请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 3 高峰，北京邮电大学电子与通信工程硕士，吉林大学工学学士。2 年电子实业工作经验，6 年证券从业经验，曾就职于渤海证 券、国信证券、北京信托证券部。2022 年加入中国银河证券研究院，担任电子团队组长，主要从事硬科技方向研究。 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------|-------|-------|-----------------------------------------------------------------------------------------------| | 中国银河证券股份有限公司 研究院 机构请致电： | | | | | | 深圳市福田区金田路 3088 号中洲大厦 20 层 | 深广地区： | | | 程 曦 0755-83471683 chengxi_yj@chinastock.com.cn ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][24][38] Core Insights - The company achieved a significant year-on-year revenue growth of 12.74% in 2023, reaching 1.433 billion yuan, with a net profit of 136 million yuan, up 39.95% year-on-year [24] - The introduction of the dual-core RISC-V SoC ESP32-P4, designed for high-performance and high-security applications, is expected to enhance the product matrix and meet diverse customer needs, driving growth [7][24] - The company is focused on expanding its product matrix, which is anticipated to support revenue growth and maintain strong growth momentum [6][24] Financial Summary - Revenue for 2023 was 1,433 million yuan, with a year-on-year increase of 12.7% [17] - Net profit for 2023 was 136 million yuan, reflecting a year-on-year growth of 40% [17] - The gross margin for 2023 was 40.6%, an increase of 0.58 percentage points year-on-year [17] - The company forecasts net profits of 191 million yuan, 272 million yuan, and 349 million yuan for 2024, 2025, and 2026 respectively [24] - Earnings per share (EPS) are projected to be 2.36 yuan, 3.37 yuan, and 4.32 yuan for 2024, 2025, and 2026 respectively [24] Product Performance - Chip revenue grew by 34.84% year-on-year in 2023, amounting to 547 million yuan, while module revenue increased by 1.97% to 871 million yuan [25] - The company has seen a decrease in inventory levels, with inventory down 46.02% year-on-year as of Q4 2023 [25] - R&D expenses for 2023 were 404 million yuan, a 19.75% increase year-on-year, indicating a commitment to innovation and talent acquisition [25]

Financial Performance - The company reported a revenue of approximately CNY 1.43 billion in 2023, representing a 12.74% increase from 2022[32]. - The net profit attributable to shareholders was approximately CNY 136.20 million in 2023, reflecting a 39.95% increase compared to the previous year[32]. - The net cash flow from operating activities surged by 324.27% to approximately CNY 302.60 million in 2023[32]. - Operating revenue for the period was CNY 1,433.06 million, reflecting a year-on-year increase of 12.74%[34]. - The gross profit margin remained stable, with a total gross profit of CNY 581.25 million, up 14.36% from the previous year[35]. - The basic earnings per share increased by 40.26% to CNY 1.7012, while diluted earnings per share rose by 39.60% to CNY 1.6929[39]. - The weighted average return on equity increased by 1.78 percentage points to 7.14%[39]. - The company achieved operating revenue of CNY 1,433,064,910.56, a year-on-year increase of 12.74%[124]. - Operating profit reached CNY 10,525.89 million, up 22.22% year-on-year, while total profit increased by 22.43% to CNY 10,539.57 million[124]. - Net profit attributable to shareholders was CNY 13,620.46 million, reflecting a significant growth of 39.95% compared to the previous year[124]. Dividend and Capital Management - The company plans to distribute a cash dividend of 10 RMB per 10 shares, totaling approximately 78.26 million RMB, which represents 57.46% of the net profit attributable to shareholders for 2023[5]. - The board of directors has approved the profit distribution and capital reserve transfer plan, pending shareholder approval[6]. - The company will increase its total share capital by 31.30 million shares through a capital reserve transfer, raising the total share capital to approximately 112.09 million shares[6]. Research and Development - Research and development expenses amounted to CNY 403.71 million, a year-on-year increase of 19.75%[37]. - The number of R&D personnel increased by 10% to 484, indicating a focus on talent acquisition for long-term development[37]. - The proportion of R&D investment to operating revenue rose to 28.17%, an increase of 1.65 percentage points compared to the previous year[34]. - The company is focusing on AIoT SoC technology, expanding its R&D efforts to include AI voice, AI image recognition, and various wireless communication technologies[52]. - The company achieved a total R&D investment of ¥403,713,557.15 in 2023, representing a 19.75% increase from ¥337,121,814.18 in the previous year[86]. - The company has accumulated a total of 167 authorized patents and software copyrights by the end of 2023, including 89 invention patents and 28 U.S. patents[84]. Product Development and Innovation - The newly launched ESP32-P4 features a custom-designed dual-core RISC-V architecture CPU, enhancing AI instruction extensions and integrating an H.264 encoder[18]. - The ESP32-P4 is focused on high-performance Human Machine Interface (HMI) applications, setting new benchmarks in security and performance[18]. - The ESP32-P4 is positioned as one of the most versatile chip products in the market, adaptable to different application scenarios[18]. - Key innovations include breakthroughs in AI-driven chip processing capabilities, advancements in wireless connectivity, and improvements in energy efficiency and performance, solidifying the company's leading position in IoT solutions[21]. - The company aims to leverage its expertise in scalable and low-cost wireless connectivity, HMI, video processing, and cloud platform frameworks to foster a vibrant software developer ecosystem[22]. - The company has developed core technologies such as RISC-V MCU architecture and high-power Wi-Fi RF technology, significantly improving product performance[96]. Market Position and Strategy - The company is committed to maintaining growth momentum and expanding market influence despite geopolitical uncertainties and macroeconomic fluctuations[17]. - The company holds a leading market position in the IoT Wi-Fi MCU communication chip sector, with a strong international competitive edge and expected to maintain its leading global shipment volume in 2023[68]. - Major competitors include Realtek, MediaTek, Qualcomm, NXP, Infineon, Silicon Labs, and Nordic, with the company expanding its product line into Wireless SoC technologies[68]. - The company is actively pursuing investment and acquisition opportunities in IoT technology firms to enhance technical capabilities and product lines[182]. Governance and Compliance - The company emphasizes investor relations management, utilizing various platforms for communication to enhance investor confidence[190]. - The company has implemented measures to manage insider information, limiting the number of individuals with access to sensitive information[190]. - The governance structure includes a strategic committee, nomination committee, compensation and assessment committee, and audit committee to support effective decision-making[188]. - The company maintains transparency in information disclosure, ensuring timely and accurate reporting of significant information[190]. Risks and Challenges - The company faces risks of performance decline due to slow recovery in downstream consumer demand, despite current revenue growth[111]. - The company is facing competition from major chip designers like Qualcomm and MediaTek, which may impact market share in the IoT sector[113]. - The company anticipates potential increases in product costs due to inflationary pressures, despite a short-term decrease in raw material price risks[117].

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-024 乐鑫信息科技（上海）股份有限公司 2022 年限制性股票激励计划首次授予部分 第二个归属期归属条件未成就并作废已授予但尚未 归属的限制性股票的公告 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、准确性和完整性依法承担法律责任。 2024 年 3 月 22 日，乐鑫信息科技（上海）股份有限公司（以下简称"公司"） 召开第二届董事会第二十五次会议、第二届监事会第十八次会议，审议通过了 《2022 年限制性股票激励计划首次授予部分第二个归属期归属条件未成就并作 废已授予但尚未归属的限制性股票》。现将有关事项说明如下： 一、限制性股票激励计划已履行的相关审批程序 （1）2022 年 3 月 10 日，公司召开第二届董事会第二次会议，会议审议通 过了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2022 年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股权激励相关事宜的议案》等议案。公司独立董事就 本激励计划相关议案发表了 ...

本次拟归属的激励对象符合《公司法》《证券法》等法律、法规和规范性文 件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 法规和规范性文件规定的激励对象条件，符合本次激励计划规定的激励对象范 围，其作为公司本次限制性股票激励计划激励对象的主体资格合法、有效，激励 对象获授限制性股票的归属条件已成就。 乐鑫信息科技（上海）股份有限公司监事会 2024 年 3 月 22 日 乐鑫信息科技（上海）股份有限公司 监事会关于 2023 年限制性股票激励计划首次授予部分 第一个归属期归属名单的核查意见 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）监事会依据《中 华人民共和国公司法》（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》（以下简称"《上市规则》"）等相关法律、 法规及规范性文件和《乐鑫信息科技（上海）股份有限公司章程》（以下简称"《公 司章程》"）的有关规定对公司 2023 年限制性股票激励计划（以下简称"本次激 励计划"）首次授予部分第一个归属期归属名单进行 ...

Environmental Governance and Strategy Climate Risks and Opportunities GHG Emissions Management Energy Saving and Emission Reduction Circular Economy Lifecycle Biodiversity Protection In-house R&D Commitment IP Management Technological innovation Product and Service Innovation Solution Innovation About Espressif 2023 ESG Highlights ESG Management ESG Governance Materiality Assessments Stakeholder Engagement ESG Goals Community Symbiosis Sharing Booms Industry Espressif Developer Conference 2023 High-Quality ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-022 乐鑫信息科技（上海）股份有限公司 2020 年第一期限制性股票激励计划首次及预留授予 部分第四个归属期归属条件未成就并作废已授予但 尚未归属的限制性股票的公告 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、准确性和完整性依法承担法律责任。 2024 年 3 月 22 日，乐鑫信息科技（上海）股份有限公司（以下简称"公司"） 召开第二届董事会第二十五次会议、第二届监事会第十八次会议，审议通过了《关 关于公司 2020 年第一期限制性股票激励计划首次及预留授予部分第四个归属期 归属条件未成就并作废已授予但尚未归属的限制性股票的议案》。现将有关事项 说明如下： 一、限制性股票激励计划已履行的相关审批程序 （1）2020 年 3 月 9 日，公司召开第一届董事会第十四次会议，会议审议通 过了《关于公司<2020 年第一期限制性股票激励计划（草案）>及其摘要的议案》、 《关于公司<2020 年第一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股权激励相关事 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-019 乐鑫信息科技（上海）股份有限公司 第二届监事会第十八次会议决议公告 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。 一、监事会会议召开情况 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"） 第二届董事会第十八次会议（以下简称"本次会议"）于 2024 年 3 月 22 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 3 月 12 日通过电话 及邮件方式送达全体监事。会议应出席监事 3 人，实际到会监事 3 人，会议由监 事会主席吕志华主持。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、监事会会议审议情况 本次会议由监事会主席吕志华女士主持，以记名投票表决方式审议通过以下 议案： （一） 审议通过《关于审议<2023 年度监事会工作报告>的议案》 报告期内监事会按照《公司法》《公司章程》和《监事会议事规则》等有关 规定，认真履行职责。监事会成员列席 ...

公司代码：688018 公司简称：乐鑫科技 乐鑫信息科技（上海）股份有限公司 2023 年度内部控制评价报告 乐鑫信息科技（上海）股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下 简称企业内部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法， 在内部控制日常监督和专项监督的基础上，我们对公司 2023 年 12 月 31 日（内部控制评 价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 □是 √否 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准日，公司 未发现非财务报告内部控制重大缺陷。 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制 进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、 监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务 ...

乐 鑫 信 息 科 技 ( 上 海 ) 股 份 有 限 公 司 内 部控制审计报告 天 职 业 字 [2024]11836 号 目 录 内部控制审计报告 -- 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查询 "我在 -1 内部控制审计报告 天职业字[2024]11836 号 乐鑫信息科技(上海)股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了乐 鑫信息科技(上海)股份有限公司(以下简称"乐鑫科技")2023年12月31日的财务报告 内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是乐鑫科技董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控 ...