[Table_Reportdate] 2025年07月10日 | [数据日期 Table_cominfo] | 2025/07/09 | | --- | --- | | 收盘价 | 147.95 | | 总股本(万股) | 15,670 | | 流通A股/B股(万股) | 15,670/0 | | 资产负债率(%) | 23.09% | | 市净率(倍) | 10.18 | | 净资产收益率(加权) | 4.26 | | 12个月内最高/最低价 | 290.00/88.33 | [乐鑫科技（ Table_NewTitle] 688018）:AIOT长尾市场高 速增长，规模效益显著利润增厚 ——公司简评报告 [table_main] 投资要点 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [Table_QuotePic] -49% -10% 30% 70% 110% 150% 190% 229% 2 ...

Core Viewpoint - The company, Lexin Technology, is experiencing rapid growth in its performance, driven by the accelerated adoption of its wireless SoC solutions across various digital scenarios, including emerging fields like AI toys, music education, and smart agriculture [1][2][3] Revenue and Profit Growth - For the first half of 2025, Lexin Technology expects to achieve revenue between 1.22 billion and 1.25 billion yuan, representing a year-on-year increase of 33% to 36% [2] - The net profit is projected to be between 250 million and 270 million yuan, reflecting a year-on-year increase of 65% to 78% [2] - The company's non-recurring net profit is anticipated to be between 230 million and 250 million yuan, with a year-on-year growth of 58% to 72% [2] R&D Investment - Lexin Technology emphasizes its commitment to research and development, with R&D expenses expected to increase by 20% to 25% year-on-year [1][5] - The R&D expenses from 2020 to 2024 are reported as 193 million, 272 million, 337 million, 404 million, and 490 million yuan, with respective year-on-year growth rates of 61%, 40.92%, 24.08%, 19.75%, and 21.45% [6] - As of the end of 2024, the company has 553 R&D personnel, accounting for 71.82% of the total workforce, indicating a focus on innovation [6] Market Position and Product Application - Lexin Technology holds a leading position in the IoT Wi-Fi MCU chip market, ranking fifth globally in the broader Wi-Fi market [4] - The company’s products are widely applied in the IoT field, with significant growth in non-smart home sectors, indicating a diversification of revenue sources [4][5] - The rise of AI is seen as a key driver for future growth, with traditional devices transforming into connected devices, creating new demand for the company's products [3]

A股物联网芯片头部企业乐鑫科技(688018)7月7日收盘后发布业绩预告，2025年上半年公司归母净利润 实现2.5亿元到2.7亿元，同比增长65%到78%，增速有望反超营业收入增速。 业绩预告显示，今年上半年度公司实现营业收入为12.2亿元到12.5亿元，同比上年同期增加33%到 36%；归属于母公司所有者的净利润为2.5亿元到2.7亿元，同比增加65%到78%。另外，乐鑫科技扣非后 实现净利润为2.3亿元到2.5亿元，同比增加58%到72%。 从市场表现来看，今年1月以来，公司股价(前复权)累计回落约12.14%，最新收盘价136.72元/股，最新 市值214亿元。 得益于下游各行各业数字化与智能化渗透率不断提升，2024年乐鑫科技实现归母净利润3.39亿元，同比 增长149.13%；今年一季度，公司归母净利润同比增长约七成。 据乐鑫科技高管此前介绍，公司芯片和模组及开发套件产品都是面向物联网行业客户，得益于各行业物 联网渗透率提升，生态影响力不断扩散，新老客户采购金额增长，整体收入增长。未来预计会有更多行 业开始进行智能化。 另外，考虑国内客户付费习惯，公司通常是把软件服务打包进模组一起售卖，这也带动了 ...

Performance Forecast - The company expects to achieve operating revenue between 1,220 million and 1,250 million yuan for the first half of 2025, an increase of 299.79 million yuan compared to the same period last year [1] - The net profit attributable to the parent company is projected to be between 250 million and 270 million yuan, representing an increase of 98.36 million to 118.36 million yuan year-on-year, which is a growth of 65% to 78% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 230 million and 250 million yuan, with a year-on-year increase of 58% to 72% [1] Previous Year Performance - In the same period last year, the company reported operating revenue of 920.21 million yuan, total profit of 142.28 million yuan, net profit attributable to the parent company of 151.64 million yuan, and net profit after deducting non-recurring gains and losses of 145.68 million yuan [1] Reasons for Performance Change - Revenue growth is primarily driven by the accelerated adoption of the company's wireless SoC solutions across a broader range of digital scenarios, including energy management and industrial control, with emerging fields like AI toys and smart agriculture beginning to develop [2] - The company maintains a gross margin above 40%, with R&D expenses increasing by 20% to 25% year-on-year, leading to a rapid profit increase due to operating leverage as revenue growth outpaces R&D expense growth [2]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 Embedded computing 。 Nordic Semiconductor宣布收购Neuton.AI的知识产权和核心技术资产。此次收购将 Nordic 的 nRF54 系列超低功耗无线 SoC 与 Neuton.AI 的神经网络框架相结合，为边缘机器学习提供可扩 展的高性能人工智能。 Nordic Semiconductor 首席执行官兼总裁 Vegard Wollan 表示："这是嵌入式计算能力和效率的 一次跨越。通过将 Nordic 在低功耗无线领域的领先地位与 Neuton.AI 先进的 TinyML 平台相结 合，我们赋能开发者构建全新类型的始终在线、AI 驱动的设备——速度更快、体积更小、能效更 高。" Neuton.AI 的 IP 创新围绕其全自动平台展开，该平台可创建通常小于 5 KB 的机器学习模型，从 而实现高达 1/10 的体积和速度提升。为了简化操作，这些模型无需手动调优或数据科学知识，可 在 8 位、16 位和 32 位 MCU 上快速部署。这些平台是消费电子、医疗保健和工业市场中快速部 署边缘 AI 的理想选择。 根据 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 因为其便利和低功耗等特性，蓝牙芯片在过去几十年里的发展中进入了我们身边几乎每一个设备， 也有很多芯片公司趁机崛起。当中，Silicon Labs（芯科科技）不一定是最广为人知，但肯定是最 不能被忽视的一家蓝牙芯片巨头。尤其是在过去几年对包括低功耗蓝牙（Bluetooth LE，BLE）在 内的蓝牙芯片加大投入以后，芯科科技在这方面更是突飞猛进。 芯科科技总裁兼首席执行官 Matt Johnson日前在出席摩根大通会议的时候就谈到，因为看到了独 立蓝牙设备和在公司产品中集成低功耗蓝牙的机会，芯科科技过去几年加大了对低功耗蓝牙的投 入，也让公司的蓝牙业务在今年实现80%的同比增长率，这是任何其他公司都没能做到的。 芯科科技工业与商业业务部产品线高级总监Mikko Savolainen在日前的一场沟通会中也告诉半导 体行业观察："在蓝牙标准和规范的发展过程中，芯科科技发挥了非常积极的作用，特别是在蓝牙 Mesh方面，芯科科技是行业第一家发布蓝牙Mesh协议栈和解决方案的芯片厂家。"该公司是首批 发布支持蓝牙6.0及以上规范的芯片厂商。 芯科科技工业与商业业务部产品线高级总监 ...