C6 and ESP32-H4 expected to enter high growth phases [12] Financial Performance - For 2024, the company is projected to achieve revenues of 1.83 billion yuan, 2.36 billion yuan in 2025, and 3.07 billion yuan in 2026, with corresponding net profits of 188 million yuan, 267 million yuan, and 381 million yuan [13][16] - The company’s earnings per share (EPS) are expected to grow from 2.33 yuan in 2024 to 4.72 yuan in 2026 [16] - The price-to-earnings (P/E) ratio is projected to decrease from 48 times in 2024 to 24 times in 2026 [13][16] Market Position - The company has a total market capitalization of 8.6 billion yuan and a total share capital of 81 million shares [5][4] - The stock has experienced a price fluctuation with a 52-week high of 157.63 yuan and a low of 78.67 yuan [6] Product Development - The company’s new product lines, including ESP32-C3, ESP32-C2, and ESP32-S3, are contributing significantly to revenue growth [12] - The ESP32-C6, which supports Wi-Fi 6, is expected to drive further growth in the IoT sector [12]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 130.30 CNY per share, indicating a potential upside from the current price of 105.15 CNY [24]. Core Insights - The company reported a significant year-on-year profit increase in Q1 2024, with revenue reaching 387 million CNY, up 21.71% year-on-year, and a net profit of 53.92 million CNY, up 73.43% year-on-year [21]. - The chip business revenue share has increased, contributing to an overall improvement in gross margin, with the comprehensive gross margin rising to 41.93% [21]. - New product lines, particularly the ESP32-C3 and ESP32-C2, are experiencing rapid growth, and the company anticipates further growth from the upcoming ESP32-H2 and ESP32-C6 products [21]. Financial Summary - Revenue for 2022 was 1,271 million CNY, with a projected increase to 1,825 million CNY in 2024, reflecting a growth rate of 27.3% [23]. - The net profit for 2022 was 97 million CNY, expected to rise to 191 million CNY by 2024, indicating a growth rate of 40.5% [23]. - Earnings per share (EPS) are projected to grow from 1.21 CNY in 2022 to 2.37 CNY in 2024 [23].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 1.433 billion yuan in 2023, representing a year-on-year growth of 12.74%, and a net profit attributable to shareholders of 136 million yuan, up 39.95% year-on-year [2] - In Q1 2024, the company reported a revenue of 387 million yuan, a year-on-year increase of 21.71%, and a net profit attributable to shareholders of 54 million yuan, growing 73.43% year-on-year [2] - The product matrix is continuously expanding, meeting a broader range of customer application needs, with significant contributions from both new and existing customers [2][4] Revenue and Profit Analysis - In 2023, the company's revenue was 1.433 billion yuan, with a net profit of 136 million yuan, and in Q1 2024, revenue reached 387 million yuan with a net profit of 54 million yuan [2] - The gross margin for 2023 was 40.56%, increasing by 0.58 percentage points year-on-year, while Q1 2024 gross margin was 41.9%, up 1.2 percentage points year-on-year [2][5] - The company’s R&D expenses in 2023 were 404 million yuan, a year-on-year increase of 19.75%, with a focus on maintaining core technology development [5] Financial Forecast - The company is expected to achieve revenues of 1.791 billion yuan in 2024, 2.306 billion yuan in 2025, and 2.897 billion yuan in 2026, with year-on-year growth rates of 25%, 28.7%, and 25.6% respectively [6][12] - The net profit attributable to shareholders is projected to be 187 million yuan in 2024, 265 million yuan in 2025, and 356 million yuan in 2026, with growth rates of 37.6%, 41.1%, and 34.5% respectively [6][12] Product Development - The company’s product lines include high-performance and cost-effective categories, with the ESP32-C3 and ESP32-C2 series rapidly gaining market acceptance [4] - The ESP32-S3 series is expected to enhance AI applications, featuring vector instructions for accelerating neural network computations [4]

乐鑫科技（688018.SH） 增持 一季度净利润实现同环比增长 1Q24 营收同比增长 22%，净利润增长超 70%。1Q24 公司实现营业收入 3.87 亿元（YoY +21.7%，QoQ -4.7%），扩充的产品矩阵能够满足更广泛的客户 应用需求，实现了整体营收的增长；归母净利润 0.54 亿元（YoY +73.4%,QoQ +10%），扣非归母净利润 0.48 亿元（YoY +88.6%，QoQ +17.8%），剔除股 份支付影响，归母净利润为 0.60 亿元，毛利率提升至 41.9%（YoY +1.2pct， QoQ +1.8pct），营业收入增长、毛利率稳定、以及费用增速控制在营业收 入增速之下助力利润增长。 芯片收入占比提升，研发投入继续增强。按产品品种划分，1Q24 芯片收入占 比上升至 42.7%，模组收入占比下降至 56.7%（1Q23 34.2%/64.6%），芯片 和模组毛利率分别为 47.1%（YoY -1.3pct）和 38.1%（YoY +1.3pct），主 因芯片客户采用人民币定价为主，成本则以美元为主，美元升值使得芯片毛 利率也有所承压。1Q24 公司研发投入 1.04 亿元 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is positioned as a leader in IoT communication chips, benefiting from the rapid development of the IoT industry and its own technological advancements, which support a steady long-term growth trend [9]. - The company achieved a revenue of 387 million yuan in Q1 2024, representing a year-on-year increase of 21.71%, and a net profit attributable to shareholders of 54 million yuan, up 73.43% year-on-year [26]. - The company continues to enhance its product matrix, focusing on high-performance and cost-effective product lines, which cater to a wide range of customer applications [5][27]. Financial Performance - In Q1 2024, the company reported a gross margin of 41.93%, an increase of 1.22 percentage points year-on-year, with chip and module gross margins at 47.10% and 38.06%, respectively [5]. - The company’s R&D expenses for Q1 2024 were 104 million yuan, reflecting a year-on-year increase of 21.48%, indicating a commitment to core technology development [5]. - Forecasted net profits for 2024, 2025, and 2026 are expected to be 186 million yuan, 265 million yuan, and 341 million yuan, respectively [9]. Product Development - The company has launched 11 different chip models, focusing on a "processing + connectivity" strategy, and is actively developing products related to the Wi-Fi 6E protocol [27]. - The company is increasing its investment in edge AI capabilities, with products like the ESP32-S3 supporting high-performance applications such as image recognition and voice control [27].

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