盈利能力同环比提升，新品渐次放量

Investment Rating - The report maintains a "Buy" rating for the company 乐鑫科技 (688018) [10][13] Core Insights - The company reported Q1 2024 revenue of 387 million yuan, a year-on-year increase of 21.71%, and a net profit of 54 million yuan, up 73.43% year-on-year [12] - The gross margin improved to 41.93%, with a sequential increase of 1.86 percentage points, driven by a higher proportion of chip sales [12] - The product matrix is expanding with new products like ESP32-C6 and ESP32-H4 expected to enter high growth phases [12] Financial Performance - For 2024, the company is projected to achieve revenues of 1.83 billion yuan, 2.36 billion yuan in 2025, and 3.07 billion yuan in 2026, with corresponding net profits of 188 million yuan, 267 million yuan, and 381 million yuan [13][16] - The company’s earnings per share (EPS) are expected to grow from 2.33 yuan in 2024 to 4.72 yuan in 2026 [16] - The price-to-earnings (P/E) ratio is projected to decrease from 48 times in 2024 to 24 times in 2026 [13][16] Market Position - The company has a total market capitalization of 8.6 billion yuan and a total share capital of 81 million shares [5][4] - The stock has experienced a price fluctuation with a 52-week high of 157.63 yuan and a low of 78.67 yuan [6] Product Development - The company’s new product lines, including ESP32-C3, ESP32-C2, and ESP32-S3, are contributing significantly to revenue growth [12] - The ESP32-C6, which supports Wi-Fi 6, is expected to drive further growth in the IoT sector [12]