景嘉微(300474)：国产GPU先驱者 定增加码高性能GPU

Group 1: Company Overview - Jingjia Microelectronics, established in April 2006, is the first domestic company to achieve the industrial application of GPU chips and is publicly listed [1] - The company's main business segments include graphics control, small specialized radar, and GPU chip business, with revenue contributions of 65%, 18%, and 14% respectively in 2023 [1] - The latest JM11 series GPU has completed the tape-out, packaging, and initial testing phases, showing potential for various cloud applications and broad usage in servers, workstations, desktops, and laptops [1] Group 2: Market Trends - The global GPU market is projected to reach $105 billion by 2025, growing at a rate of 32.8%, and is expected to increase to $246.5 billion by 2028 [2] - The current GPU market is dominated by overseas companies like NVIDIA and AMD, with a market share of 90% and 10% respectively, indicating significant room for domestic alternatives [2] - The rise of AI applications is driving demand for GPU chips, particularly in training and inference, creating opportunities for domestic GPU manufacturers [2] Group 3: Strategic Initiatives - The company is actively expanding into the civilian market and has made significant investments in high-performance GPU development to create a second growth curve [3] - Collaborations with major domestic CPU manufacturers and operating system vendors are underway to build a localized computing application ecosystem [3] - In October 2024, the company announced a private placement to raise approximately 3.833 billion yuan for high-performance GPU chip R&D and advanced architecture development [3] Group 4: Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 580 million, 720 million, and 930 million yuan, with year-on-year changes of -18.68%, +24.14%, and +29.17% respectively [4] - Net profit forecasts for the same period are 83 million, 135 million, and 172 million yuan, reflecting growth rates of +39.0%, +61.9%, and +27.0% [4] - The company's EPS is projected to be 0.16, 0.26, and 0.33 yuan for the years 2024, 2025, and 2026 [4]