乐鑫科技：Q2业绩高速增长，新品放量与客户结构共振

Investment Rating - The report assigns a "Recommended" rating to the company, indicating a positive outlook based on its position in the domestic "processing + connectivity" sector and expected revenue growth [2][8]. Core Insights - The company is recognized as a leading player in the "processing + connectivity" field, with continuous product expansion and an improving customer structure, which is expected to enhance long-term profitability. The revenue forecasts for 2024-2026 are projected at 20.12 billion, 25.23 billion, and 30.98 billion yuan, respectively, with corresponding net profits of 3.32 billion, 4.30 billion, and 5.73 billion yuan, reflecting growth rates of 143.85%, 29.56%, and 33.26% [2][4][7]. Financial Performance - In the first half of 2024, the company achieved a revenue of 9.2 billion yuan, a year-on-year increase of 38%, and a net profit of 1.5 billion yuan, up 135% year-on-year. Specifically, Q2 2024 revenue reached 5.3 billion yuan, marking a 53% increase year-on-year, while net profit for Q2 was 0.98 billion yuan, up 192% year-on-year [4][5]. - The gross margin for the first half of 2024 was 43.2%, an increase of 2.4 percentage points year-on-year, with Q2 gross margin at 44.1%, up 3.1 percentage points year-on-year [4][5]. Product and Market Dynamics - The company's chip products generated revenue of 3.81 billion yuan in the first half of 2024, accounting for 41.4% of total revenue, with a gross margin of 49.0%. Meanwhile, modules and development kits contributed 5.32 billion yuan, representing 57.8% of total revenue, with a gross margin of 38.9% [5]. - The company has seen a significant increase in chip shipments, surpassing 1 billion units in September 2023, with new product lines such as ESP-S3/C2/C3 gaining traction. The demand for connectivity products is driven by the increasing smart home and consumer electronics market [5][6]. Cost Control and Efficiency - The company's R&D expenses for the first half of 2024 were 2.19 billion yuan, a 22.7% increase year-on-year, but the R&D expense ratio decreased to 23.76%, down 2.95 percentage points year-on-year. This reduction is attributed to lower employee costs and improved operational efficiency as new product lines enter a growth phase [6][7].