乐鑫科技（688018）：业绩持续高增，不断扩展AIoTSoC领域

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company has shown significant growth in Q1 2025, achieving revenue of 558 million yuan, a year-on-year increase of 44%, and a net profit of 94 million yuan, up 74% year-on-year, both marking historical highs for the quarter [3][4] - The company is expected to benefit from policies stimulating domestic demand, particularly in the smart home and consumer electronics sectors, which have seen a 30% growth [3][4] - The company is focusing on expanding its product boundaries with a strategy centered on "connection + processing," leveraging the RISC-V architecture to meet the fragmented demands of the AIoT era [5][4] Financial Summary - Revenue projections for 2025-2027 are set at 2.64 billion yuan, 3.38 billion yuan, and 4.22 billion yuan respectively, with corresponding net profits of 475 million yuan, 673 million yuan, and 899 million yuan [4][6] - The gross margin is expected to improve from 43.9% in 2024 to 45.3% in 2027, while the net profit margin is projected to rise from 16.9% to 21.3% over the same period [6][4] - The company’s P/E ratios for 2025-2027 are forecasted to be 51.5, 36.3, and 27.2 respectively, indicating a favorable valuation trend [6][4]