乐鑫科技：单季度收入环比微增，经营效率持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight quarter-on-quarter revenue increase, with continuous improvement in operational efficiency [1] - The main revenue sources remain in smart home and consumer electronics, with an expected growth rate of 30-35% this year [1] - The company is expanding its ecological influence, showing high growth in energy management, tools, and health sectors, with many potential new customers joining during 2023-2024 [1] - The gross margin has improved by 2.1 percentage points, with specific increases in chip, module, and development kit gross margins [1] - The company focuses on developing high-performance, low-power wireless communication chips, which is expected to provide broader development space as IoT penetration continues to rise [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.46 billion yuan, a year-on-year increase of 42.2% [1] - The net profit attributable to the parent company reached 250 million yuan, a year-on-year increase of 188.1% [1] - The company expects revenues of 2.03 billion, 2.50 billion, and 3.10 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41.7%, 23.3%, and 23.8% [2][5] - The net profit attributable to the parent company is projected to be 351 million, 452 million, and 590 million yuan for the same years, with growth rates of 157.3%, 29.1%, and 30.4% [2][5] - The gross margin is expected to improve to 43.3%, 43.7%, and 44.1% over the next three years [2][5] Cash Flow and Balance Sheet Summary - The operating cash flow for 2023 is reported at 303 million yuan, with projections of 238 million, 355 million, and 481 million yuan for the following years [3] - The total assets are expected to grow from 2.20 billion yuan in 2023 to 3.46 billion yuan by 2026 [4] - The company’s total liabilities are projected to increase from 291 million yuan in 2023 to 427 million yuan in 2026 [4] - The net profit margin is expected to improve, reflecting the company's operational efficiency [5]