%% 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。 ...

] 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/ ...

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。 证券代码：300474 证券简称：景嘉微 公告编号：2024-004 长沙景嘉微电子股份有限公司 关于公司新产品研发进展的自愿性披露公告 重要内容提示： 二、新产品对公司的影响 公司本次推出的新产品可以丰富公司面向计算领域的高性能智算产品线，拓 宽公司 AI 推理、AI 训练及科学计算等应用领域的市场业务，有利于增强公司核 心竞争力，巩固公司在相关领域的市场竞争力与市场占有率，对公司长期发展战 略的实施具有推动意义。 三、风险提示 本次推出的新产品存在技术风险和市场风险，未来的市场规模和实际收益情 况取决于市场推广的进度、市场接受程度等因素，公司尚无法准确预测对公司经 营业绩的影响情况，请广大投资者理性投资，注意投资风险。 长沙景嘉微电子股份有限公司（以下简称"公司"）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（以下简称"景宏系 列"）研发成功，并将尽快面向市场推广。 本次推出的新产品存在技术风险和市场风险，未来的市场规模和实际收益情 况取决于市场推广的进度、市场接受程度 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on AI chip development and has outlined a strategic plan titled "Quality Return Dual Improvement" [2][3] - The company has a strong position in the GPU market, with a significant market share in specialized and government sectors, and aims to expand into the AI market [3] - The trend towards domestic AI computing power is accelerating, and the company is well-positioned to benefit from this shift due to its early investments in GPU technology [3] Financial Forecast and Valuation - Total revenue is projected to decline by 32.71% in 2023 to 776.54 million yuan, followed by a recovery of 56.02% in 2024 and 85.53% in 2025, reaching 2,247.75 million yuan [2] - Net profit attributable to the parent company is expected to drop by 79.19% in 2023 to 60.14 million yuan, with a significant rebound of 432.24% in 2024 and a growth of 45.33% in 2025, reaching 465.15 million yuan [2] - The latest diluted EPS is forecasted to be 0.13 yuan in 2023, increasing to 0.70 yuan in 2024 and 1.02 yuan in 2025 [2] - The P/E ratio is projected to be 502.39 in 2023, decreasing to 94.39 in 2024 and 64.95 in 2025 [2] Market Position and Strategy - The company has been developing GPU technology for over a decade and has established a series of domestically produced GPUs with independent intellectual property rights [3] - The company is enhancing its R&D capabilities by establishing a "BU + Common Research Institute" structure and increasing R&D investment, which accounted for 27.33% of revenue in 2022 [3] - Collaborations with academic institutions and the establishment of an industry fund are part of the company's strategy to foster innovation and develop new products [3]

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 63 yuan [1]. Core Insights - The company is a leading domestic GPU manufacturer, transitioning from military graphics control to the broader computing power market, aligning with national military-civilian integration strategies [2]. - The company has developed a comprehensive product iteration system for GPU chips, significantly reducing development cycles and expanding application areas [2]. - Despite facing challenges in 2023, the company is expected to return to a growth trajectory in 2024 due to cost reduction measures and the gradual rollout of new products [3]. - The report anticipates that the company will benefit from its unique position in the GPU sector and the potential for new business growth, justifying the "Accumulate" rating [3]. Financial Performance Summary - Revenue is projected to decline from 1,093 million yuan in 2022 to 719 million yuan in 2023, before rebounding to 1,023 million yuan in 2024 and reaching 1,302 million yuan by 2025, reflecting a growth rate of -34% in 2023 and 42% in 2024 [1]. - Net profit is expected to drop significantly from 293 million yuan in 2022 to 58 million yuan in 2023, with a recovery to 164 million yuan in 2024 and 306 million yuan in 2025, indicating a growth rate of -80% in 2023 and 183% in 2024 [1]. - Earnings per share (EPS) is forecasted to decrease from 0.64 yuan in 2022 to 0.13 yuan in 2023, then increase to 0.36 yuan in 2024 and 0.67 yuan in 2025 [1]. - The company's price-to-earnings (P/E) ratio is projected to be 497.5 in 2023, 175.9 in 2024, and 94.3 in 2025, indicating significant valuation changes as earnings recover [1]. Market Position and Strategy - The company has established a strong foothold in military graphics control and is now expanding into civilian high-performance GPU markets, with a focus on AI and computing power solutions [2][3]. - The establishment of a subsidiary in Wuxi in 2023 aims to enhance the company's capabilities in the computing power industry through talent acquisition and ecosystem development [3]. - The report highlights the company's ongoing efforts to close the technological gap with international competitors like NVIDIA and AMD, with a notable reduction in the generational gap of its GPU products [2].

长沙景嘉微电子股份有限公司（以下简称"公司"）董事会于近日收到独立 董事赖湘军先生提交的书面辞职报告。赖湘军先生因已连续六年在公司担任独立 董事，根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》的规定，独立董事在同一家上市公司 连续任职时间不得超过六年，赖湘军先生于近日申请辞去公司第四届董事会独立 董事、第四届董事会薪酬与考核委员会主任委员、审计委员会委员、提名委员会 委员、战略委员会委员职务，赖湘军先生的原定任期至第四届董事会届满之日止， 辞职后赖湘军先生不再担任公司任何职务。截至公告披露日，赖湘军先生未持有 公司股票，不存在应当履行而未履行的承诺事项。 鉴于赖湘军先生辞职将导致公司董事会专门委员会中独立董事所占比例不 符合法律法规或者《公司章程》的规定，根据相关法律法规和《公司章程》的规 定，赖湘军先生的辞职申请将在公司股东大会选举产生新任独立董事后生效。在 新任独立董事就任前，赖湘军先生将按照相关法律法规和《公司章程》的规定， 继续履行独立董事及董事会专门委员会委员的职责。公司将按照有关规定，尽快 完成新任独立董事的补选工作。 赖湘军先生在担任 ...

证券代码：300474 证券简称：景嘉微 公告编号：2024-002 长沙景嘉微电子股份有限公司 关于推动落实"质量回报双提升"行动方案的公告 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。 自成立以来，公司始终将研发创新放在企业发展的重要位置。未来，公司将 坚定 GPU 研发路线，瞄准 GPU 在人工智能领域的应用方向，进一步加强基础研 究、关键核心技术的研究，加大创新投入，加强在高性能图形处理领域和高性能 计算领域的技术和产业化布局，并将协同上下游产业链共同发展，实现公司高质 量发展。 第一，优化研发体系，提升研发效率。公司长期以来始终坚持技术创新，合 理配置研发资源，不断加强研发管理，构建"BU+共性研究院"的研发组织结构， 建设智能目标感知技术湖南省工程研究中心、智能环境感知与信息处理系统工程 技术研究中心等研发平台和重点实验室。凭借深厚的研发实力，公司荣获"国家 企业技术中心"、"国家技术创新示范企业"、"国家知识产权优势企业"、"湖 南省企业技术中心"、"湖南省科技进步一等奖"等多项重要荣誉和奖项。 第二，持续投入研发，夯实研发技术。公司一直保持对 ...

| | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | ☑其他 2023 年湖南辖区上市公司投资者网上集体接待日活 | | | 动 | | 参与单位名称 | "2023 年湖南辖区上市公司投资者网上集体接待日活动"采 | | | 用远程网络进行，本次活动面向全体投资者 | | 时间 | 2023 年 11 月 2 日。 | | 地点 | "全景路演"网站（http://rs.p5w.net） | | 上市公司接待人 | 董事会秘书廖凯先生 | | | 证券事务代表石焱女士 | | 员姓名 | 投资者关系管理主管龙芳女士 一、公司基本情况介绍 | | | 公司自成立以来致力于信息探测、信息处理和综合应用， | | | 为客户提供高品质、高可靠的产品、解决方案和服务。公司主 | | | 要从事高可靠电子产品的研发、生产和销售，产品主要涉及图 | | | 形显控领域、小型专用化雷达领域、芯片领域和其他。图形显 | | 投资者关系活动 | 控是公司现有核心业务，也是传统优势业务，小型专用 ...

Financial Performance - Revenue for Q3 2023 was CNY 124,104,845.69, a decrease of 33.06% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2023 was CNY 23,237,687.95, down 51.98% year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY -6,542,494.66, a decline of 123.14% compared to the previous year[3] - Total revenue for Q3 2023 was CNY 469,171,813.61, a decrease of 35.7% compared to CNY 729,263,123.59 in the same period last year[20] - The net profit for Q3 2023 was CNY 15,576,072.07, a significant decrease from CNY 173,119,817.30 in the same period last year, representing a decline of approximately 91%[21] - Operating profit for Q3 2023 was CNY -36,761,982.33, compared to CNY 183,163,280.70 in Q3 2022, indicating a substantial loss[21] - The total comprehensive income for Q3 2023 was CNY 15,576,072.07, significantly lower than CNY 173,119,817.30 in the previous year, a decrease of around 91%[21] - The basic earnings per share for Q3 2023 was CNY 0.03, down from CNY 0.38 in Q3 2022, indicating a decline of approximately 92%[21] Assets and Liabilities - Total assets at the end of Q3 2023 reached CNY 4,207,995,783.59, an increase of 6.57% from the end of the previous year[3] - Total assets reached CNY 4,207,995,783.59, up from CNY 3,948,640,091.47, indicating growth in the company's asset base[19] - Total liabilities increased to CNY 792,488,432.79 from CNY 654,309,373.64, reflecting higher short-term and long-term obligations[19] - The company's equity attributable to shareholders rose to CNY 3,415,507,350.80 from CNY 3,294,330,717.83, indicating a stronger financial position[19] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 133,753,093.51, an increase of 153.51% compared to the same period last year[3] - Cash flow from operating activities generated a net cash inflow of CNY 133,753,093.51, a recovery from a net outflow of CNY -249,962,495.37 in the previous year[23] - The net cash flow from financing activities decreased by 68.91% to CNY 76,249,252.48, primarily due to no new bank loans during the reporting period[9] - The company raised CNY 138,912,190.03 from financing activities in Q3 2023, compared to CNY 304,631,100.33 in the same period last year, reflecting a decrease of about 54%[24] - The company’s cash outflow from investing activities was CNY 87,220,347.92 in Q3 2023, compared to CNY 216,684,594.85 in Q3 2022, indicating a reduction in investment expenditures[23] - Cash and cash equivalents rose to CNY 969,685,493.68 from CNY 846,903,442.48 at the beginning of the year, indicating improved liquidity[18] - Cash and cash equivalents at the end of Q3 2023 amounted to CNY 969,655,216.32, compared to CNY 943,797,969.65 at the end of Q3 2022, showing a slight increase[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 72,486, with the top ten shareholders holding a combined 43.69% of shares[10] - The largest shareholder, Yu Lili, holds 29.17% of the shares, amounting to 133,450,847 shares[10] - The company’s second-largest shareholder, the National Integrated Circuit Industry Investment Fund, holds 6.10% of the shares, totaling 27,912,673 shares[10] - The number of restricted shares for Yu Lili decreased from 104,928,897 to 100,088,135 due to the release of restrictions[13] - The company has a total of 128,512,089 restricted shares remaining after the release of 9,003,262 shares during the reporting period[13] Research and Development - The company invested CNY 239.2024 million in R&D during the first three quarters of 2023, accounting for 50.98% of its revenue, representing a year-on-year increase of 11.37%[14] - R&D expenses increased to CNY 239,202,399.56, up from CNY 214,779,375.99 in the previous year, reflecting a focus on innovation[20] - The company is focused on developing graphics processing chips and related products, continuously expanding into new application markets[14] Corporate Governance and Strategy - The company has optimized its governance structure to improve management efficiency and operational capabilities[14] - The company plans to issue A-shares to specific investors to enhance its strategic layout in high-performance computing chips, pending approval from the China Securities Regulatory Commission[16] - The company has implemented a stock option incentive plan to strengthen internal cohesion and align the interests of shareholders and core team members[14] Operational Metrics - The company reported a significant increase in accounts payable by 65.65% due to increased procurement[7] - The company experienced a 130.22% increase in right-of-use assets due to the addition of new leased office space[6] - The company recorded a substantial asset disposal gain of CNY 4,235,763.47, a significant increase compared to the previous year[8] - Total operating costs for Q3 2023 were CNY 555,927,311.93, down from CNY 590,139,857.20 year-over-year[20] - Accounts receivable decreased to CNY 181,680,290.82 from CNY 402,807,963.07, showing better collection efficiency[18] - Inventory increased to CNY 762,906,641.36 from CNY 596,288,412.02, suggesting potential overstocking or increased production[18] - The weighted average return on equity was 0.69%, down 0.92% year-on-year[3] - The company reported an asset impairment loss of CNY 266,931.27 in Q3 2023, which was not present in the same period last year[21]

证券代码：300474 证券简称：景嘉微 公告编号：2023-079 长沙景嘉微电子股份有限公司 第四届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 1.长沙景嘉微电子股份有限公司（以下简称"公司"）第四届董事会第二十 一次会议由董事长曾万辉先生召集，会议通知于 2023 年 10 月 19 日以专人送达、 电子邮件等通讯方式发出。 5.本次董事会会议的召集、召开和表决程序符合《公司法》等法律、法规及 《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 1、审议通过《关于<2023 年第三季度报告>的议案》 经审议，董事会认为公司《2023 年第三季度报告》符合法律、行政法规、 中国证监会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2023 年第三季度的经营情况，不存在虚假记载、误导性陈述或者重大遗漏。 1 审计委员会已对本议案进行了审议，全票通过本议案。 具体内容详见同日刊登于中国证监会指定的创业板信息披露网站巨潮资讯 网（www.cninfo.com.cn）的相关公告。 表决 ...