乐鑫科技：公司信息更新报告：2024Q1-3业绩高成长，生态之力推动市场增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q1-Q3 2024, with revenue reaching 1.46 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 251 million yuan, up 188.08% year-on-year [4] - The growth is driven by the expansion of the product matrix and the construction of an ecosystem that supports product volume [4][5] - The company is well-positioned to benefit from the increasing penetration of IoT in various industries, particularly in energy management and healthcare [5][6] Financial Performance Summary - For Q1-Q3 2024, the company reported: - Revenue: 1.46 billion yuan, up 42.17% year-on-year - Net profit attributable to shareholders: 251 million yuan, up 188.08% year-on-year - Non-GAAP net profit: 231 million yuan, up 237.99% year-on-year - Gross margin: 42.81%, an increase of 2.05 percentage points year-on-year [4] - In Q3 2024 alone: - Revenue: 540 million yuan, up 49.96% year-on-year - Net profit attributable to shareholders: 99 million yuan, up 340.17% year-on-year - Non-GAAP net profit: 85 million yuan, up 492.15% year-on-year - Gross margin: 42.14%, an increase of 1.56 percentage points year-on-year [4] Product Performance - The revenue breakdown for Q1-Q3 2024 shows: - Chips: 562 million yuan (38.50% of total revenue), up 52% year-on-year, with a gross margin of 50.10% - Modules: 886 million yuan (60.70% of total revenue), up 37% year-on-year, with a gross margin of 38.00% [5] Market Outlook - The global smart home market is expected to reach 154.4 billion USD in 2024, with a projected compound annual growth rate of 11% over the next five years [6] - The company has a strong developer community, with over 122,800 projects on GitHub and 95,000 members in the Reddit ESP32 group, which enhances its ecosystem and market opportunities [6] Financial Forecast - The company forecasts net profits for 2024-2026 as follows: - 2024: 337 million yuan - 2025: 456 million yuan - 2026: 609 million yuan - The current price-to-earnings (P/E) ratios are projected at 44.1, 32.5, and 24.4 for 2024, 2025, and 2026 respectively [4][7]