乐鑫科技:Espressif Systems Q3 2024 Report

Q3
2024
REPORT
Contents
22
18 Consolidated
Balance Sheet
20 Consolidated
Income Statement
06 Key Financial Data (Unaudited)
06 Financial Indicators (Unaudited)
07 Financial Analysis
08
06
03
Build Smart
with Espressif
Business
Highlights
Management
Report
Consolidated
Financial
Statements
(Unaudited)
Further
Information
08 Business Strategy
09 Core Technologies
10 Key Products - AIoT Chips
11 Key Products - Chip Matrix
12 Market
13 Business Model
14 Developer Community Content
16 Ownership of Securities
17 Risks and Uncertainties
18
21 Consolidated Cash Flow
Statement
22 Terms and Conditions
of the Report
23 List of abbreviations
04
Core
Competitiveness
3
ESPRESSIF SYSTEMS | Q3 2024 REPORT | BUILD SMART WITH ESPRESSIF
Espressif Systems (688018.SH), has evolved from a
leading Wi-Fi MCU provider into a comprehensive IoT
technology ecosystem company. While known for our
groundbreaking ESP32 series, Espressif now offers a
broad range of solutions, including Wi-Fi, Bluetooth,
Zigbee, Thread, Matter, and AIoT technologies. We
focuses on open-source innovation and provides
powerful tools to enable developers worldwide. With the
robust hardware and software ecosystem, Espressif is
driving the next wave of IoT applications, from smart
homes to industrial automation, fostering an
interconnected and intelligent future.
Build Smart with Espressif
1 Billion+
Global IoT Chip
Shipment
～200 Patents
In AIoT Technology
Global Leader
In Wi-Fi MCU Market
2 Million+
Active Ecosystem
Followers and
Developers
10,000+
Satisfied Customers
Worldwide
4
ESPRESSIF SYSTEMS | Q3 2024 REPORT | CORE COMPETITIVENESS
Core Competitiveness
Espressif's business model follows a B2D2B (Business-to-Developer-to-Business) approach, making brand
development a crucial component of our company's strategy. Product strength, differentiation, cost-effectiveness
and community support all contribute to the power of our brand.
Exceptional IC Design Capability
Product
Strength
Full-Stack
CostEffectiveness
Community
Support
Full-Stack Engineering
Capability
Superior Cost-Effective
and Stable Support
Extensive Developer Community
Support
Brand
Awareness
Full-Stack Engineering Capability
Espressif possesses comprehensive engineering development capabilities that span from IP development to
complete chip design, operating systems, firmware, software frameworks, application solutions, hardware design,
edge AI, cloud, and apps. This full-stack engineering expertise allows Espressif to offer highly integrated solutions
that meet a wide range of customer needs. The ability to control and optimize every layer of the technology stack is
unique in the industry and enables Espressif to deliver superior products and services that are seamlessly integrated
and highly efficient.
Brand Awareness
The ESP32 and Espressif brands have a strong sense of
recognition among developers. This recognition has become a
key factor in our competitive advantage and success. Users
identify with the ESP32 brand due to its reliability, performance,
and versatility, which have been proven across various
applications and industries. This strong brand power not only
fosters customer retention but also attracts new users, thereby
solidifying Espressif's position in the market.
5
ESPRESSIF SYSTEMS | Q3 2024 REPORT | CORE COMPETITIVENESS
Exceptional IC Design Capability
Espressif independently designs and develops its own chip
products, with core IPs being self-developed. These chips are
equipped with rich features, ensuring that Espressif’s products
stand out in the market and avoid the pitfalls of homogenized
competition. By controlling the entire design process, Espressif
can innovate rapidly and introduce unique functionalities that set
our products apart from competitors, providing a distinctive edge
in the IoT semiconductor industry.
0
25
50
75
100
2019-07 2024-10
ESP32 Google Trends
0
25
50
75
100
Espressif Google Trends
2019-07 2024-10
Superior Cost-Effective and Stable Support
Espressif's products are known for their high performance and low cost, making them competitive in the market. We
provide the cost efficiency necessary to promote large-scale commercialization in downstream industries.
Additionally, we ensure the long-term availability of our products and offer stable and enduring software support,
ensuring that customers can rely on their investments for extended periods. This commitment to value and reliability
strengthens customer trust.
Extensive Developer Community Support
Espressif has garnered support from a vast community of professional engineers who are familiar with Espressif's
development platform and actively promote its value proposition. This large and engaged community not only aids in
the rapid adoption and dissemination of Espressif’s technologies but also contributes to continuous improvement
through feedback and shared