原标题:乐鑫科技:Espressif Systems Q1 2024 Report
04
Business
04 Key Financial Data (Unaudited)
Highlights
04 Financial Indicators (Unaudited)
05 Financial Analysis
06
Management
06 Business Strategy 11 Developer Community Content
Report
07 Core Technologies 12 Business Model
08 Key Products - IoT Chips 14 Ownership of Securities
09 Key Products - Product Map 15 Risks and Uncertainties
10 Market
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16 Consolidated 19 Consolidated Cash Flow
Consolidated
Balance Sheet Statement
Financial
Statements
18 Consolidated
(Unaudited)
Income Statement
20
Further 20 Terms and Conditions
of the Report
Information
21 List of abbreviations
About Espressif Espressif Systems is a public, multinational, fabless, semiconductor company focused on developing cu!ting-edge, wireless-communication, low-power chipsets. By leveraging wireless computing, we provide green, versatile and cost-e"fective AIoT solutions. We have accomplished a hardware-and-so"tware, closed-loop development cycle for a series of core technologies, including RF, Wi-Fi & Bluetooth LE network protocol stacks, RISC-V MCUs, AI instruction sets and algorithms, operating systems, toolchains, compilers, IoT so"tware application frameworks, Cloud, etc. We have a perse team of engineers from around the world. All company branches employ about 630 members of sta"f from almost 30 countries and regions, +78% of whom are based in our Research & Development Department. We have eight R&D centers in ?ve countries, including China (4 out of 8), India, the Czech Republic, Brazil and Singapore. The company’s increasing reputation in recent years has been instrumental in a!tracting talented engineers from across the world. Being united by our passion for technology, our persity is our strength, as it allows the creative blending of di"ferent kinds of knowledge, perspectives and ways of thinking.
Business Highlights (Unaudited) Key Financial Data (Unaudited) Three Months Ended Fiscal Year CNY March 31, 2024 March 31, 2023 2023 Consolidated Statement of Income Data Revenue 387,191,412 318,117,442 1,433,064,911 Gross pro?t 162,367,542 129,518,046 581,248,531 12,852,562 Selling expenses 12,172,902 52,583,650 14,871,808 General and administrative expenses 13,915,033 61,618,348 103,846,179 Research and development expenses 85,483,014 403,713,557 53,915,482 31,087,430 136,204,637 Net income Earnings per share: 0.6849 0.3884 1.7012 Basic Diluted 0.6849 0.3884 1.6929 March 31, 2024 December 31, 2023 Consolidated Balance Sheet Data Cash, cash equivalents and ?nancial investments 1,283,096,284 1,397,511,953 Working capital 981,931,095 999,068,356 Total assets 2,147,991,446 2,203,800,366 Long-term obligations 85,445,197 74,166,946 Total shareholders’ equity 1,882,489,321 1,913,000,228 Three Months Ended Fiscal Year March 31, 2024 March 31, 2023 2023 Consolidated Cash Flow Data -12,008,662 33,293,443 302,597,343 Net cash provided by operating activities Non-GAAP Adjustment Stock-based compensation 6,401,427 2,624,367 18,737,416 60,316,910 33,711,797 154,942,053 Non-GAAP net income Key Financial Indicators (Unaudited)Financial Analysis Espressif’s total revenue in the ?rst quarter of the current ?scal year (2024) was CNY #$%.&’ million, marking an increase of 21.71% from CNY #&$.&( million in the ?rst quarter of 2023, due to the expansion of product categories. Therefore, the net income was CNY )#.’( million, which marked an increase of 73.43% year-on-year, mainly due to the increase of revenue. The overall gross margin was 41.93% and remained stable. Customers in China’s mainland prefer purchasing chips, while customers from the rest of the world and their OEM or ODM in China’s mainland prefer modules. We keep the chip gross margin at a reasonable level, in order to support our future R&D expenditure.Financial Analysis Espressif’s total revenue in the ?rst quarter of the current ?scal year (2024) was CNY #$%.&’ million, marking an increase of 21.71% from CNY #&$.&( million in the ?rst quarter of 2023, due to the expansion of product categories. Therefore, the net income was CNY )#.’( million, which marked an increase of 73.43% year-on-year, mainly due to the increase of revenue. The overall gross margin was 41.93% and remained stable. Customers in China’s mainland prefer purchasing chips, while customers from the rest of the world and their OEM or ODM in China’s mainland prefer modules. We keep the chip gross margin at a reasonable level, in order to support our future R&D expenditure.
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47.1% |
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38.1% 36.7% |
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26.9% 26.8% |
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16.0% 10.8% |
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8.2% 7.2% |
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Management Report Business Strategy Espressif Systems’ business strategy emanates from our service/product areas and our engagement with the developer ecosystem. Our product and service areas include AIoT chips, OS-level development environments, so"tware tools, application solutions, and value-added services, such as Cloud and Ma!ter. The above-mentioned products ensure that we are in the heart of numerous commercial AIoT applications in di"ferent markets, including smart home, consumer electronics, industrial automation, healthcare, etc. Management Report Business Strategy Espressif Systems’ business strategy emanates from our service/product areas and our engagement with the developer ecosystem. Our product and service areas include AIoT chips, OS-level development environments, so"tware tools, application solutions, and value-added services, such as Cloud and Ma!ter. The above-mentioned products ensure that we are in the heart of numerous commercial AIoT applications in di"ferent markets, including smart home, consumer electronics, industrial automation, healthcare, etc.
OS ESP-IDF Cloud Espressif’s o"?cial IoT Development Framework. ESP RainMaker It provides a self-su"?cient SDK for any A comprehensive, development-free and generic application-development on these maintenance-free AIoT solution for private pla!forms, using programming languages such Cloud deployment. as C and C++. It is an all-inclusive solution that covers ESP-IDF currently powers millions of devices everything from the underlying chip to device in the ?eld, and enables building a variety of ?rmware, third-party voice-assistant network-connected products, ranging from integrations, mobile apps and the dashboard. simple light bulbs and toys to major appliances Key Products - AIoT Chips Espressif is recognized as a market leader in the ?eld of Wi-Fi MCUs. We released our ?rst Wi-Fi MCU in 2014, and our ?rst Wi-Fi/Bluetooth LE combo chip in 2016. In 2020, we successfully developed our own RISC-V MCU core, adding it to our product por!folio, while in 2021, we released our ?rst Thread/Zigbee/Bluetooth LE ) combo chip and a 2.,GHz Wi-Fi 6 chip. In 2022, we released our ?rst 2.4 & )GHz Wi-Fi 6 chip. In 2023, we revealed ESP#(-P,, a dual-core RISC-V MCU, expanding the current por!folio to address the high-performance computation needs of IO- Rich, HMI, and AIoT applications. In 2024, we announced ESP#(-H,, a low-power SoC with 802.15.4 & Bluetooth 5.4 (LE), which caters to increasing demands for low-power wireless devices, boasting signi?cant upgrades in power consumption, connectivity features, and memory expansion capabilities.? In fact, we have been constantly persifying our product por!folio, introducing new solutions through our numerous investments. Thus, we now have various product lines in the main short- and medium-range connectivity technologies and our product range has expanded to AIoT SoCs. Our core technologies are self-developed, including connectivity IPs, RF components, RISC-V IPs, so"tware frameworks, tools, AI functions etc. We also provide IoT modules based on our chips. The bene?t for customers is that they can get direct support from Key Products - AIoT Chips Espressif is recognized as a market leader in the ?eld of Wi-Fi MCUs. We released our ?rst Wi-Fi MCU in 2014, and our ?rst Wi-Fi/Bluetooth LE combo chip in 2016. In 2020, we successfully developed our own RISC-V MCU core, adding it to our product por!folio, while in 2021, we released our ?rst Thread/Zigbee/Bluetooth LE ) combo chip and a 2.,GHz Wi-Fi 6 chip. In 2022, we released our ?rst 2.4 & )GHz Wi-Fi 6 chip. In 2023, we revealed ESP#(-P,, a dual-core RISC-V MCU, expanding the current por!folio to address the high-performance computation needs of IO- Rich, HMI, and AIoT applications. In 2024, we announced ESP#(-H,, a low-power SoC with 802.15.4 & Bluetooth 5.4 (LE), which caters to increasing demands for low-power wireless devices, boasting signi?cant upgrades in power consumption, connectivity features, and memory expansion capabilities.? In fact, we have been constantly persifying our product por!folio, introducing new solutions through our numerous investments. Thus, we now have various product lines in the main short- and medium-range connectivity technologies and our product range has expanded to AIoT SoCs. Our core technologies are self-developed, including connectivity IPs, RF components, RISC-V IPs, so"tware frameworks, tools, AI functions etc. We also provide IoT modules based on our chips. The bene?t for customers is that they can get direct support from
Key Products - Product MapMarket The market for wireless SoCs is truly perse, including applications for smart homes (e.g., smart lights, air conditioners, ovens, co"fee machines, etc.), consumer electronics (e.g., smart speakers, drones, etc.), industrial automation (e.g., mechanical arms), smart agriculture (e.g., soil PH detector, CO( detector, etc.), healthcare (e.g., monitoring devices for diabetes, blood pressure, etc.), energy control (solar energy devices, EV chargers, etc.), the internet of vehicles (OBD devices, dashboards, etc.), and education (talking pens, interactive whiteboards, etc.). We seem to be witnessing an economic recovery, with both new and existing customers showing growth in business. At the same time, we have also seen the emergence of applications in new areas, such as beauty devices. A"ter experiencing the low point of 2023, clients in the new energy sector have also begun to show signs of recovery. Developer Community ContentsBusiness Model Business-to-Developer-to-Business (B2D2B) Espressif has deployed the Business-to-Developer type of marketing, not only because it has gained prominence in recent years, but also because it has proven to be more e"fective since the in?uence of developers on organizations of all sizes has gained traction. In other words, most developers are R&D employees in various companies and bring forth business opportunities from the companies they work for.? This way, the developer ecosystem we have created at Espressif demonstrates how the value of networks can grow exponentially: The more developers we a!tract as customers, the more hardware and so"tware solutions we generate. ? ? The more successful hardware and so"tware solutions we create, the more our reputation spreads with positive feedback from happy customers/developers. The above-mentioned interaction between people in our network prompts the creation of more content, which -in ? turn- a!tracts more users/developers searching for new content. Likewise, other third-party development pla!forms join our ecosystem and bring in new developers, as our ? in?uence continues to grow. Having successfully applied the B(D(B model, Espressif can now focus on R&D investments, while maintaining a small business team that supports a large number of customers directly. In fact, most of our revenue is gained Business Model Business-to-Developer-to-Business (B2D2B) Espressif has deployed the Business-to-Developer type of marketing, not only because it has gained prominence in recent years, but also because it has proven to be more e"fective since the in?uence of developers on organizations of all sizes has gained traction. In other words, most developers are R&D employees in various companies and bring forth business opportunities from the companies they work for.? This way, the developer ecosystem we have created at Espressif demonstrates how the value of networks can grow exponentially: The more developers we a!tract as customers, the more hardware and so"tware solutions we generate. ? ? The more successful hardware and so"tware solutions we create, the more our reputation spreads with positive feedback from happy customers/developers. The above-mentioned interaction between people in our network prompts the creation of more content, which -in ? turn- a!tracts more users/developers searching for new content. Likewise, other third-party development pla!forms join our ecosystem and bring in new developers, as our ? in?uence continues to grow. Having successfully applied the B(D(B model, Espressif can now focus on R&D investments, while maintaining a small business team that supports a large number of customers directly. In fact, most of our revenue is gained
Books about ESP Products More than 200 books on how to use ESP products can be found in the developer community and cover over a dozen languages. TEXTOwnership of Securities Basic information of securitiesShareholder Structure as of Mar 31, 2024Risks and UncertaintiesConsolidated Financial Statements (Unaudited) Consolidated Balance Sheet (Unaudited)Consolidated Balance Sheet (Unaudited)Consolidated Income Statement (Unaudited)Consolidated Cash Flow Statement (Unaudited)Further Information Terms and Conditions of the Report Responsibility Statement
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Declaration
Forward-looking Statements
This report contains forward-looking statements and/or assessments about the business, ?nancial condition, performance and strategy of the Espressif Group. These statements and/or assessments are based on assumptions and management expectations resting upon currently available information and current estimates. These are subject to a multitude of uncertainties and risks, many of which are partially or entirely beyond Espressif’s control. Espressif’s actual
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List of abbreviations
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