JINGJIA MICRO(300474) 民生证券·2024-12-05 13:48Investment 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]