艾为电子（688798.SH） 毛利率持续改善，新品百花齐放 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 72.91 | | 一年最高最低(元) | 86.21/38.94 | | 总市值(亿元) | 169.64 | | 流通市值(亿元) | 98.64 | | 总股本(亿股) | 2.33 | | 流通股本(亿股) | 1.35 | | 近 3 个月换手率(%) | 160.75 | 股价走势图 电子/半导体 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 艾为电子 沪深300 数据来源：聚源 相关研究报告 《2024Q3 利润环比回升显著，三大板 块协同发力—公司信息更新报告》 -2024.10.30 《2024Q2 业绩同环比高增，三大板块 协同发力—公司信息更新报告》 -2024.8.21 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 chenyuxi@kysec.cn 证书 ...

事件简评 2025 年 4 月 29 日，公司发布 2025 年第一季度报告，2025 年 Q1 公司实现营业收入 18.56 亿元，同比减少 12.59%；实现归母净利 润 1.18 亿元，同比减少 37.30%。 业务调整致收入短期承压，盈利能力环比改善：受锐凌无线车载 前装业务剥离影响，公司 2025 年 Q1 营收同比下滑 12.6%。剔除锐 凌无线车载前装业务影响后，我们认为公司 1Q25 营收同比增长。 盈利端由于锐凌无线业务毛利率较高，剥离该业务后公司产品结 构受到影响，毛利率承压。1Q25 毛利率 17%，同比下降 4.51pct， 但环比提升 2.04pct，我们预计 2025 年公司毛利率环比将逐渐趋 稳。费用端看，公司经营效率有所提升，销售费用同比下降 34.65%， 财务费用因汇兑损失减少骤降 93.57%。公司 1Q25 净利率 6.5%， 环比增加 5.5pct，有所改善。 车载、FWA 支撑主业增长：我们预计公司收入主要由车载业务与 FWA 业务贡献。其中车载业务主要受新客户拓展的驱动，FWA 业务 则受益于 5G 渗透率提升带来海外市场的开拓。2024 年美国、印度 的 5G ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by increased demand in various sectors, including consumer electronics, networking, and computing [1][2]. Financial Performance - The company achieved a total revenue of 7.356 billion (YoY +27.69%) and a net profit attributable to shareholders of 1.103 billion (YoY +584.21%) for the year 2024 [1][2]. - In Q1 2025, the company reported revenue of 1.909 billion (YoY +17.32%, QoQ +11.88%) and a net profit of 0.235 billion (YoY +14.57%, QoQ -13.24%) [1][2]. Market Demand and Product Performance - The demand in the downstream market has been recovering, leading to steady performance improvements [2]. - The company achieved a record shipment volume of 4.362 billion units in 2024, with significant growth in NOR Flash products across various sectors [2]. - The company's self-branded DRAM products saw multiple-fold growth in revenue and shipment volume, increasing market share [2]. - MCU products also experienced good growth in revenue and shipment volume, reaching historical highs due to demand from energy and optical modules [2]. Business Development and Future Outlook - The company is enhancing its DRAM product lineup, with plans to introduce LPDDR5 in the second half of 2025 [3]. - In the NOR Flash market, the company ranks second globally and aims to expand its presence in industrial and automotive sectors while exploring overseas markets [3]. - The company has successfully mass-produced over 700 MCU products and plans to invest approximately 1.2 billion in automotive MCU chip development [3]. - The company will focus on integrating its analog product business with Suzhou Saixin to enhance profitability and market coverage [3]. Investment Recommendations - Based on financial data, the company adjusted its profit forecast for 2025-2027, estimating net profits of 1.542 billion, 2.089 billion, and 2.581 billion respectively [4]. - The company is assigned a target price of 150.8 based on a 65x PE ratio for 2025, maintaining a strong buy rating [4].

Core Viewpoint - The company has reported significant growth in revenue and net profit for 2024, driven by the recovery in the storage industry and strategic expansion into various markets, particularly in AI-related applications. Financial Performance - The company achieved total revenue of 6.695 billion yuan in 2024, representing a year-on-year increase of 86.46% [1] - The net profit attributable to shareholders reached 161 million yuan, up 125.82% year-on-year [1] - Total assets amounted to 7.961 billion yuan, a growth of 25.72% compared to the beginning of the year [1] - Shareholder equity was 2.412 billion yuan, reflecting a 25.08% increase from the start of the year [1] Market Position and Product Development - The company has established a strong market presence in the semiconductor storage industry, focusing on advanced storage solutions and packaging/testing capabilities [1] - In the smart wearable sector, revenue from storage products reached approximately 800 million yuan, showing significant growth [1] - The company has made breakthroughs in various sectors, including mobile, PC, and smart wearables, securing partnerships with major clients such as OPPO, Lenovo, and Meta [3][4] AI Sector Engagement - The company is actively involved in the AI edge application market, with a projected revenue exceeding 1 billion yuan in 2024, marking a year-on-year growth of about 294% [2] - The company provides ROM+RAM storage chips for Ray-Ban Meta, positioning itself as a key supplier in the AI hardware space [2][3] - Anticipated growth in AI applications, particularly in AI glasses, is expected to drive further revenue increases, with projections of over 500% growth in 2025 [4] R&D Investment - The company increased its R&D investment to 447 million yuan in 2024, a rise of 78.99% compared to the previous year [3] - This investment supports advancements in storage solutions, chip design, and testing equipment, leading to breakthroughs across multiple business areas [3] Industry Outlook - The storage industry is expected to enter a favorable cycle due to the resurgence of overseas manufacturers and the rapid growth in storage demand driven by AI [5] - The company is well-positioned for growth with a comprehensive and differentiated product lineup, alongside ongoing advancements in packaging and testing projects [5]

1、2024 年公司的产品出货量与营业收入均创下历史新高。得益于新产品和新市场领域的市场份额持续 提升，公司的综合毛利率持续提升。同时，公司持续推进管理变革、产研数字化建设，研发效率和管理 效率提升，进一步巩固了盈利水平。 2、公司积极主动向工业、汽车领域扩张，不断扩大客户群和行业深度、宽度。公司高性能数模混合、 电源管理、信号链业务线中的多款产品已成功突破工业、汽车行业客户，未来成长可期。 事件 2024 年，公司实现营业收入29.3 亿元，同比增长15.9%；归母净利润2.5 亿元，同比增长399.7%；毛利 率30.43%，同比提升5.58pct。 核心观点 （2）电源管理芯片：2024 年实现营业收入10.5 亿元，同比增长15.2%，占总收入比例为35.7%；毛利率 达到36.83%，同比提升8.93pct。公司推出多款电源管理芯片，包括高PSRR LDO、低压Buck、单通道高 精度背光、6 通道高精度背光、高压IR LED 驱动等，新产品持续开拓新应用。DCDC 方面，APT buck- boost 产品，在5G redcap方向，陆续导入多家AIoT 和工业客户，实现大规模量产，同时突破车载行 ...

24 年公司实现营收73.56 亿元（yoy+27.7%），归母净利润11.03 亿元（yoy+584.2%），符合前期预 告。1Q25 实现营收19.09 亿元（yoy：+17.3%，qoq：+11.9%），归母净利润2.35 亿元（yoy：+14.6%， qoq：-13.2%）。 风险提示：新产品研发不及预期，产品价格持续下跌，市场竞争加剧。 1Q25 回顾：营收逆势实现环比增长，产品结构优化带动毛利率环比改善24 年公司存储、MCU 及模拟 产品销量均创历史新高：1）存储业务收入51.94亿元（yoy：+27.4%），其中自有品牌DRAM 市场拓展 成效显著，营收超过翻倍增长；2）MCU 业务收入17.06 亿元（yoy：+29.6%），得益于能源、光模块 等需求的拉动，以及网通、计算领域需求显著增长，出货量5.4 亿颗（21 年3.9 亿颗）；3）传感器业务 收入4.48 亿元（yoy：+27.2%）。受国补政策及抢出口拉动，同时公司Flash、MCU 等业务在工业、网 通等领域延续良好增长态势，1Q25 公司营收逆势实现环比增长。1Q25 公司综合毛利率37.44% （yoy：-0.72pct，qo ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 139.10 RMB [4][7]. Core Insights - The company achieved a revenue of 7.356 billion RMB in 2024, representing a year-over-year increase of 27.7%, and a net profit of 1.103 billion RMB, up 584.2% year-over-year [1][2]. - In Q1 2025, the company reported a revenue of 1.909 billion RMB, a year-over-year increase of 17.3% and a quarter-over-quarter increase of 11.9%, with a net profit of 235 million RMB, up 14.6% year-over-year but down 13.2% quarter-over-quarter [1][2]. - The growth in revenue is attributed to government subsidies boosting demand in mobile phones, home appliances, and wearables, as well as increased storage capacity needs driven by AI PCs and servers [1][2]. Summary by Sections Revenue and Profitability - The company's storage, MCU, and analog products achieved record sales in 2024, with storage revenue reaching 5.194 billion RMB (up 27.4% year-over-year), MCU revenue at 1.706 billion RMB (up 29.6% year-over-year), and sensor revenue at 448 million RMB (up 27.2% year-over-year) [2]. - The overall gross margin for Q1 2025 was 37.44%, showing a quarter-over-quarter improvement of 4.27 percentage points, primarily due to product mix optimization [2]. Business Outlook - For 2025, the company expects continued growth across all business segments, with DRAM prices showing signs of recovery in the second half of the year and custom storage projects advancing in mobile, AI PC, and automotive sectors [3]. - The MCU segment is anticipated to benefit from domestic substitution trends, with market share growth in industrial, white goods, and automotive sectors [3]. Financial Projections - The company forecasts net profits of 1.514 billion RMB, 1.910 billion RMB, and 2.302 billion RMB for 2025, 2026, and 2027 respectively, with a projected revenue growth rate of 28.02% in 2025 [4][6]. - The estimated EPS for 2025 is 2.28 RMB, with a PE ratio of 49.41 [6][4].

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 ...

点击招商研究小程序查看PDF报告原文 存储行业不同细分领域表现明显分化，高端存储器价格表现较好，消费类产品价格跌至周期底部；但伴随HBM等高端存储器需求持续旺盛，叠加减产效 应下整体供需格局明显改善，部分NAND产品价格拐点显现，存储模组等厂商盈利能力亦有望得到修复。供给侧，伴随海外存储原厂针对性减产和去库 存，部分NAND等产品价格拐点显现。需求侧，一方面多家云厂商未来资本开支指引较好，HBM、eSSD等需求旺盛，国内存储IDM厂商和配套供应链公 司加速国产替代；另一方面算力下沉趋势确立，嵌入AI大模型的手机/PC/可穿戴等产品存储容量持续提升，边缘侧算力要求带来存算一体等创新加速。 2025年国内存储行业将持续围绕消费类产品边际复苏+高端产品国产替代+端侧产品创新加速三大主线，建议重点关注国内存储模组、利基存储芯片及配 套供应链公司机遇。 高端存储器景气延续，国产替代进程加速。 24Q4北美互联网云厂商资本开支同比高增长，多家厂商2025年资本开支指引乐观；三大存储原厂2025年资本 开支将聚焦HBM、eSSD等高端存储器扩产，指引景气延续，美光将2025年HBM市场规模指引从250亿美元提升至300亿美 ...

明敏 鱼羊 发自 凹非寺 量子位 | 公众号 QbitAI 每年开春的"新机潮"，今年出尽风头的是DeepSeek。 一时之间，几乎所有主流消费终端厂都在短时间内完成DeepSeek的接入。 荣耀、OPPO、魅族、vivo、小米纷纷官宣自家AI助理上线DeepSeek-R1及其满血版；甚至OPPO今年新发的旗舰大折叠Find N5，也强调 了对DeepSeek的支持。 另一个被掀起鲶鱼效应的是车圈。 一个月内，吉利、比亚迪、奇瑞、岚图、长城、理想等超过20家车企宣布接入DeepSeek，形成汽车与AI加速融合的一个切面。 热潮之下是技术洪流不断向前涌动—— AI正在进入推理创新时代。 如此趋势认知来自高通。DeepSeek效应从AI领域向外辐射，从算法创新逐渐演变成对每个人生活工作的潜在影响。 辐射普罗大众，消费终端是关键桥梁。 由此，在当下节点，一份对AI端侧趋势的梳理就变得尤为重要。高通最新发布的白皮书 《AI变革正在推动终端推理创新》 ，已梳理出四大趋 势： 透过这份行业分析，AI推理之于终端将产生哪些影响？也就有更明了了。 AI正在进入推理创新时代 最首要的问题，DeepSeek这条"鲶鱼"究竟改变了 ...