战略再明确，聚焦AI芯片研发

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on AI chip development and has outlined a strategic plan titled "Quality Return Dual Improvement" [2][3] - The company has a strong position in the GPU market, with a significant market share in specialized and government sectors, and aims to expand into the AI market [3] - The trend towards domestic AI computing power is accelerating, and the company is well-positioned to benefit from this shift due to its early investments in GPU technology [3] Financial Forecast and Valuation - Total revenue is projected to decline by 32.71% in 2023 to 776.54 million yuan, followed by a recovery of 56.02% in 2024 and 85.53% in 2025, reaching 2,247.75 million yuan [2] - Net profit attributable to the parent company is expected to drop by 79.19% in 2023 to 60.14 million yuan, with a significant rebound of 432.24% in 2024 and a growth of 45.33% in 2025, reaching 465.15 million yuan [2] - The latest diluted EPS is forecasted to be 0.13 yuan in 2023, increasing to 0.70 yuan in 2024 and 1.02 yuan in 2025 [2] - The P/E ratio is projected to be 502.39 in 2023, decreasing to 94.39 in 2024 and 64.95 in 2025 [2] Market Position and Strategy - The company has been developing GPU technology for over a decade and has established a series of domestically produced GPUs with independent intellectual property rights [3] - The company is enhancing its R&D capabilities by establishing a "BU + Common Research Institute" structure and increasing R&D investment, which accounted for 27.33% of revenue in 2022 [3] - Collaborations with academic institutions and the establishment of an industry fund are part of the company's strategy to foster innovation and develop new products [3]