Core Viewpoint - The company Jingjia Micro (300474.SZ) forecasts a net loss attributable to shareholders of between 120 million to 180 million yuan for the fiscal year 2025, primarily due to high R&D investments and slow receivables collection [1] Group 1: Financial Performance - The expected net loss for the year is between 120 million to 180 million yuan [1] - The company has faced increased credit impairment losses due to a rise in accounts receivable and changes in the aging structure [1] Group 2: R&D and Product Development - The company is focusing on building a product matrix centered around "GPU + edge-side AISoC chips" to strengthen its domestic computing capabilities [1] - High R&D expenditures are maintained due to the long project cycles and significant upfront investments, which are impacting short-term profitability [1] Group 3: Subsidiary Impact - The addition of the newly controlled subsidiary Wuxi Chengheng Microelectronics has been included in the consolidated financial statements, contributing to the net loss [1] - The business of Chengheng Micro is still in the development phase, leading to substantial R&D investments that affect the net profit attributable to shareholders [1]

Core Viewpoint - The company, Jingjia Micro (300474.SZ), expects a significant increase in revenue for 2025, projecting between 650 million to 850 million yuan, while also anticipating a net loss in the range of 180 million to 120 million yuan [1][2]. Group 1: Financial Projections - For 2025, the company forecasts revenue of 650 million to 850 million yuan, representing a year-on-year growth of approximately 39.38% to 82.27% [1]. - The anticipated net loss for 2025 is projected to be between 180 million to 120 million yuan, with a non-recurring net loss expected to be between 206 million to 146 million yuan [1]. Group 2: Reasons for Net Loss - The primary reasons for the net loss include high R&D investments aimed at developing a product matrix centered around "GPU + edge-side AISoC chips," which has led to sustained high R&D expenses and pressure on short-term profitability [2]. - Slow collection of receivables has impacted cash flow, with an increase in accounts receivable and changes in aging structure resulting in significant credit impairment losses compared to the previous year [2]. - The addition of a new subsidiary, Wuxi Chengheng Microelectronics, has also contributed to the net loss, as its business is still in the development phase and requires substantial R&D investment [2].

Core Viewpoint - Jingjia Micro (300474) expects a net loss of 120 million to 180 million yuan for 2025, compared to a loss of 165 million yuan in the same period last year [1] Group 1: Financial Performance - The company is focusing on building a product matrix centered around "GPU + edge-side AISoC chips" to strengthen its domestic computing power foundation [1] - R&D expenses remain high due to long project cycles and significant upfront investments, leading to short-term profitability pressure [1] - The addition of a new subsidiary, Wuxi Chengheng Microelectronics Co., Ltd. (referred to as "Chengheng Micro"), is included in the consolidated financial statements, impacting net profit attributable to shareholders [1] Group 2: R&D and Strategic Focus - The company is increasing R&D investment to create a closed-loop computing power system covering "cloud-edge-end" [1] - Chengheng Micro is still in the development phase with substantial R&D investments, which negatively affect the net profit attributable to shareholders [1] - Excluding the impact of Chengheng Micro, the net profit attributable to shareholders is expected to show a reduction in losses [1]

证券日报网讯 1月9日，苏州科达在互动平台回答投资者提问时表示，公司在国产化算力、人工智能及 大数据应用等领域，拥有丰富的基于"云边端"技术架构的产品及解决方案的落地经验。在公司现有的气 象和应急等部分行业的解决方案中，已普遍应用了基于无人机的数据采集。星上应用AI进行数据处理 类似于端侧的AI应用，区别主要在于运行环境和通信技术上的差异，公司与华师大的合作旨在打通卫 星至地面节点+无人机的数据采集、存储和计算整体框架，提升数据获取和处理的时效性和全面性，从 而形成一个完整的闭环。 （文章来源：证券日报） ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year turnaround in performance for Q3 2025, collaborating with Alibaba Cloud to promote domestic computing power and AI technology across multiple scenarios [5] - The company is expected to provide flexible and customized cloud computing services to emerging technology enterprises and traditional industries, benefiting from national development priorities [6] - The company is positioned to expand its market share amid the domestic computing power replacement trend, leveraging its resource integration capabilities and technological advantages [8] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 734 million yuan (up 69% year-on-year) and a net profit attributable to shareholders of 8.41 million yuan (up 179% year-on-year) [8] - The company’s revenue for Q3 2025 was 276 million yuan (up 69% year-on-year and up 7% quarter-on-quarter), with a net profit of 3.33 million yuan (up 124% quarter-on-quarter) [8] - The company’s fixed assets increased by 32% year-on-year to 1.11 billion yuan, indicating a rapid growth in computing power resources to meet market demand [8] Earnings Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 24 million yuan, 36 million yuan, and 48 million yuan, respectively, corresponding to price-to-sales ratios of 10, 8, and 6 times [6] - The projected revenue growth rates for 2025 to 2027 are 31.86%, 29.27%, and 22.28%, respectively [9] - The company is expected to achieve a return on equity (ROE) of 10.48% by 2027, with a gradual improvement in profitability metrics [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company is a leading third-party cloud computing service provider in China, focusing on IaaS and PaaS, while expanding into high-value products like big data and AI [1][17] - The launch of DeepSeek models significantly lowers deployment barriers and costs, benefiting cloud computing vendors as demand for inference increases [2][45] - The company's quick response to DeepSeek model releases showcases its industry insight and execution capabilities, positioning it as a preferred choice for data-sensitive clients [3][48] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 1,849 million, 2,156 million, and 2,459 million yuan, with year-on-year growth rates of +23.03%, +16.58%, and +14.08% respectively [4][63] - The company is expected to achieve net profits of -105 million, 5 million, and 100 million yuan in the same period [4][63] - The report employs a PS valuation method, with a 2026 projected PS of 4 times compared to a peer average of 6 times [4][63] Business Model and Product Matrix - The company offers a comprehensive cloud product matrix, including public, private, and hybrid cloud services, with public cloud revenue expected to grow significantly due to lower deployment costs for models [1][17][65] - The hybrid cloud model allows seamless integration of local infrastructure with public cloud resources, catering to industries with strict regulatory requirements [23][65] - The company has developed various products for AI applications, including a smart computing platform and a model service platform, enhancing its service offerings [25][63] Management and Team - The management team has a strong technical background, with the chairman having over 20 years of experience in the industry and recognition for his contributions [41][44] - The company has a stable employee structure, with high revenue generation per employee, indicating operational efficiency [36][37]