Investment Rating - The report maintains a "Recommend" rating for the company [13] Core Views - The company's performance significantly exceeded expectations, driven by multiple product lines and improved profitability [7] - Revenue for 1H24 reached RMB 920 million, a 37.96% YoY increase, with net profit attributable to parent company owners at RMB 152 million, up 134.85% YoY [7] - The company's product lines are continuously expanding, opening up new growth opportunities, particularly in edge AI, Wi-Fi 6, and low-power Bluetooth chip markets [7] - The acquisition of M5Stack enhances the company's presence in the industrial market and strengthens its software ecosystem, creating a core competitive barrier [7] Financial Performance - Revenue is projected to grow from RMB 1,433 million in 2023A to RMB 3,101 million in 2026E, with a CAGR of 29.6% [8] - Net profit attributable to parent company owners is expected to increase from RMB 136 million in 2023A to RMB 581 million in 2026E, with a CAGR of 62.5% [8] - The company's PE ratio is forecasted to decrease from 87 in 2023A to 20 in 2026E, indicating improving valuation metrics [8] - Gross margin is expected to improve from 40.56% in 2023A to 44.30% in 2025E, reflecting better cost management and product mix [16] Product and Market Expansion - The company's ESP32-S series, particularly ESP32-S3, is enhancing edge AI applications, enabling high-performance image and voice recognition [7] - ESP32-C6 offers 2.4GHz Wi-Fi 6 technology, targeting battery or energy storage-driven applications [7] - ESP32-H2 introduces support for IEEE 802.15.4 technology, expanding the company's Wireless SoC product line [7] - ESP32-P4 marks the company's entry into the multimedia market, targeting customers with high edge computing needs [7] Strategic Initiatives - The acquisition of M5Stack strengthens the company's position in the industrial, education, and developer markets, accelerating product design processes and creating more B2B opportunities [7] - The company's software ecosystem, including open SDKs and comprehensive software solutions, forms a strong competitive barrier and shortens development cycles for customers [7]

证券研究报告 乐鑫科技 (688018 CH) 2Q24：收入高增，毛利率创近三年新高 华泰研究 中报点评 2024 年 7 月 30 日│中国内地 半导体 投资评级(维持): 增持 目标价(人民币): 145.90 2Q24：营收同环比高增，盈利能力大幅提升 公司 2Q24 实现营收 5.33 亿元（yoy：+52.78%，qoq：+37.66%），归母净 利润 0.98 亿元（yoy：+191.87%，qoq：+81.26%），扣非归母净利润 0.98 亿元（yoy：+242.79%，qoq：+104.08%）。公司二季度收入实现同环比高 增，主要得益于智能家居/消费电子/工业控制等领域的智能化渗透率不断提 升，且公司产品矩阵不断完善带来份额的持续提升。公司此前预计 4-5 月归 母净利润约 0.65 亿元，市场担心 6 月归母净利润较 4/5 月平均有所下滑导 致对 2Q 景气的可持续性产生担忧，但我们预计主要受营业外支出增加 （2Q24：467 万元）及奖金费用计提影响，实际需求仍维持较高景气。我 们上调公司 C2/C3/S3 产品收入预期，给予 24/25/26 年归母净利润 3.75/4.81/6 ...

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2024年07月29日 (维持评级) 下游需求逐渐恢复，规模效应带来利 业绩简评 研发授入渐显成效,规模效应带来利润弹性。公司上半年研发费 用为 2.19 亿元，同比增加 22.7%。当公司营收增速高于研发费用 增速,我们看到规模效应给公司带来更多利润弹性。24年上半年 公司综合毛利率 43.2%,同比+2.35pct,系原材料价格低位、出货 中芯片占比提升、新客户导入、竞争格局改善等多重因素导致。 盈利预测、估值与评级 我们预计 24-26 年收入分别为 20.40 亿元、25.26 亿元和 30.73 亿 元,归母净利润分别为 3.39 亿元、4.57 亿元、5.86 亿元,对应 EPS 分别为 3.02 元、4.07 元、5.22 元, 维持"买入"评级。 风险提示 电子组 分析师：樊志远（执业S1130518070003) fanzhiyuan@gjzq.com.cn 相关报告: 人民币(元) 成交金额(百万元) 116.00 106.00 96.00 86. 00 500 400 76.00 66.00 100 56.00 乐鑫科技 成交金额 沪深3 1.000 900 800 600 300 投请 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next 6 months [20]. Core Insights - The company achieved a revenue of 920 million yuan in H1 2024, representing a year-over-year increase of 38%, with Q2 revenue reaching 530 million yuan, up 53% year-over-year and 38% quarter-over-quarter [2]. - The net profit attributable to the parent company for H1 2024 was 150 million yuan, a significant year-over-year increase of 135%, with Q2 net profit at 98 million yuan, reflecting a 192% year-over-year growth and an 81% quarter-over-quarter increase [2]. - The company's gross margin for H1 2024 was 43.2%, up 2.6 percentage points from the previous period, while the net margin was 16.6%, an increase of 7.1 percentage points [2]. - The company is positioned as a leader in the AIoT industry, with strong performance recovery trends and projected net profits of 330 million, 470 million, and 640 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 35, 24, and 18 [4]. Summary by Sections Revenue and Profitability - The company reported a revenue of 1,433 million yuan for 2023, with projections of 2,005 million yuan for 2024, 2,599 million yuan for 2025, and 3,211 million yuan for 2026, indicating a growth rate of 40% in 2024 [18]. - The net profit for 2023 was 136 million yuan, with forecasts of 326 million yuan for 2024, 472 million yuan for 2025, and 635 million yuan for 2026, reflecting a growth rate of 140% in 2024 [18]. Market and Industry Outlook - The global IoT device connections are expected to reach 18 billion by 2024 and grow to 39.6 billion by 2033, with a compound annual growth rate of 9.18% [3]. - The smart home market is projected to generate revenues of 154.4 billion USD in 2024, with a compound annual growth rate of 10.67% over the next five years [3]. - The company aims to expand its market beyond IoT devices, targeting a market capacity increase of 2.5 times, and is focusing on a dual strategy of "processing + connectivity" for AIoT SoC development [4]. Financial Projections - The company is expected to achieve a gross margin of approximately 40.9% and a net margin of 18.9% by 2025, with an EPS of 4.21 yuan [18]. - The projected financial ratios indicate a strong growth trajectory, with a significant increase in both revenue and net profit over the next few years [18].

Financial Performance - Net profit attributable to shareholders of the listed company increased by 134.85% YoY to RMB 151.64 million, with non-GAAP net profit up 170.12% YoY to RMB 145.68 million[30] - Revenue for the reporting period (January 1, 2024 - June 30, 2024) was 920.21 million yuan, a 37.96% increase compared to the same period last year[53] - Net profit attributable to shareholders of the listed company was 151.64 million yuan, a 134.85% increase compared to the same period last year[53] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 145.68 million yuan, a 170.12% increase compared to the same period last year[53] - Net profit attributable to shareholders of the listed company after excluding the impact of share-based payments was 166.97 million yuan, a 117.31% increase compared to the same period last year[53] - Total assets at the end of the reporting period were 2.32 billion yuan, a 5.36% increase compared to the end of the previous year[53] - Basic earnings per share increased by 124.79% to 1.8116 yuan per share compared to the same period last year[75] - Weighted average return on equity increased by 4.48 percentage points to 7.91%[75] - Revenue for the period reached 920.2123 million yuan, a year-on-year increase of 37.96%, driven by contributions from both new and existing customers[101] - Basic earnings per share increased by 124.79%, and diluted earnings per share also increased by 124.79%, with a 4.48 percentage point increase in weighted average return on equity[109] Profitability and Margins - Gross margin remained stable with slight improvement, contributing to profit growth[30] - The company's gross margin increased slightly due to lower raw material prices, new customers with higher initial margins, increased sales of handheld miniaturized devices, and improved competitive landscape[55] - Gross profit margin increased by 2.35 percentage points, with total sales gross profit reaching 397.4968 million yuan, a year-on-year increase of 45.89%[76] - Chip gross margin rose to 49.00% in H1 2024, up from 47.51% in H1 2023[77] - Comprehensive gross margin improved to 43.20% in H1 2024 from 40.85% in H1 2023[77] - Module and development kit gross margin increased to 38.91% in H1 2024 from 37.48% in H1 2023[77] - Gross profit margin target set at 40%, with minimal pricing adjustments expected to maintain this level[103] R&D and Innovation - The company faces risks from potential delays in R&D progress[5] - R&D expenses increased by 22.73% to 218.6824 million yuan, with the number of R&D personnel growing by 14.07% to 519[78] - R&D investment accounted for 23.76% of operating income, a decrease of 2.95 percentage points compared to the same period last year[75] - The company's R&D expenses for the first half of 2024 were RMB 218.68 million, a 22.73% increase compared to the same period last year[181] - The company's R&D investment as a percentage of revenue decreased by 2.95 percentage points to 23.76% in the first half of 2024[181] - The company has accumulated 195 authorized patents and software copyrights by the end of June 2024, including 95 invention patents and 32 US patents[178] - The company's R&D direction focuses on AIoT chip development, requiring parallel hardware and software development with high technical difficulty[194] - The company has 519 R&D personnel, with 54.91% holding a master's degree and 37.96% holding a bachelor's degree[187] - 47.40% of R&D personnel are under 30 years old, and 42.58% are between 30-40 years old[187] Business Expansion and Acquisitions - The company acquired Shenzhen Mingzhan Information Technology Co., Ltd. with a 57.0956% stake on May 27, 2024[19] - The company acquired a controlling stake in M5Stack, a well-known IoT solution provider, during the reporting period[33] - Acquired majority stake in M5Stack in Q2 2024, enhancing IoT and embedded system solutions[126] Market and Industry Trends - The global smart home market is projected to reach $154.4 billion in 2024, with a compound annual growth rate of 10.67% over the next five years, reaching $231.6 billion by 2028[92] - Global semiconductor market is expected to grow by 16.0% in 2024, reaching $6,870 billion by 2025[114] - SoC market is projected to reach $214.05 billion by 2028, with a CAGR of 8.9%[116] - Statista predicts global IoT device connections will reach 18 billion in 2024, growing to 39.6 billion by 2033, with a CAGR of 9.18%. IDC estimates China's IoT connections exceeded 6.6 billion in 2023, with a 5-year CAGR of 16.4%[146] Product Development and Technology - The company's products include Wi-Fi MCU chips supporting 2.4GHz and 5GHz frequency bands[28] - The company's product lines, including ESP32-C3, ESP32-C2, and ESP32-S3, are experiencing rapid growth, contributing to overall revenue growth[101] - Company's global cumulative shipments of IoT chips exceeded 1 billion units by September 2023[124] - ESP32-S3 chip enhances edge AI applications with vector instructions for neural network acceleration[124] - ESP32-C6 chip offers 2.4GHz Wi-Fi 6 technology, targeting battery-powered applications[124] - ESP32-C5 is the company's first dual-band 2.4&5GHz Wi-Fi 6 product, expanding into video streaming markets[124] - ESP32-H2 supports IEEE 802.15.4 technology, entering Thread/Zigbee markets[124] - ESP32-H4 upgrades to Bluetooth 5.4, marking a significant breakthrough in low-power Bluetooth technology[124] - ESP32-P4 is the company's first non-wireless SoC, targeting high-performance edge computing applications[124] - The company's Wi-Fi products cover Wi-Fi 4 and Wi-Fi 6 technologies, with Wi-Fi 6E products successfully developed. Wi-Fi 6 supports large-scale IoT scenarios using OFDMA in 2.4GHz and 5GHz bands[141] - The ESP32-C5 product line integrates 2.4GHz/5GHz Wi-Fi 6 and Bluetooth 5 (LE), featuring a RISC-V 32-bit single-core processor. The ESP32-C6, a Wi-Fi 6 series product, has been mass-produced in 2023, supporting 2.4GHz Wi-Fi 6, Bluetooth 5 (LE), and Thread/Zigbee, with a RISC-V 32-bit single-core processor[141] - The company is closely monitoring the market acceptance and application demand for Wi-Fi 6 and Wi-Fi 6E products, planning product lines accordingly, and accumulating technical expertise for Wi-Fi 7 product development[141] - The company has integrated self-developed MCU architecture based on the RISC-V instruction set into its products, which is expected to gradually reduce licensing fees and ultimately lower the cost of IoT terminals. Current products include ESP32-C, ESP32-H, and ESP32-P series with RISC-V 32-bit processors, achieving up to dual-core 400 MHz[143] - The company's chip products have expanded into the Wireless SoC field, focusing on "processing + connectivity," with "processing" covering AI and RISC-V processors, and "connectivity" including Wi-Fi, Bluetooth, and Thread/Zigbee wireless communication technologies[139] - The company's RISC-V-based MCU architecture is designed to reduce licensing costs and lower IoT terminal prices, with future plans to release higher-frequency product lines based on RISC-V[143] - The company's AI compression algorithm technology enables face recognition on small chips, reducing the need for high-performance, high-memory chips and lowering costs[138] - The company's Wi-Fi Mesh networking technology supports high-bandwidth, high-transmission-rate Wi-Fi device networking[138] - The company's AIoT cloud software technology integrates with AWS serverless architecture, enabling customers to build, develop, and deploy highly secure custom AIoT solutions with minimal code[138] - The company's Wi-Fi and Bluetooth LE SoC products are expected to be the main core chips in the IoT field in the medium term, with the ESP32-H4 product already certified for Bluetooth 5.4[174] - The company has developed AI MCU and wireless connectivity integrated SoC, such as ESP32-S3, which supports offline voice wake-up/recognition technology with up to 200 offline commands[177] - The company's ESP32-S3 chip can integrate with third-party AI applications like OpenAI's ChatGPT and Baidu's "Wenxin Yiyan"[177] - The company's ESP32-P4 product also features edge AI capabilities, further enhancing its product offerings in the IoT space[177] - The company's product line has expanded from single Wi-Fi chips to include 2.4 & 5GHz Wi-Fi 6, Bluetooth, Thread/Zigbee, and future plans for Wi-Fi 6E and Wi-Fi 7[160] Operational Efficiency and Costs - Operating leverage effect emerged as expense growth was controlled below revenue growth[30] - Accounts receivable increased due to expansion of business scale and longer payment terms[8] - Share-based payment expenses for the reporting period were 15.33 million yuan, compared to 12.27 million yuan in the same period last year[56] - Sales expenses increased by 13.29% to 28.9159 million yuan, with royalty fees accounting for 42.88% of sales expenses, growing by 27.97%[104] - Operating cash flow showed a net outflow of 25.6768 million yuan, compared to a net inflow of 99.6996 million yuan in the same period last year, due to increased procurement and labor costs[107] - Non-recurring gains and losses amounted to 5.965096 million yuan, including a significant impact from government subsidies and financial asset transactions[112] Customer and Market Risks - Customer concentration risk remains a concern for the company[7] - Sales to the top 5 customers accounted for 24.96% of total revenue in the first half of 2024[196] International Operations - The company's overseas assets account for a significant portion of total assets[15] - The company's overseas revenue accounted for 74.2% of total revenue[58] Corporate Governance - The company held its 2023 annual shareholders' meeting on April 12, 2024, approving all 6 proposals[21] Business Model and Strategy - The company aims to become an IoT platform company, integrating chip hardware, software solutions, and cloud technologies to provide comprehensive AIoT products and services globally[96] - The company's B2D2B business model leverages a developer ecosystem to generate business opportunities, with developers bringing in business opportunities from their respective companies[165] - The company's cloud products have created business synergies, transitioning from hardware sales to providing hardware, software, and cloud products as a one-stop service[160] Investment Projects - Wi-Fi 6 FEM R&D and industrialization project has a total investment of 35,000.00万元, with 6,815.06万元 invested this period and a cumulative investment of 28,174.90万元, currently in the product development stage[183] - Wi-Fi EHT chip R&D project has a total investment of 24,000.00万元, with 4,086.14万元 invested this period and a cumulative investment of 24,567.97万元, already completed[183] - ESP-IDF 5X project has a total investment of 25,000.00万元, with 4,647.20万元 invested this period and a cumulative investment of 17,481.63万元, currently in the product development stage[183] - RISC-V multi-core application processor project has a total investment of 50,000.00万元, with 4,389.79万元 invested this period and a cumulative investment of 5,493.70万元, currently in the product design stage[184] - Cloud platform upgrade project has a total investment of 25,000.00万元, with 1,930.05万元 invested this period and a cumulative investment of 2,559.62万元, currently in the product design stage[184] User and Market Impact - The company's products are used by hundreds of millions of users globally for secure and stable wireless connections, voice interaction, facial recognition, and data management[192]

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-053 乐鑫信息科技（上海）股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 07 月 31 日（星期三） 至 08 月 06 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 ir@espressif.com、"乐鑫董办"微信公众号后台提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）已于 2024 年 7 月 30 日发布公司 2024 年半年度报告，为便于广大投资者更全面 深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 08 月 07 日上午 11:00-12:00 举行 2024 年半年度业绩说明会，就投 资者关心的问题进行交流。 ...

Q2 Half-Year Report 2024 Contents 03 Build Smart with Espressif 04 06 Core Technologies 07 Business Highlights 09 Management Report 22 Consolidated Financial Statements (Unaudited) 28 Further Information | 07 | Financial Indicators (Unaudited) | | --- | --- | | 08 | Financial Analysis | | 09 | Business Strategy | | 10 | Key Products - AIoT Chips | | 11 | Key Products - Chip Matrix | | 12 | Key Products - M5Stack | | | Development Kits | | 13 | Market | | 14 | Business Model | | 22 | Consolidated | | | Balan ...

乐鑫信息科技（上海）股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的 半年度评估报告 为彰显"以投资者为本"的发展理念，并坚守维护股东利益的承诺，乐鑫科技 基于对未来发展的坚定信心、对企业价值的深刻认识以及对社会责任的认真履行， 于 2024 年 3 月 23 日发布了《关于"2024 年提质增效重回报"行动方案》，以维护 股价稳定性和塑造积极的市场形象，现将行动方案进展半年度评估情况公告如下： 一、聚焦经营主业，深耕 AIoT 芯片设计 乐鑫科技是物联网领域的专业芯片设计企业及整体解决方案供应商，公司以 "处理+连接"为方向，为用户提供 AIoT SoC 及其软件。2024 年上半年，公司实 现营业收入 9.2 亿元，较 2023 年同比增加 37.96%；归属于上市公司股东的净利 润 15,164.25 万元，同比增加 134.85%；归属于上市公司股东的扣除非经常性损 益的净利润 14,567.74 万元，同比增加 170.12%。 受益于下游各行各业不断提升的数智化渗透率、持续扩大的乐鑫全球品牌影 响力、广泛的开发者社区支持，以及逐渐改善的竞争格局，公司在 B 端业绩方面 获得了新的 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2024-050 乐鑫信息科技（上海）股份有限公司 第二届监事会第二十二次会议决议公告 本公司及监事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"）第 二届监事会第二十二次会议（以下简称"本次会议"）于 2024 年 7 月 29 日在公 司 304 会议室以现场方式召开。本次会议的通知于 2024 年 7 月 19 日通过电话 及邮件方式送达全体监事。会议应出席监事 3 人，实际到会监事 3 人，会议由监 事会主席吕志华主持。会议的召集和召开程序符合有关法律、行政法规、部门规 章、规范性文件和公司章程的规定，会议决议合法、有效。 二、监事会会议审议情况 本次会议由监事会主席吕志华女士主持，以记名投票表决方式审议通过以下 议案： 经审核，监事会认为公司 2024 年半年度报告的编制和审议程序符合相关法 律法规及公司章程等内部规章制度的规定；公司 2024 年半年度报告的内容与格 式符合相关规定 ...