Investment Rating - The report maintains a "Recommend" rating for Jingjia Micro (300474 SZ) [5] Core Views - Jingjia Micro's JM11 series GPU chip has completed the tape-out and packaging stages, marking a significant milestone in domestic GPU development [3] - The JM11 series supports mainstream CPUs and operating systems, meeting demands in graphics workstations, cloud desktops, and cloud gaming [3] - The company has established a strong competitive advantage through its independently developed GPU chips, with products expanding from graphics rendering to high-performance GPU applications [3] - Jingjia Micro has set up a subsidiary in Wuxi to enhance its GPU cluster computing solutions, successfully developing the Jinghong series of high-performance AI computing modules and systems [3] - The company is expected to achieve net profits of 148 million, 257 million, and 352 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 331x, 192x, and 140x [3] Financial Forecasts Income Statement - Revenue is projected to grow from 713 million yuan in 2023 to 2,024 million yuan in 2026, with growth rates of 53 1%, 38 0%, and 34 3% respectively [4] - Net profit attributable to shareholders is expected to increase from 60 million yuan in 2023 to 352 million yuan in 2026, with growth rates of 148 7%, 72 9%, and 37 0% respectively [4] - EPS is forecasted to rise from 0 11 yuan in 2023 to 0 67 yuan in 2026 [4] Balance Sheet - Total assets are projected to grow from 4,194 million yuan in 2023 to 9,283 million yuan in 2026 [7] - Shareholders' equity is expected to increase from 3,414 million yuan in 2023 to 7,830 million yuan in 2026 [7] Cash Flow Statement - Operating cash flow is forecasted to increase from 264 million yuan in 2023 to 548 million yuan in 2026 [8] - Capital expenditures are expected to rise significantly, from -82 million yuan in 2023 to -1,007 million yuan in 2026 [8] Key Financial Ratios - ROE is projected to increase from 1 75% in 2023 to 4 49% in 2026 [7] - Gross margin is expected to remain stable around 58-60% from 2023 to 2026 [7] - Net profit margin is forecasted to improve from 8 37% in 2023 to 17 37% in 2026 [7] Industry Context - The domestic computing power industry is expected to enter a golden development period, driven by technological breakthroughs and the AI revolution sparked by ChatGPT [3] - Jingjia Micro's advancements in GPU technology and AI computing solutions position it well to capitalize on this industry trend [3]

Investment Rating - The report maintains a "Buy" rating for Jingjia Micro (300474 SZ) [5] Core Views - Jingjia Micro's short-term performance is under pressure, but the company continues to advance its GPU layout [1] - The company achieved revenue of 441 million yuan in the first three quarters of 2024, a year-on-year decrease of 5 99% [2][5] - Net profit attributable to the parent company was 24 million yuan, a year-on-year increase of 53 28% [2][5] - Non-GAAP net profit was 6 million yuan, a year-on-year increase of 119 90% [2][5] - Gross margin was 53 85%, a year-on-year decrease of 7 0 percentage points [2][5] - In Q3 2024, revenue was 91 million yuan, a year-on-year decrease of 26 55% [2][5] - Net profit attributable to the parent company was -10 million yuan, a year-on-year decrease of 144 24% [2][5] - Non-GAAP net profit was -15 million yuan, a year-on-year decrease of 127 60% [2][5] - Gross margin in Q3 2024 was 57 27%, a year-on-year increase of 1 0 percentage points [2][5] GPU Market and Product Development - The global processor market (including CPU, GPU, APU, SoC FPGA, AI ASIC, and DPU) was approximately 220 billion USD in 2023, accounting for 42% of the semiconductor market [6] - From 2023 to 2029, the compound annual growth rates for GPU, CPU, and APU markets are expected to be 25%, 5%, and 8%, respectively [6] - By 2029, the GPU market size is expected to be twice that of the CPU market [6] - The company's GPU products include JM5400, JM7200, and JM9 series [6] - In 2024, the company successfully developed the Jinghong series of high-performance intelligent modules and complete machines for AI computing, AI inference, and scientific computing [6] Equity Incentive Plan - In June 2024, the company released a restricted stock incentive plan, proposing to grant 947,880 shares, accounting for 0 2067% of the total share capital [7] - The plan involves 439 core personnel, with a grant price of 55 52 yuan per share [7] - The performance targets for 2024 and 2025 are revenue growth rates of no less than 11% and 25%, respectively, compared to 2023 [7] Financial Forecasts - The company is expected to achieve net profit attributable to the parent company of 178 million yuan, 281 million yuan, and 435 million yuan in 2024, 2025, and 2026, respectively [8] - The corresponding P/E ratios are 273x, 173x, and 112x [8] Financial Data - Current stock price: 92 99 yuan [10] - Total share capital: 522 62 million shares [10] - Net asset per share: 7 48 yuan [10] - The highest and lowest stock prices in the past 12 months were 105 48 yuan and 42 31 yuan, respectively [10]

证券代码：300474 证券简称：景嘉微 编号：2024-009 长沙景嘉微电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | □ √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称及 人员姓名 | 家机构共 9 | 兴业证券、长江 ...

证券代码：300474 证券简称：景嘉微 编号：2024-008 长沙景嘉微电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | □ √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称及 | 华西证券、国联基金、东北证券等 | 3 家机构及个人投资者共 4 位 | | 人员姓名 | 投资者。（排名不分先后） | | | 时间 | 2024 年 10 月 31 日 -11 | 月 1 日 | | 地点 | 公司 5 楼会议室 | | | 上市公司接待人 | 副总裁 董事会秘书廖凯 | | | 员姓名 | | | | | 一、公司基本情况介绍 | 公司自成立以来致力于信 ...

Financial Performance - Revenue for the third quarter was RMB 91.15 million, a decrease of 26.55% year-over-year[3] - Net profit attributable to shareholders for the third quarter was a loss of RMB 10.28 million, a decrease of 144.24% year-over-year[3] - Net profit for the quarter was 23.87 million yuan, an increase from 15.58 million yuan in the same period last year[21] - Operating income for the quarter was 441.06 million yuan, down from 469.17 million yuan in the previous year[20] - Basic earnings per share increased to 0.05 yuan from 0.03 yuan in the same period last year[21] - The company's total comprehensive income for the quarter was 23.87 million yuan, up from 15.58 million yuan[21] Cash Flow - Operating cash flow for the first nine months of 2024 was RMB 12.87 million, a decrease of 90.38% year-over-year[8] - Investment cash flow for the first nine months of 2024 was a negative RMB 241.65 million, a decrease of 177.05% year-over-year[8] - Financing cash flow for the first nine months of 2024 was a negative RMB 165.75 million, a decrease of 317.38% year-over-year[8] - Sales revenue from goods and services received in cash decreased to 559.37 million yuan from 741.81 million yuan compared to the same period last year[23] - Cash received from tax refunds increased to 49.21 million yuan from 26.72 million yuan year-over-year[23] - Total cash inflow from operating activities decreased to 635.22 million yuan from 806.82 million yuan compared to the previous year[23] - Cash outflow for purchasing goods and services increased to 309.88 million yuan from 251.66 million yuan year-over-year[23] - Net cash flow from operating activities significantly decreased to 12.87 million yuan from 133.75 million yuan compared to the same period last year[23] - Net cash flow from investing activities was -241.65 million yuan, a significant decrease from -87.22 million yuan in the previous year[23] - Cash received from investments decreased to 48.02 million yuan from 138.91 million yuan year-over-year[24] - Net cash flow from financing activities was -165.75 million yuan, compared to 76.25 million yuan in the same period last year[24] - Total cash and cash equivalents decreased by 394.53 million yuan, compared to an increase of 122.78 million yuan in the previous year[24] - Ending cash and cash equivalents balance decreased to 687.24 million yuan from 969.66 million yuan year-over-year[24] Expenses and Costs - Sales expenses for the first nine months of 2024 were RMB 25.00 million, a decrease of 35.06% year-over-year[7] - Financial expenses for the first nine months of 2024 were a negative RMB 6.72 million, a decrease of 508.49% year-over-year[7] - Credit impairment loss for the first nine months of 2024 was RMB 4.35 million, an increase of 206.49% year-over-year[7] - Non-operating expenses for the first nine months of 2024 were RMB 2.04 million, an increase of 1211.71% year-over-year[7] - R&D expenses decreased to 188.94 million yuan from 239.20 million yuan, reflecting cost optimization[20] - The company's financial expenses were -6.72 million yuan, showing a net financial gain[20] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 3.93 billion, a decrease of 6.29% compared to the end of the previous year[3] - The company's monetary funds decreased from 1,082,993,679.91 yuan at the beginning of the period to 699,186,184.94 yuan at the end of the period[17] - The company's accounts receivable increased from 635,788,248.47 yuan at the beginning of the period to 769,900,945.68 yuan at the end of the period[17] - The company's inventory increased from 637,138,426.32 yuan at the beginning of the period to 710,133,553.90 yuan at the end of the period[17] - The company's long-term equity investment increased from 262,906,327.99 yuan at the beginning of the period to 313,557,263.85 yuan at the end of the period[17] - The company's fixed assets increased from 512,664,820.51 yuan at the beginning of the period to 535,172,115.67 yuan at the end of the period[17] - The company's deferred tax assets increased from 141,094,501.39 yuan at the beginning of the period to 173,729,748.01 yuan at the end of the period[17] - Total assets decreased to 3.93 billion yuan from 4.19 billion yuan compared to the previous period[18] - Total liabilities decreased to 498.34 million yuan from 780.68 million yuan, a significant reduction[18] - Total equity attributable to the parent company was 3.43 billion yuan, slightly up from 3.41 billion yuan[19] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period is 75,925[9] - Yu Lili holds 29.10% of the shares, totaling 133,450,847 shares[9] - National Integrated Circuit Industry Investment Fund Co., Ltd. holds 6.07% of the shares, totaling 27,822,973 shares[9] - Zeng Wanhui holds 4.02% of the shares, totaling 18,457,347 shares, with 4,300,000 shares pledged[9] - Hu Yahua holds 3.41% of the shares, totaling 15,621,984 shares[9] - Urumqi Jingjia Hechuang Equity Investment Partnership holds 3.27% of the shares, totaling 15,000,000 shares, with 10,725,000 shares pledged[9] - Rao Xianhong holds 1.59% of the shares, totaling 7,290,221 shares[9] - Industrial and Commercial Bank of China Limited - E Fund ChiNext ETF holds 1.46% of the shares, totaling 6,683,814 shares[9] - China Construction Bank Corporation - Huaxia CSI Semiconductor Chip ETF holds 1.19% of the shares, totaling 5,476,867 shares[9] - Agricultural Bank of China Limited - CSI 500 ETF holds 1.09% of the shares, totaling 4,983,169 shares[10] Research and Development - The company successfully developed the Jinghong series of high-performance intelligent computing modules and complete machine products in 2024, filling the product gap in AI training, AI inference, and scientific computing applications[14] - The company invested 188.9355 million yuan in R&D in the first three quarters of 2024, accounting for 42.84% of its operating revenue[14] Fundraising and Investments - The company issued 63,986,969 A shares to specific investors at a price of 59.91 yuan per share, raising a total of 3,833,459,312.79 yuan, with a net fundraising amount of 3,826,923,109.78 yuan[15] - Interest income increased to 10.61 million yuan from 7.90 million yuan, indicating improved cash management[20]

证券时报e公司讯，景嘉微(300474)在机构调研时表示，公司始终专注于产品研发，不断提升产品竞争 力。 尤其在图形处理芯片设计领域，通过十余年的技术沉淀，成功研发以JM5400、JM7200、JM9为代表的 系列图形处理芯片，并成功实现产业化。 2024年，公司成功研发面向AI 计算、AI推理与科学计算等领域景宏系列高性能智能模块与整机产品， 进一步拓宽公司产品应用领域。 公司正在持续推进新款图形处理芯片的后续研发工作，目前进展顺利，但芯片研发存在一定不确定性， 具体研发时间需视后续的研发情况而定。 ...

证券代码：300474 证券简称：景嘉微 编号：2024-007 长沙景嘉微电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics - The company successfully undertook multiple national-level key projects related to GPU, indicating its significant role in the field [1] - The company completed a private placement in just 14 days, benefiting from streamlined procedures and green channels for companies undertaking important national tasks [2] - The company increased R&D investment and plans to launch a new GPU product by the end of the year, targeting the mid-to-high-end rendering market [4] Business Line Data and Key Metrics - The company introduced a batch of high-quality talents with core technology and long-term R&D experience, adjusting its talent structure [3] - The company collaborated with ecosystem partners to help customers fully utilize products and build a robust ecosystem [4] - The company's Jinghong series products have gained recognition from ecosystem partners and customers, with orders expected to exceed 100 million RMB this year [6] Market Data and Key Metrics - The company plans to launch new innovative products related to computing power next year, leveraging experience and technology from the Jinghong series [5] - The company aims to accelerate customer product adoption and scale-up applications, increasing R&D investment and talent acquisition [5] - The company's market position in the GPU industry is not yet monopolistic, and it continues to focus on product optimization and strengthening [6] Company Strategy and Industry Competition - The company emphasizes the importance of strong financial capabilities, effective customer groups, and future M&A preparations for long-term success in the GPU field [4] - The company established a fund and introduced industrial and investment talents to support future M&A activities and industry consolidation [4] - The company plans to leverage its listed company status and favorable policies to accelerate M&A and industry integration, avoiding supply disruptions and intensified domestic competition [5] Management Comments on Operating Environment and Future Prospects - The company believes that the GPU industry in China has a long development path, involving data center computing, edge computing, inference computing, and high-end rendering [4] - The company is confident in the future development of both the Xinchuang and special fields, expecting more application demands and order quantities [9] - The company aims to become a core player in the field, leveraging sufficient funds, talents, and policy resources to contribute to the nation with high-quality products [13] Other Important Information - The company's small radar products generated 38 million RMB in revenue in the first half of the year, with growth expected to continue in the next 2-3 years [9] - The company's military and civilian product revenue ratio is currently 7:3, but it is expected to reverse in the future, with civilian products accounting for over 70% [12] - The company plans to focus on investment and M&A activities, leveraging national policies to accelerate R&D and industry consolidation [13] Summary of Q&A Session Q: How does the company view competition with overseas products and the lack of mandatory GPU requirements in the Xinchuang market? - The company believes that the shift from forced to voluntary adoption of domestic products is crucial, emphasizing product strength and market support [8] - The company acknowledges the importance of software in the GPU ecosystem and focuses on customer feedback to drive product iteration [8] Q: Are there any new policy signals affecting the industry's prospects? - The company notes significant political changes and increased national investment in key areas, including the GPU field [9] - The company expects stable revenue and profit sources in the coming years, supported by national policies and market demand [9] Q: What are the company's plans for rendering GPUs and their performance compared to international standards? - The company's new rendering GPU is expected to be among the best in customer application effects, with ongoing collaboration with major manufacturers for ecosystem development [11] - The company is addressing technical challenges and learning from advanced development experiences to enhance product capabilities [11] Q: Has the market share of integrated GPUs in the Xinchuang market increased? - The company states that the market share of integrated GPUs has not significantly increased, as the focus remains on standalone GPUs [11] Q: Are there any updates on the core technical team and funding? - The company has introduced top talents from major manufacturers, emphasizing the importance of financial capability to support high salaries [11] - The company encourages internal competition and collaboration to drive innovation and performance [11] Q: What are the main application scenarios for the company's products? - The company's mid-to-low-end applications, such as the 7 and 9 series, are used in traditional and emerging industries within the Xinchuang field [12] Q: What is the revenue structure trend between military and civilian products? - The company expects civilian product sales to surpass military product sales, with a projected ratio of over 70% civilian and under 30% military [12] Q: What are the company's plans for investment and M&A? - The company is leveraging national policies to accelerate M&A and industry consolidation, focusing on asset, technology, and talent acquisition [13] - The company aims to centralize resources and funds to accelerate R&D and product development [13]

证券代码：300474 证券简称：景嘉微 编号：2024-006 长沙景嘉微电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 √ | 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | | | | | □ 现场参观 □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2024 年 10 月 10 日 ( | 周四 ) 下午 14:00~17:00 | | 地点 | 公司通过全景网 " 网络远程的方式召开业绩说明会 | 投资者关系互 ...