景嘉微(300474.SZ)：预计2025年净亏损1.2亿元-1.8亿元

Core Viewpoint - The company, Jingjia Micro (300474.SZ), expects a significant increase in revenue for 2025, projecting between 650 million to 850 million yuan, while also anticipating a net loss in the range of 180 million to 120 million yuan [1][2]. Group 1: Financial Projections - For 2025, the company forecasts revenue of 650 million to 850 million yuan, representing a year-on-year growth of approximately 39.38% to 82.27% [1]. - The anticipated net loss for 2025 is projected to be between 180 million to 120 million yuan, with a non-recurring net loss expected to be between 206 million to 146 million yuan [1]. Group 2: Reasons for Net Loss - The primary reasons for the net loss include high R&D investments aimed at developing a product matrix centered around "GPU + edge-side AISoC chips," which has led to sustained high R&D expenses and pressure on short-term profitability [2]. - Slow collection of receivables has impacted cash flow, with an increase in accounts receivable and changes in aging structure resulting in significant credit impairment losses compared to the previous year [2]. - The addition of a new subsidiary, Wuxi Chengheng Microelectronics, has also contributed to the net loss, as its business is still in the development phase and requires substantial R&D investment [2].