乐鑫科技：多下游应用领域放量，业绩持续高增

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant revenue growth, achieving 1.46 billion yuan in revenue for the first three quarters of 2024, representing a year-on-year increase of 42.17%. The net profit attributable to shareholders reached 251 million yuan, up 188.08% year-on-year [2][3] - The third quarter of 2024 saw revenue of 540 million yuan, a year-on-year increase of 49.96% and a quarter-on-quarter increase of 1.27%. The net profit attributable to shareholders was 99 million yuan, reflecting a year-on-year growth of 340.17% [3] - The company is experiencing growth across multiple downstream application areas, with significant contributions from smart home and consumer electronics, as well as increasing penetration in other IoT sectors [2][5] Financial Performance - For the first three quarters of 2024, the gross margin was 42.81%, an increase of 2.25 percentage points year-on-year, driven by a higher proportion of chip sales [2] - The company’s R&D expenses for the first three quarters of 2024 were 340 million yuan, a year-on-year increase of 19.06%, indicating a strong commitment to innovation [4] - The company expects net profits attributable to shareholders to reach 347 million yuan, 472 million yuan, and 628 million yuan for the years 2024, 2025, and 2026 respectively [5] Product Development - The company has launched 12 different product lines based on RISC-V architecture, enhancing its core competitiveness in the market [4] - New products such as ESP32-S3 and ESP32-P4 are designed to support advanced applications like image recognition and multimedia, expanding the company's market reach beyond traditional IoT devices [4] Market Position - The company is positioned as a leading player in the IoT technology ecosystem, with a focus on high-performance and cost-effective products, which is expected to drive long-term growth [5]