JINGJIA MICRO(300474) 浙商证券·2025-03-19 09:59Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company is a pioneer in the domestic GPU field, continuously iterating its products and expanding applications from military to consumer and AI computing [1][2] - The company is transitioning from a "specialized" to a "specialized + general" product strategy, leveraging AI and consumer-grade graphics cards to open new growth avenues [2] - The domestic GPU market is expected to grow significantly, driven by increasing demand for AI capabilities and government support for computing infrastructure [3][4] Summary by Sections 1. Domestic GPU Pioneer - The company successfully developed the first domestically produced GPU chip and has been a leader in the field since 2007, with product evolution from the JM5 series to the JM11 series and the Jinghong series [1][14] - In 2023, the company's revenue was affected by macroeconomic fluctuations and demand changes, with revenue contributions from graphics display, chips, and radar at 65.1%, 14.2%, and 18.5% respectively [1][17] 2. AI Computing Opportunities - The company is capitalizing on the AI-driven demand for GPUs, with the JM11 series chips compatible with major operating systems and suitable for gaming, animation, cloud computing, and AI applications [2][34] - The launch of the Jinghong series high-performance intelligent computing modules aims to fill gaps in AI training and scientific computing, supporting various mixed-precision operations [2][14] 3. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 5.15 billion, 7.77 billion, and 10.47 billion yuan, with corresponding growth rates of -27.82%, +50.96%, and +34.66% [4][11] - The company is compared to peers in the GPU sector, with a projected price-to-sales ratio of 60 times for 2025, indicating a favorable valuation compared to competitors [4][12]