点击 关注我们 2024年营收同比增长40.04%，归母净利润同比增长149.13% 公司发布2024年报，全年实现营业收入20.07亿元，同比增加40.04%；实现归母净利润3.39亿元，同比增加 149.13%；扣非净利润3.08亿元，同比增加182.77%。营收增长主要得益于下游各行各业数字化与智能化渗透率 不断提升，以及近两年的新增潜力客户逐步放量。 报告发布日期：2025年3月27日 报告名称:《乐鑫科技（688018.SH）-毛利率持续优化提升，布局WiFi7与AP开拓新市场》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 新兴应用市场高速增长，4Q毛利率进一步提升 分业务看，公司芯片实现收入7.83亿(YoY +43.04%)，模组实现收入12.08亿(YoY +38.69%)，全年芯片与模组合 计销量2.53亿颗(YoY +35.87%)。从应用端 ...

Core Viewpoint - In 2024, the company achieved a revenue of 2.007 billion yuan, a year-on-year increase of 40.04%, and a net profit attributable to shareholders of 339 million yuan, a year-on-year increase of 149.13% [1] Group 1: Financial Performance - The company's revenue growth is primarily driven by the increasing digitalization and intelligence penetration across various industries, along with the gradual ramp-up of new potential customers over the past two years [1] - The company reported a total revenue of 783 million yuan from chips (YoY +43.04%) and 1.208 billion yuan from modules (YoY +38.69%), with a total sales volume of 253 million units (YoY +35.87%) [2] - The fourth quarter gross margin improved to 46.85%, an increase of 4.71 percentage points quarter-on-quarter, with both chip and module gross margins reaching new highs in recent years [2] Group 2: Employee Incentives and Future Plans - The company announced a stock incentive plan for 2025, proposing to grant 1.073 million restricted shares to 192 incentive targets, with performance targets set for revenue growth from 2.4 billion to 4.15 billion yuan over the next four years [3] - The company plans to raise up to 1.78 billion yuan through a private placement, allocating 400 million yuan for Wi-Fi 7 router chip projects, 250 million yuan for Wi-Fi 7 smart terminal chip projects, and 430 million yuan for RISC-V AI edge chip projects, among other allocations [3] - The company aims for an annualized revenue growth target of 20% over the next four years, reflecting confidence in long-term growth [3]

Group 1 - The A-share market opened lower on March 28, with the Sci-Tech Innovation Board Artificial Intelligence ETF (588930) showing a fluctuating trend, up 0.41% with a premium rate of 0.02% [1] - The ETF tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180.CSI), which selects 30 large-cap stocks involved in providing foundational resources, technology, and application support for artificial intelligence [1] - Recent measures from the Ministry of Commerce aim to promote the application of technologies like artificial intelligence in the consumer sector, indicating a government push towards "AI + consumption" scenarios [1] Group 2 - According to Industrial Securities, the domestic AI industry chain has seen significant catalysts since the 2025 Spring Festival, leading to a vibrant market narrative and potential new highs [2] - The narrative around the AI industry is becoming clearer, with benefits observed across the entire industry chain, from upstream to downstream, and accelerating towards various application scenarios [2]

相关产品：科创板人工智能ETF（588930） 消息面上，3月23日至3月24日，中国发展高层论坛2025年年会在北京举办。在人工智能普惠包容发 展专题研讨会上，与会代表围绕人工智能发展与安全、全球共享共治等话题展开了深入探讨。相关投资 机构在会上明确表示，中国人工智能市场潜力巨大。虽然中国人工智能投资规模远小于美国，但中国市 场前景广阔，投资并未过热。中国人工智能领域在2023年的融资规模大约是105亿美元，2024年是140亿 美元，中美相差约4倍。 （文章来源：界面新闻） 投资机构：人工智能投资远未过热！科创板人工智 能ETF(588930)现涨0.42%，过去20个交易日资金净 流入3.44亿元 甬兴证券表示，随着混元T1正式版的发布，腾讯混元不仅在推理能力上取得了显著提升，还推出 了5款3D生成模型并全部开源，这标志着AI技术在工业界的又一次飞跃。与此同时，昆仑万维也开源了 其多模态思维链推理模型Skywork R1V，该模型在逻辑推理与视觉理解方面表现出色，进一步丰富了AI 技术的应用场景。这些进展不仅展示了AI技术的快速迭代和创新能力，也为投资者提供了丰富的投资 机会。鉴于AI技术的广泛应用前景 ...

拉长时间看，截至2025年3月25日，人工智能ETF科创成立以来累计上涨9.74%。规模方面，人工智 能ETF科创最新规模达13.46亿元，创成立以来新高。份额方面，人工智能ETF科创最新份额达23.66亿 份，创成立以来新高。 从资金净流入方面来看，人工智能ETF科创近3天获得连续资金净流入，最高单日获得1.35亿元净 流入，合计"吸金"2.01亿元。拉长时间看，人工智能ETF科创近20日累计净流入超8.8亿元。 AI反弹！人工智能ETF科创(588760)盘中成交超1亿 元，近20日累计净流入超8.8亿元，规模、份额续创 成立以来新高！ 人工智能ETF科创（588760），一键布局科创板30家人工智能企业龙头，行业兼顾软硬件，更符合 当下AI发展趋势。 截至2025年3月26日 13:24，上证科创板人工智能指数(950180)上涨0.93%，成分股芯原股份(688521) 上涨5.80%，恒玄科技(688608)上涨5.63%，天准科技(688003)上涨4.85%，中邮科技(688648)上涨 3.24%，乐鑫科技(688018)上涨3.09%。人工智能ETF科创(588760)盘中成交额已达1.04 ...

Core Viewpoint - The rapid advancement of AI applications is driving significant market activity, particularly in the context of the Sci-Tech Innovation Board and the AI ETF (588790), which has seen a notable increase in value and trading volume [1][2]. Group 1: Market Performance - The Sci-Tech AI ETF (588790) opened with a sharp increase of over 1.5%, with trading volume exceeding 1 billion yuan, indicating high market activity [2]. - Major component stocks of the ETF, such as Chip Origin and Tianzhun Technology, experienced significant gains, with increases of over 7% and 5% respectively [2]. Group 2: AI Technology Developments - The release of DeepSeek-V3, which features a model size of 685 billion parameters, has shown substantial improvements in coding capabilities, nearing the performance of the top models in the industry [2]. - Tencent's self-developed deep thinking model, Mix Yuan T1, has enhanced reasoning capabilities through large-scale reinforcement learning, marking a significant advancement in AI model architecture [3]. Group 3: Industry Outlook - The transition from generative AI to Agentic AI is expected to increase computational power demand by a factor of 100, indicating vast growth potential for upstream and downstream AI enterprises [4]. - The AI industry in China is projected to grow significantly, with estimates suggesting that by 2028, the value added by large models could increase the industry by over 30%, reaching a scale of 811 billion yuan [4]. Group 4: ETF Characteristics - The Sci-Tech AI ETF (588790) closely tracks the Shanghai Sci-Tech Innovation Board AI Index, focusing on the top 30 AI companies by market capitalization, covering the entire value chain from chips to applications [5]. - The ETF undergoes dynamic adjustments every six months to include emerging companies in cutting-edge fields such as quantum computing and brain-computer interfaces [6]. - As of March 24, 2025, the Sci-Tech AI Index has achieved a return of 77.07% since its inception, significantly outperforming the China Securities AI Index, which stands at 43.35% [7].

Core Viewpoint - The company, Lexin Technology, reported significant growth in both revenue and profit for the year 2024, driven by the expansion of new customers and applications in the AIoT sector, indicating a strong market position and innovative capabilities [1][2]. Financial Performance - In 2024, the total revenue reached 2.01 billion yuan, representing a year-on-year increase of 40% - The net profit attributable to shareholders was 340 million yuan, up 149% year-on-year - The company's chip revenue was 783 million yuan, also up 43% year-on-year, while module and development kit revenue was 1.21 billion yuan, increasing by 38.7% [1] - For Q4 2024, revenue was 547 million yuan, reflecting a year-on-year growth of 34.7% and a quarter-on-quarter increase of 1.3% [2] Profitability Metrics - The gross margin for the IC business was 43.9%, an increase of 3.35 percentage points year-on-year - The gross margin for chips was 51.5%, up 4.64 percentage points year-on-year, while the gross margin for modules and development kits was 38.9%, an increase of 2.45 percentage points [1] - In Q4 2024, the gross margin was 46.9%, which is a year-on-year increase of 6.8 percentage points [2] Business Expansion and Innovation - The company is expanding its AIoT ecosystem, with a focus on both cloud and edge solutions - As of the end of 2024, the number of GitHub ESP32 projects reached 82,100, indicating a robust developer community - The acquisition of a majority stake in M5Stack has strengthened the company's position in the education and developer markets [2] Product Development - The company has integrated AI algorithms into its products, enhancing capabilities such as image recognition and voice wake-up features - New products like the S3 and P4 have reinforced edge AI functionalities, while the C61 supports WiFi6, significantly improving connectivity [2]

Core Viewpoint - Lexin Technology plans to raise 1.778 billion yuan through a private placement to fund various projects, including Wi-Fi 7 chip development and RISC-V AI chip research, while also addressing liquidity needs [3][4][6]. Financing Details - Lexin Technology aims to raise 1.778 billion yuan for projects such as Wi-Fi 7 router and terminal chip development, RISC-V AI chip research, and the construction of a Shanghai R&D center, with 100 million yuan allocated for working capital [3][4][9]. - The company previously raised 1.252 billion yuan during its IPO in 2019 [4]. Financial Performance - For 2024, Lexin Technology expects total revenue of 2.007 billion yuan, a year-on-year increase of 40.04%, and a net profit of 340 million yuan, up 149.54% [4][5]. - Key financial metrics show significant growth, including a 217.40% increase in operating profit and a 106.38% rise in basic earnings per share [5]. Market Trends and Opportunities - The demand for IoT devices connected via Wi-Fi is projected to grow from 3.573 billion in 2023 to 4.549 billion by 2030, indicating a robust market for Lexin's products [7]. - The company is focusing on the application of Wi-Fi 7 technology in smart homes, industrial IoT, and smart cities [8]. Strategic Focus - Lexin Technology emphasizes the need for advanced AI processing capabilities in terminal devices, which necessitates the development of flexible RISC-V AI acceleration chips [7][10]. - The company aims to enhance its independence in semiconductor technology, particularly in the context of increasing reliance on domestic IP design and development [10].

星标 ★ IPO日报 精彩文章第一时间推送 自2019年在A股市场融资10余亿元后，这家公司又欲拟募资17.78亿元。 近期，终端SoC芯片商乐鑫信息科技（上海）股份有限公司（SH688018，下称"乐鑫科技"）发布向特定对象发行A股股票预案。公告显示，乐鑫科技此次 再融资拟募资17.78亿元，用于Wi-Fi 7路由器芯片研发及产业化项目、Wi-Fi 7智能终端芯片研发及产业化项目、基于RISC-V自研IP的AI端侧芯片研发及产 业化项目、上海研发中心建设项目等，其中1亿元将用于补充流动资金。 制图：佘诗婕 再融资 乐鑫科技2008年成立于上海，2019年7月，乐鑫科技在上交所科创板上市，彼时募集资金总额12.52亿元。 此次定增预案中，乐鑫科技欲再募资17.78亿元，其暂未披露发行对象、认购方式及发行价格。届时发行价格将不低于定价基准日前二十个交易日该公司 股票交易均价的80%。融资实施进度方面，目前上述定增方案及相关事项已经乐鑫科技董事会审议通过，目前仍需股东会审议以及交易所、证监会审核。 据悉，乐鑫科技致力于为企业和开发者提供前沿的开源AIOT解决方案，不断拓宽科技行业的多元化边界，拥有全球研发网络包括 ...

Monetary Policy - The central bank's monetary policy committee suggested increasing the intensity of monetary policy adjustments and exploring opportunities for reserve requirement ratio and interest rate cuts, aiming to lower the overall financing costs in society [2] - The State Council proposed measures to establish a long-term regulatory mechanism for enterprise-related fees, emphasizing a clear fee directory system [2] Global Markets - The US stock indices saw slight gains, with the Dow Jones up 0.08% and the S&P 500 also up 0.08%, while the Nasdaq increased by 0.52% [4] - European stock indices closed lower, with the German DAX down 0.47% and the French CAC40 down 0.63% [5] - Major Asian stock indices mostly rose, with the Indian SENSEX30 up 0.73% [5] Domestic Stock Market - A-shares experienced a decline, with the Shanghai Composite Index down 1.29% and the Shenzhen Component down 1.76% [12] - The Hong Kong stock market continued its downward trend, with the Hang Seng Index falling 2.19% [12] - The China Securities Regulatory Commission (CSRC) is intensifying efforts to combat corruption and has initiated strict penalties for financial misconduct [13] Financial Sector - Personal consumption loans are set for an upgrade, with limits potentially increasing from 200,000 to 300,000 yuan for qualified clients [18] - The Ministry of Finance reported administrative penalties against 231 accounting firms and 514 accountants in 2024 [18] Real Estate Market - In Shanghai, the housing market showed resilience with a year-on-year increase in transaction volumes for both new and second-hand homes [21] - Guangzhou has initiated the first pre-registration for shared affordable housing, setting a precedent among first-tier cities [21] Industry Developments - The National Internet Information Office and the Ministry of Public Security released guidelines to manage the application of facial recognition technology [22] - The automotive sector is seeing significant developments, with GAC Group collaborating with Huawei on a new luxury electric vehicle project [15] International Developments - The US Federal Reserve's dovish stance suggests potential interest rate cuts, while the White House announced a significant investment commitment from the UAE [25] - Japan's core CPI rose by 3% year-on-year, marking a continuous increase for 42 months [25]