证券研究报告·公司点评报告·军工电子Ⅱ 景嘉微（300474） 2023 年年报和 2024 年一季报点评：加快布 2024 年 04月 30日 局 AI 算力，静待主业回暖 证券分析师 王紫敬 买入（维持） 执业证书：S0600521080005 021-60199781 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E wangzj@dwzq.com.cn 证券分析师 王世杰 营业总收入（百万元） 1,153.93 713.25 1,156.66 1,591.77 2,101.37 执业证书：S0600523080004 同比（%） 5.56 (38.19) 62.17 37.62 32.01 wangshijie@dwzq.com.cn 归母净利润（百万元） 288.96 59.68 254.66 378.89 517.42 同比（%） (1.29) (79.35) 326.70 48.78 36.56 股价走势 EPS-最新摊薄（元/股） 0.63 0.13 0.56 0.83 1.13 景嘉微 沪深300 P/E（现价&最新摊薄） 111. ...

长沙景嘉微电子股份有限公司 2023 年年度报告全文 长沙景嘉微电子股份有限公司 2023 年年度报告 公告编号：2024-008 2024 年 4 月 1 长沙景嘉微电子股份有限公司 2023 年年度报告全文 2023 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司负责人曾万辉、主管会计工作负责人刘奕及会计机构负责人(会计主 管人员)邬芳声明：保证本年度报告中财务报告的真实、准确、完整。所有董 事均已出席了审议本报告的董事会会议。 本年度报告中涉及未来计划等前瞻性陈述的，均不构成公司对投资者的 实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十一、公司未来发展的展 望"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关 注相关内容。 | --- | |--------------------------------------- ...

Financial Performance - Revenue for the first quarter of 2024 was RMB 108.38 million, a 66.27% increase compared to the same period last year[3] - Net profit attributable to shareholders of the listed company was RMB -11.54 million, an 83.68% improvement year-over-year[3] - Operating cash flow for the first quarter was RMB -90.26 million, a slight decrease of 2.51% compared to the same period last year[3] - Total operating revenue increased to 108,379,019.23 yuan, up 66.3% compared to the previous period's 65,181,995.44 yuan[20] - Operating costs rose to 40,202,601.13 yuan, a 45.9% increase from the previous period's 27,558,937.78 yuan[20] - Net profit for the period was -11,535,163.86 yuan, an improvement from the previous period's -70,678,727.09 yuan[21] - Basic earnings per share improved to -0.03 yuan from -0.16 yuan in the previous period[22] Cash Flow and Investments - Investment cash flow improved significantly, with a net outflow of RMB -5.88 million, an 88.07% reduction compared to the same period last year[8] - Cash received from sales of goods and services was 126,599,363.54 yuan, down 11.9% from the previous period's 143,705,990.51 yuan[23] - Cash paid for goods and services increased to 158,254,556.69 yuan, up 51.3% from the previous period's 104,616,185.76 yuan[23] - Net cash flow from operating activities was -90,256,846.22 yuan, slightly worse than the previous period's -88,046,532.83 yuan[23] - Investment activities generated a net cash outflow of RMB 5.88 million, compared to RMB 49.26 million in the same period last year[24] - Financing activities generated a net cash inflow of RMB 22.32 million, an increase from RMB 21.23 million in the same period last year[24] - The net increase in cash and cash equivalents was a negative RMB 73.82 million, compared to a negative RMB 116.08 million in the same period last year[24] - The ending balance of cash and cash equivalents was RMB 1.01 billion, down from RMB 1.08 billion at the beginning of the period[24] - The company invested RMB 10.68 million in the construction of fixed assets, intangible assets, and other long-term assets, a decrease from RMB 22.84 million in the same period last year[24] - The company received RMB 25.43 million from absorbing investments, an increase from RMB 22.89 million in the same period last year[24] - The company paid RMB 1.41 million in dividends, profits, or interest payments, a slight decrease from RMB 1.42 million in the same period last year[24] - The company's cash outflow from investment activities was RMB 22.55 million, a significant decrease from RMB 99.26 million in the same period last year[24] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 4.19 billion, a slight decrease of 0.04% compared to the end of the previous year[3] - Prepaid expenses increased by 78.83% to RMB 107.31 million due to higher advance payments[5] - Construction in progress decreased by 94.22% to RMB 694,966.52 due to the transfer of projects to fixed assets[5] - Total assets as of the end of the reporting period were 4.1929 billion yuan, with total liabilities of 764.7069 million yuan and total equity of 3.4282 billion yuan[19] - Current assets totaled 2.9174 billion yuan, including 1.0092 billion yuan in monetary funds and 690.2710 million yuan in inventory[17][18] - Non-current assets amounted to 1.2755 billion yuan, including 522.3364 million yuan in fixed assets and 186.8721 million yuan in intangible assets[18] - Current liabilities were 591.9414 million yuan, including 233.5584 million yuan in accounts payable and 156.2604 million yuan in non-current liabilities due within one year[18][19] - Non-current liabilities totaled 172.7655 million yuan, including 54.4605 million yuan in deferred income and 37.7189 million yuan in lease liabilities[19] - Shareholders' equity was 3.4282 billion yuan, including 1.5821 billion yuan in capital reserve and 1.1986 billion yuan in retained earnings[19] R&D and Strategic Focus - The company's R&D efforts are focused on advancing GPU technology, particularly in the field of artificial intelligence, aiming to transition from "specialized" to "specialized + general-purpose" GPU development[15] - The company's total R&D investment in the first quarter of 2024 was not disclosed, but the company emphasized its commitment to continuous investment in key technologies and resources[15] - The company's strategic focus includes expanding into new application markets and providing high-reliability, high-quality, and diversified solutions to customers[15] - The company's R&D strategy includes optimizing product development processes and enhancing R&D efficiency to maintain a competitive edge in the market[15] - The company successfully developed the Jinghong series of high-performance intelligent computing modules and complete machine products, filling the product gap in AI training, AI inference, and scientific computing applications, laying the foundation for future growth in the AI field[16] - In Q1 2024, the company invested 70.2865 million yuan in R&D, accounting for 64.85% of its operating revenue[16] - The company implemented a private placement of A-shares to accelerate R&D investment, with the plan approved by the Shenzhen Stock Exchange and pending approval from the China Securities Regulatory Commission[16] - R&D expenses decreased to 70,286,523.55 yuan, down 7.0% from the previous period's 75,538,766.42 yuan[20] Shareholders and Equity - The top shareholder, Yu Lili, holds 29.10% of the company's shares[9] - The company's total restricted shares at the end of the period amounted to 127,875,246 shares, with a reduction of 630,768 shares during the period[14] - The company's top 10 shareholders hold a significant portion of the company's shares, with Yu Lili holding 33,362,712 shares, accounting for 7.27% of the total shares[11] - The company's top 10 shareholders include institutional investors such as China Construction Bank and Industrial and Commercial Bank of China, holding 5,251,067 and 4,882,564 shares respectively[11] - The company's restricted shares are primarily held by senior management, with Yu Lili holding 100,088,135 shares and Zeng Wanhui holding 13,843,010 shares[14] - The company's top 10 shareholders include both individual and institutional investors, with a total of 33,362,712 shares held by Yu Lili and 27,822,973 shares held by National Integrated Circuit Industry Investment Fund Co., Ltd[11] - The company's restricted shares are subject to lock-up periods, with senior management shares set to be unlocked according to regulatory requirements[14] Government Subsidies and Non-Recurring Gains - Government subsidies contributed RMB 5.95 million to non-recurring gains[4] Financial Expenses - Financial expenses decreased by 86.49% to RMB -3.19 million due to increased interest income[7]

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨景嘉微（ ） 300474.SZ [推Ta出b“le景_T宏itl系e]列”高性能智算产品线，国产算力 加速崛起 报告要点 [公Ta司bl发e_布Su《m关m于ar公y]司新产品研发进展的自愿性披露公告》，面向AI训练、AI推理、科学计算等 应用领域的景宏系列高性能智算模块及整机产品研发成功，并将尽快面向市场推广。 ...

公司研 究 证 券研究 报 告 航天军工 2024年03月15日 景 嘉微（300474）重大事项点评 强 推 （维持） 目标价：108.27元 “景宏”问世，补充 AI 智算版图 当前价：92.50元 事项： 华创证券研究所  2024年3月12日，景嘉微发布自愿性披露公告称，成功研发针对 AI训练、 证券分析师：吴鸣远 AI推理和科学计算应用的景宏系列高性能智算模块及整机产品。 邮箱：wumingyuan@hcyjs.com 评论： 执业编 号：S0360523040001  国内 GPU 领军者，聚焦底层技术开发。公司自成立以来，深耕 GPU 研发领 域，经过十余年的技术沉淀，凭借技术优势、领先的全生命周期管理水平、规 公司基本数据 模化的应用场景等优势成为国内领先的GPU设计企业。在GPU研发领域，公 总股本(万股) 45,740.73 司聚焦底层技术开发，在架构设计、算法模型、原理验证、硬件实现、驱动开 已上市流通股(万股) 32,889.52 发等环节全面实现自主研发。目前公司已成功研发以 JM5 系列、JM7 系列和 总市值(亿元) 423.10 JM9系列为代表的一系列具有自主知识产权的国 ...

] y r t s u d n I _ e l b a T [ [ 景Ta 嘉bl 微e_ （Ti 3t 0l 0e 4] 7 4）动态点评 公 司 研 高性能智算模块推出，拓宽AI相关市场 究 业务 挖掘价值 投资成长 / 电 [Table_Rank] 子 增持 （维持） 设 备 2024 年 03 月 13 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab事le_项Sum】ma ry] 证券分析师：方科 报 证书编号：S1160522040001 告 电话：021-23586361  3月12日公司公告“景宏”系列高性能智算模块及整机产品研发成功， 此类产品面向AI训练、AI推理、科学计算等应用领域，支持INT8、 [相T对ab指le数_P表ic现Qu ote] FP16、FP32、FP64等混合精度运算，支持全新的多卡互联技术进行算 80.02% 力扩展，适配国内外主流 CPU、操作系统及服务器厂商，能支持当前 55.76% 主流的计算生态、深度学习框架和算法模型库，大幅缩短用户适配验 31.50% 证周期。 7.24% -17.02% -41.28%3/12 5/ ...

证券研究报告·公司点评报告·军工电子Ⅱ 景嘉微（300474） 战略再明确，聚焦 AI 芯片研发 2024年 03月 02日 买入（维持） 证券分析师 王紫敬 [Table_EPS] 执业证书：S0600521080005 盈利预测与估值 2021A 2022A 2023E 2024E 2025E 021-60199781 营业总收入（百万元） 1,093.20 1,153.93 776.54 1,211.53 2,247.75 wangzj@dwzq.com.cn 同比 67.21% 5.56% -32.71% 56.02% 85.53% 证券分析师 王世杰 归母净利润（百万元） 292.74 288.96 60.14 320.07 465.15 执业证书：S0600523080004 同比 40.99% -1.29% -79.19% 432.24% 45.33% wangshijie@dwzq.com.cn EPS-最新摊薄（元/股） 0.64 0.63 0.13 0.70 1.02 股价走势 P/E（现价&最新摊薄） 103.20 104.55 502.39 94.39 64.95 [ Table_Ta ...

国产GPU 图显龙头，拓算力蓝海、迎新成长曲线 景嘉微（300474.SZ）/国防军工 证券研究报告/公司点评 2024 年 2 月29 日 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：63元 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 654 1,093 719 1,023 1,302 分析师：冯胜 增长率yoy% 23% 67% -34% 42% 27% 执业证书编号：S0740519050004 净利润（百万元） 208 293 58 164 306 Email：fengsheng@zts.com.cn 增长率yoy% 18% 41% -80% 183% 86% 每股收益（元） 0.45 0.64 0.13 0.36 0.67 分析师：王可 每股现金流量 0.24 0.51 0.86 -0.26 0.16 执业证书编号：S0740519080001 净资产收益率 8% 10% 2% 5% 9% Email：wangke@zts.com.cn P/E 138.8 ...

长沙景嘉微电子股份有限公司 2023 年第三季度报告 □是 否 证券代码：300474 证券简称：景嘉微 公告编号：2023-078 长沙景嘉微电子股份有限公司 2023 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 年初至报告期末比上 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|------------------------|--------------------- ...

证券代码：300474 证券简称：景嘉微 公告编号：2023-077 长沙景嘉微电子股份有限公司 关于参加 2023 年湖南辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，长沙景嘉微电子股份有限公司（以下简 称“公司”）将参加由中国证券监督管理委员会湖南监管局、湖南省上市公司协 会与深圳市全景网络有限公司联合举办的“推动上市公司规范运作，保护中小投 资者——2023 年湖南辖区上市公司投资者网上集体接待日”活动，现将有关事 项公告如下： 本次活动将采取网络远程的方式举行，投资者可以登陆“全景路演”网站 （http://rs.p5w.net），或关注微信公众号“全景财经”，或下载全景路演 APP，参 与本次互动交流，活动时间为 2023 年 11 月 2 日（星期四）下午 15:30－17:00。 届时公司高级管理人员将在线就公司治理、发展战略、经营情况和可持续发展等 ...