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研報掘金丨華泰證券:維持樂鑫科技“增持”評級,目標價173.7元
華泰證券研報指出,樂鑫科技(688018.SH)表示當前AIoT滲透率仍有較大提升空間,AI模型發展有望加速此進程,智能家居及各行業應用多點開花,公司將通過更加完善的產品序列積極捕捉市場機會。此外,公司將通過定增募資提前佈局Wi-Fi 7數傳及路由器AP、AI端側芯片產品,持續圍繞“處理+連接”的產品戰略升級。對近期市場比較關注的中美博弈,公司評估認爲實際影響有限,且短期並未受擾動。1Q25公司在智能家居領域收入同比增長30%,同時在工業、能源、醫療健康等新市場實現更快增長。展望二季度,公司認爲需求景氣仍然延續,AI玩具等新應用將帶來增量貢獻。維持目標估值倍數(43x 26PE),目標價173.7元(前值:242.5元,變化由於股本增加),維持“增持”評級。
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