乐鑫科技：“连接+处理”双管齐下，“软硬兼施”拥抱万物互联

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [4]. Core Insights - The company is positioned as a global leader in the AIoT solutions platform, focusing on the Internet of Things (IoT) sector, starting with Wi-Fi MCU and continuously expanding its product line [10][11]. - The company has established a robust product moat through a combination of software and ecosystem development, enhancing its competitive edge [2]. - The company has maintained the highest global market share in Wi-Fi MCU for six consecutive years, indicating strong market recognition and customer acceptance [35]. Financial Forecast Summary - The company is expected to see steady revenue growth driven by a rich product line, with projected revenues of 8.42 billion, 10.78 billion, and 12.84 billion for the years 2024 to 2026, respectively, with gross margins of 46.8%, 46.9%, and 47.0% [80]. - The module business is anticipated to grow alongside the chip business, with expected revenues of 11.43 billion, 14.94 billion, and 18.95 billion for the same period [81]. Product Development and Market Position - The company has a diverse product portfolio that includes high-performance chips and cost-effective solutions, catering to various customer needs in the AIoT space [38]. - The company has successfully integrated AI capabilities into its products, aligning with the growing trend of AIoT, and has developed a self-researched RISC-V architecture to enhance its product offerings [57][58]. - The company’s ESP RainMaker platform provides a comprehensive cloud solution for IoT applications, facilitating easier product development for customers [96][97]. Competitive Landscape - The company is compared with leading firms in the AIoT sector, such as Amlogic, Rockchip, and others, highlighting its competitive positioning in the wireless connectivity market [104]. - The report emphasizes the importance of the developer ecosystem, which is crucial for maintaining the company's business and expanding its influence in the market [98].