JINGJIA MICRO(SZ:300474) Changjiang Securities·2025-11-16 10:11Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company has shown significant improvement in performance, with a notable increase in GPU application deployment [10]. - In Q3 2025, the company achieved revenue of 301 million yuan, a year-on-year increase of 230.65%, and a net profit attributable to shareholders of 15 million yuan, up 246.66% year-on-year [4][10]. - For the first three quarters of 2025, the company reported revenue of 495 million yuan, a year-on-year increase of 12.14%, but a net loss attributable to shareholders of 73 million yuan, a decrease of 403.81% year-on-year [4][10]. Financial Performance Summary - In Q3 2025, the gross margin was 46.18%, a decrease of 11.09 percentage points year-on-year [4][10]. - The company has made strategic investments in AI chip development, aiming to enhance its product offerings and market presence [10]. - The company expects to achieve net profits of 42 million yuan, 126 million yuan, and 235 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 908x, 304x, and 163x [10].