乐鑫科技：3Q24收入再创新高，生态影响力持续扩大

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company achieved a record high revenue in Q3 2024, with a year-on-year revenue growth of 42.17% and a net profit growth of 188.08% for the first three quarters [1]. - The revenue for the first three quarters reached 1.46 billion yuan, driven primarily by the smart home and consumer electronics sectors, which are expected to grow at a rate of 30-35% this year [1]. - The company maintains a stable net profit margin, with a gross margin of 42.81% and a net margin of 17.25% for the first three quarters [1]. - The company has expanded its influence in the ecosystem, with over 120,000 GitHub open-source projects and a successful acquisition of M5Stack, which is expected to enhance its retail presence [1]. Financial Performance Summary - Revenue and Net Profit: - Q3 2024 revenue was 540 million yuan, up 49.96% year-on-year, with a net profit of 99 million yuan, up 340.17% year-on-year [1]. - For 2024-2026, projected revenues are 2.08 billion yuan, 2.55 billion yuan, and 3.13 billion yuan, respectively, with corresponding net profits of 347 million yuan, 432 million yuan, and 514 million yuan [2][6]. - Profitability Metrics: - The gross margin for the company is approximately 50.1% for chips and 38% for modules, with a target to maintain gross margins above 40% [1]. - The company’s earnings per share (EPS) are projected to be 3.09 yuan, 3.85 yuan, and 4.58 yuan for 2024, 2025, and 2026, respectively [2][6]. Business Segments Summary - Chip Business: - The chip business is expected to grow significantly, with projected revenues of 866 million yuan, 1.06 billion yuan, and 1.30 billion yuan for 2024-2026, with gross margins of 48.2%, 47.9%, and 47.6% [4]. - Module Business: - The module business is projected to generate revenues of 1.20 billion yuan, 1.47 billion yuan, and 1.80 billion yuan for 2024-2026, with gross margins of 37.7%, 37.4%, and 37.1% [5]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected to be 42.5, 34.1, and 28.7 for 2024, 2025, and 2026, respectively [2][10]. - The price-to-book (P/B) ratio is expected to be 6.52, 5.47, and 4.59 for the same years [2][10].