乐鑫科技：Q3业绩环比稳健，泛物联网市场多点开花

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 within the next six months [9]. Core Views - The company's Q3 2024 performance showed steady growth, with revenue reaching 540 million yuan, a year-on-year increase of 50% and a quarter-on-quarter increase of 1% [1]. - The net profit attributable to shareholders for Q3 2024 was 100 million yuan, reflecting a year-on-year increase of 340% and a quarter-on-quarter increase of 2% [1]. - The report highlights a significant increase in net profit due to revenue growth, improved gross margins, and controlled expense growth [1]. - The gross margin for Q3 2024 was 42.14%, up 1.56% year-on-year, while the net margin was 18.37%, up 12.10% year-on-year [1]. - The company is expected to achieve net profits of 330 million, 470 million, and 640 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to current P/E ratios of 45, 31, and 23 times [2]. Summary by Sections Financial Performance - Q3 2024 revenue was 540 million yuan, with a year-on-year growth of 50% and a quarter-on-quarter growth of 1% [1]. - Q3 2024 net profit was 100 million yuan, with a year-on-year increase of 340% and a quarter-on-quarter increase of 2% [1]. - The company reported a non-recurring gain of 14.2 million yuan in Q3 2024, primarily from government subsidies [1]. Margin Analysis - The gross margin for Q3 2024 was 42.14%, with a year-on-year increase of 1.56% and a quarter-on-quarter decrease of 1.97 percentage points [1]. - The net margin for Q3 2024 was 18.37%, reflecting a year-on-year increase of 12.10% [1]. Research and Development - R&D expenses reached a record high of 120 million yuan in Q3 2024, with the number of R&D personnel increasing by 10.61% year-on-year to 542 [1]. Market Outlook - The report anticipates continued growth in the smart home and consumer electronics sectors, with expected growth rates of 30-35% for the year [2]. - The company is expected to benefit from increased market penetration in various IoT sectors, including energy management and healthcare [2].