12月1日，乐鑫科技涨5.01%，截至发稿，报175.68元/股，成交8.88亿元，换手率3.30%，总市值293.64 亿元。 鹏华创新成长混合A（011460）基金经理为赵花荣。 截至发稿，赵花荣累计任职时间348天，现任基金资产总规模16.89亿元，任职期间最佳基金回报 16.41%， 任职期间最差基金回报13.53%。 责任编辑：小浪快报 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，乐鑫信息科技(上海)股份有限公司位于上海市浦东新区御北路235弄3号楼1-7层，成立日期 2008年4月29日，上市日期2019年7月22日，公司主营业务涉及集成电路产品的研发设计和销售。主营业 务收入构成为：模组及开发套件60.47%，芯片38.89%，其他0.64%。 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓乐鑫科技。鹏华创新成长混合A（011460）三季度减持28.84万 股，持有股数35万股，占基金净值比例为4.72%，位居第八大重仓股。根据测算， ...

Core Viewpoint - Lexin Technology's stock has shown a significant increase in recent trading days, with a year-to-date rise of 8.69% and a notable 13.86% increase over the last five trading days, indicating positive market sentiment towards the company [1] Financial Performance - For the period from January to September 2025, Lexin Technology achieved a revenue of 1.912 billion yuan, representing a year-on-year growth of 30.97%. The net profit attributable to shareholders was 377 million yuan, reflecting a 50.04% increase compared to the previous year [2] - Cumulatively, Lexin Technology has distributed 384 million yuan in dividends since its A-share listing, with 145 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Lexin Technology reached 20,100, an increase of 25.14% from the previous period. The average number of circulating shares per shareholder decreased by 20.09% to 7,777 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 7.4023 million shares, an increase of 2.2202 million shares from the previous period [3] Market Activity - On November 28, Lexin Technology's stock price reached 169.19 yuan per share, with a trading volume of 289 million yuan and a turnover rate of 1.10%. The total market capitalization stood at 28.279 billion yuan [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on August 27, where it recorded a net purchase of 92.5144 million yuan [1]

Core Viewpoint - Lexin Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 1.47%, indicating volatility in its market performance [1] Financial Performance - For the period from January to September 2025, Lexin Technology achieved a revenue of 1.912 billion yuan, representing a year-on-year growth of 30.97% [2] - The net profit attributable to the parent company for the same period was 377 million yuan, reflecting a year-on-year increase of 50.04% [2] Stock Market Activity - As of November 11, Lexin Technology's stock price was 157.95 yuan per share, with a total market capitalization of 26.4 billion yuan [1] - The stock has seen a net outflow of 9.5143 million yuan in principal funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of September 30, 2025, Lexin Technology had 20,100 shareholders, an increase of 25.14% from the previous period [2] - The average number of tradable shares per shareholder decreased by 20.09% to 7,777 shares [2] Dividend Distribution - Lexin Technology has distributed a total of 384 million yuan in dividends since its A-share listing, with 145 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 7.4023 million shares, an increase of 2.2202 million shares from the previous period [3] - The fourth-largest circulating shareholder, Harvest SSE STAR Chip ETF, reduced its holdings by 100,100 shares [3]

Core Viewpoint - Lexin Technology's stock has shown fluctuations in recent trading days, with a year-to-date increase of 4.54% and a notable decline of 24.72% over the past 20 days [1][2] Company Overview - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is based in Shanghai and specializes in the research, design, and sales of integrated circuit products [1] - The company's main revenue sources are modules and development kits (60.47%), chips (38.89%), and other products (0.64%) [1] Financial Performance - For the period from January to September 2025, Lexin Technology reported a revenue of 1.912 billion yuan, representing a year-on-year growth of 30.97%, and a net profit attributable to shareholders of 377 million yuan, up 50.04% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 384 million yuan, with 145 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 25.14% to 20,100, with an average of 7,777 circulating shares per person, a decrease of 20.09% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.4023 million shares, an increase of 2.2202 million shares from the previous period [3]

Core Insights - The stock price of Lexin Technology has decreased by 2.05% to 157.80 CNY per share, with a total market capitalization of 26.375 billion CNY [1] - The company has experienced a year-to-date stock price increase of 1.37%, but has seen a decline of 9.24% over the last five trading days and 27.23% over the last 20 days [1][2] - Lexin Technology reported a revenue of 1.912 billion CNY for the first nine months of 2025, representing a year-on-year growth of 30.97%, and a net profit of 377 million CNY, up 50.04% year-on-year [2] Financial Performance - The company has a cumulative cash distribution of 384 million CNY since its A-share listing, with 145 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders has increased by 25.14% to 20,100, while the average circulating shares per person decreased by 20.09% to 7,777 shares [2] Shareholder Structure - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.4023 million shares, an increase of 2.2202 million shares from the previous period [3] - The fourth-largest circulating shareholder is Harvest SSE STAR Chip ETF, holding 2.134 million shares, which decreased by 100,100 shares compared to the previous period [3]

Core Insights - The company reported a revenue of 1.912 billion yuan for the first three quarters of 2025, a year-on-year increase of 30.97%, and a net profit attributable to shareholders of 377 million yuan, up 50.04% year-on-year [1] - In Q3 2025, the company achieved a quarterly revenue of 667 million yuan, a year-on-year increase of 23.51%, and a net profit of 116 million yuan, reflecting a year-on-year increase of 16.11%, aligning with expectations [1][2] Financial Performance - The gross margin for Q3 2025 reached 47.97%, marking a year-on-year increase of 5.83 percentage points, driven by product structure optimization and enhanced cloud service value [2] - The comprehensive gross margin for the first three quarters improved to 46.17%, up 3.36 percentage points year-on-year [2] - R&D expense ratio decreased by 1.17 percentage points to 22.14% in the first three quarters [2] Business Structure and Strategy - The company has diversified its business strategy, with smart home applications remaining the core revenue source, while non-smart home applications (e.g., industrial, medical) showed higher growth rates [2] - Revenue from modules and development kits accounted for 60.47%, while chip revenue made up 38.89% [2] - Direct sales accounted for 71.5% of sales channels, with distribution accounting for 28.5% [2] Market Expansion and Collaborations - The company’s overseas revenue accounted for over 70%, with domestic revenue at 71.76% and international revenue at 28.24% [3] - The company was listed among the "Top 100 Smart Manufacturing Enterprises in China" and formed a strategic partnership with Bosch to develop next-generation smart sensor solutions for Industry 4.0 [3] - The company initiated the "Green Chip Initiative" in collaboration with the International Semiconductor Industry Alliance to promote low-carbon technology standards [3] R&D and Financial Health - The company increased its R&D personnel to 620, a year-on-year growth of 14.39% [3] - The asset-liability ratio stands at 12.74%, with net cash flow from operating activities reaching 310 million yuan, a significant year-on-year increase of 238.32% [3] - Operating cash flow per share was 1.98 yuan, up 142.24% year-on-year [3] Future Projections - Revenue projections for 2025-2027 are 2.622 billion yuan, 3.199 billion yuan, and 3.852 billion yuan, with corresponding growth rates of 30.6%, 22.0%, and 20.4% [3] - Net profit projections for the same period are 540 million yuan, 684 million yuan, and 874 million yuan, with growth rates of 59.0%, 26.9%, and 27.7% [3] - Corresponding PE ratios are expected to be 51.33, 40.46, and 31.69 [3]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of 1.912 billion yuan for the first three quarters of 2025, a year-on-year increase of 30.97%, and a net profit attributable to shareholders of 377 million yuan, up 50.04% year-on-year. In Q3 2025, the company achieved a quarterly revenue of 667 million yuan, a 23.51% increase year-on-year, and a net profit of 116 million yuan, a 16.11% increase year-on-year, indicating overall performance in line with expectations [1]. - The gross margin has rapidly improved, reaching 46.17% for the first three quarters of 2025, an increase of 3.36 percentage points year-on-year. In Q3 2025, the gross margin hit a record high of 47.97%, up 5.83 percentage points year-on-year and 1.28 percentage points quarter-on-quarter, driven by product structure optimization and enhanced cloud service value [1]. - The company has diversified its business structure, with smart home products remaining the core revenue source, while non-smart home applications (such as industrial and medical IoT scenarios) show higher growth rates. The revenue share from modules and development kits is 60.47%, while chip revenue accounts for 38.89% [1][2]. Summary by Sections Financial Performance - For 2025-2027, the company is expected to achieve revenues of 2.622 billion yuan, 3.199 billion yuan, and 3.852 billion yuan, corresponding to growth rates of 30.6%, 22.0%, and 20.4% respectively. Net profits are projected to be 540 million yuan, 684 million yuan, and 874 million yuan, with growth rates of 59.0%, 26.9%, and 27.7% respectively [3][5]. - The gross margin is forecasted to be 46.5% in 2025, 46.9% in 2026, and 47.8% in 2027, indicating a steady upward trend [9]. Market Position and Strategy - The company has a global revenue strategy, with domestic revenue accounting for 71.76% and overseas revenue for 28.24%. It has been recognized as one of the "Top 100 Smart Manufacturing Enterprises in China" and has formed a strategic partnership with Bosch Group to develop next-generation smart sensor solutions for Industry 4.0 [2]. - The company has significantly increased its R&D investment, with the number of R&D personnel reaching 620, a year-on-year increase of 14.39% [2]. Cash Flow and Financial Health - The company maintains a healthy financial status with a debt-to-asset ratio of only 12.74%. The net cash flow from operating activities reached 310 million yuan, a substantial increase of 238.32% year-on-year, with operating cash flow per share at 1.98 yuan, up 142.24% year-on-year [2].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 1.912 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 30.97%. The net profit attributable to the parent company was 377 million yuan, up 50.04% year-on-year [1] - The gross margin for Q3 2025 was 47.97%, an increase of 5.83 percentage points year-on-year, driven by the company's cloud service pricing strategy [2] - The company is experiencing accelerated diversification in its customer base, with the revenue concentration from the top five customers decreasing to 22.6% [3] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 667 million yuan, a year-on-year increase of 23.51%, but a quarter-on-quarter decrease of 3.05%. The net profit for the same period was 116 million yuan, reflecting a year-on-year growth of 16.11% and a quarter-on-quarter decline of 31.07% [1][2] - The projected net profits for 2025-2027 are estimated at 539 million, 717 million, and 939 million yuan, respectively, with corresponding PE ratios of 54, 41, and 31 [3][5] Market Position and Strategy - The company benefits from the increasing digitalization and intelligence penetration across various industries, with a notable growth in non-smart home sectors [2] - The developer ecosystem is expanding, with the number of ESP32 open-source projects on GitHub reaching 115,000 by Q3 2025, indicating a growing community engagement [3] Future Outlook - The company is expected to continue its growth trajectory, supported by the increasing usage of cloud services by downstream customers and the enhancement of its product offerings [2][3]

Core Viewpoint - Lexin Technology's stock has experienced fluctuations, with a year-to-date increase of 14.76% but a recent decline of 10.45% over the past five trading days, indicating volatility in investor sentiment and market performance [1]. Financial Performance - For the first half of 2025, Lexin Technology reported revenue of 1.246 billion yuan, a year-on-year increase of 35.35%, and a net profit attributable to shareholders of 261 million yuan, reflecting a significant growth of 72.29% [2]. Stock Market Activity - As of October 17, Lexin Technology's stock price was 178.65 yuan per share, with a market capitalization of 27.995 billion yuan. The stock has seen a trading volume of 1.59 billion yuan and a turnover rate of 0.56% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the most recent appearance on August 27, where it recorded a net purchase of 92.514 million yuan [1]. Shareholder Information - As of June 30, 2025, Lexin Technology had 16,100 shareholders, a decrease of 0.47% from the previous period. The average number of circulating shares per shareholder increased by 40.32% to 9,733 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 5.1822 million shares, an increase of 2.5225 million shares from the previous period [3].

Core Viewpoint - Lexin Technology's stock has experienced fluctuations, with a year-to-date increase of 18.32% but a recent decline of 14.80% over the past five trading days [1] Company Overview - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is based in Shanghai and specializes in the research, design, and sales of integrated circuit products [1] - The company's main revenue sources are modules and development kits (60.47%), chips (38.89%), and others (0.64%) [1] Financial Performance - For the first half of 2025, Lexin Technology reported revenue of 1.246 billion yuan, a year-on-year increase of 35.35%, and a net profit attributable to shareholders of 261 million yuan, up 72.29% [2] - Since its A-share listing, Lexin Technology has distributed a total of 384 million yuan in dividends, with 145 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Lexin Technology was 16,100, a decrease of 0.47% from the previous period, with an average of 9,733 circulating shares per person, an increase of 40.32% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 5.1822 million shares, and other notable shareholders include 嘉实上证科创板芯片ETF and 申万宏源证券有限公司, both of which increased their holdings [3] Market Activity - On October 16, Lexin Technology's stock price fell by 2.16% to 184.18 yuan per share, with a trading volume of 118 million yuan and a turnover rate of 0.40% [1] - The stock has appeared on the龙虎榜 once this year, with a net purchase of 92.5144 million yuan on August 27 [1]