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乐鑫科技:2024年年报点评:营收、利润双高增,构筑AIoT芯片开放平台生态-20250326

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected growth in digitalization and intelligence penetration in downstream applications [4][6]. Core Insights - The company achieved a significant increase in both revenue and profit, with a total revenue of 2.007 billion yuan in 2024, representing a year-on-year growth of 40.04%, and a net profit attributable to shareholders of 339 million yuan, up 149.13% year-on-year [1][2]. - The company's product strategy focuses on "processing + connectivity," positioning itself as a leading AIoT SoC manufacturer, benefiting from the increasing digitalization and intelligence in downstream industries [2][3]. - The product matrix continues to expand, with a total chip shipment of 253 million units in 2024, marking a year-on-year growth of 35.85% [3]. - The acquisition of M5Stack in Q2 2024 is expected to enhance the company's ecosystem, providing a diverse product range and more B-end business opportunities [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 43.91%, an increase of 3.35 percentage points year-on-year, and effective cost control contributed to the doubling of net profit [2][4]. - The financial forecast for 2025-2027 estimates net profits of 483 million yuan, 644 million yuan, and 800 million yuan, respectively, with corresponding PE ratios of 49, 36, and 29 [5][4]. - The projected revenue growth rates for the next few years are 31.9% in 2025, 27.7% in 2026, and 19.5% in 2027 [5][10].