JINGJIA MICRO(SZ:300474) Changjiang Securities·2025-05-08 10:12Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 466 million yuan in 2024, a decrease of 34.62% year-on-year, and a net profit attributable to shareholders of -165 million yuan, a decrease of 376.67% year-on-year. In Q1 2025, the revenue was 102 million yuan, down 5.46% year-on-year, with a net profit of -55 million yuan, a decrease of 375.50% year-on-year [2][4] - The company is committed to high-level R&D in GPU technology, with significant investments in the field, which accounted for 60.2% of revenue in 2024 and 68.2% in Q1 2025. This high R&D expenditure has impacted profitability but is aimed at transitioning from "specialized" to "specialized + general-purpose" strategies [10] - New products are entering the promotion and application phase, filling gaps in computing power. The JM11 series is currently being promoted for various cloud applications, while the Jinghong series of high-performance computing modules and systems addresses the company's previous product gaps in AI training and scientific computing [10] - The company's foundational business remains robust, with a solid competitive position in the graphics control field. The growth of the domestic ecosystem and the increasing demand for computing power driven by AI technology are expected to accelerate growth in the chip business [10] Financial Summary - In 2024, the company is projected to achieve a net profit of 42 million yuan in 2025, 126 million yuan in 2026, and 235 million yuan in 2027, with corresponding price-to-earnings ratios of 856x, 287x, and 154x [10]