乐鑫科技：自研能力支撑芯片成本把控 开发者生态模式影响力逐渐彰显

Group 1 - The core viewpoint of the article is that 乐鑫科技 is transforming from an IoT chip provider to an IoT technology ecosystem enterprise, focusing on self-developed IP and autonomous design to avoid homogenization in competition [1] - The company has achieved a net profit of 339 million yuan in 2024, representing a year-on-year growth of 149.13%, with a chip gross margin of 51.49% and a comprehensive gross margin of 43.91% [1] - The company maintains a gross margin level above 40%, indicating an effective overall pricing strategy [1] Group 2 - In terms of revenue sources, modules and development boards account for about 60% of the company's revenue, benefiting from the increasing penetration of IoT across various industries [2] - Approximately 70% of the company's revenue comes from Chinese customers, with about half of these customers involved in overseas business [2] - The company typically bundles software services with modules to accommodate domestic customers' payment habits, which has contributed to the gradual increase in module gross margins [2] Group 3 - The company emphasizes building its own ecosystem, self-developed IP, and autonomous design to avoid homogenization due to consistent underlying IP [3] - The company has over 400 developers participating in the development of its ESP-IDF operating system, including many top global developers [3] - The company plans to issue 11.22 million shares to raise 1.778 billion yuan for various projects, including the development of Wi-Fi 7 router chips and AI edge chips based on RISC-V self-developed IP [3]