Core Viewpoint - The report from Haitong International highlights that Jingjia Micro is maintaining high R&D investment to pursue technological leadership, with a focus on GPU development and applications in artificial intelligence [1] Group 1: R&D and Product Development - Jingjia Micro continues to invest heavily in R&D, aiming for technological advancement and innovation [1] - The company has developed the Jinghong GPU and the JM11 graphics card, establishing a dual-line product strategy [1] - The internal management system transformation is driving innovation within the company [1] Group 2: Market Outlook and Financial Projections - The company is optimistic about the future of GPUs, particularly in the AI sector, and is committed to advancing from "specialized" to "specialized + general-purpose" strategies [1] - Successful development of high-performance intelligent computing modules and systems fills product gaps in AI training, inference, and scientific computing [1] - Due to downstream demand fluctuations and high R&D investments, the company's performance has been volatile, but it is expected to gradually recover driven by AI and new infrastructure [1] - EPS forecasts for 2025-2027 are projected at 0.06, 0.20, and 0.39 yuan respectively, with a target price of 86.50 yuan, reflecting a premium over the average [1]

Core Viewpoint - Haitong International has issued a report on August 7, giving a rating to Jingjia Micro (300474.SZ) with a target price of 86.50 CNY, highlighting the company's strong R&D investment and innovative management practices [1] Group 1: Company Performance - The company maintains high R&D investment to pursue technological leadership [1] - Jingjia Micro has a dual product line strategy with its Jinghong GPU and JM11 graphics card [1] - Internal management system reforms are driving innovation within the company [1] Group 2: Risks - Potential risks include product iterations not meeting expectations [1] - Downstream demand may fall short of projections [1]