海通国际研报指出，景嘉微持续保持高研发投入追求技术领先，产品方面景宏GPU、显卡JM11双线布 局，内部管理体系变革推动企业创新。公司坚定看好GPU未来广阔的发展前景，坚定不移地投入GPU研 发，全力推进由"专用"到"专用+通用"的发展战略，瞄准GPU在人工智能领域的应用方向，持续开展高 性能GPU、模块及整机等产品的研发。公司成功研发了景宏系列高性能智算模块与整机产品，填补了公 司在AI训练、AI推理和科学计算等应用领域的产品空白，为公司未来在人工智能领域的持续发力奠定 基础。公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在AI、信创驱动下逐步修 复，公司2025-2027年EPS预测为0.06/0.20/0.39元，考虑到下游修复预期，给予高于均值溢价，2025年65 倍PS（原为2024年40x），目标价86.50元（-18%），维持"优于大市"评级。 ...

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，海通国际8月7日发布研报称，给予景嘉微（300474.SZ，最新价：84.12元）评级，目标价 格为86.50元。评级理由主要包括：1）公司持续保持高研发投入追求技术领先，产品方面景宏GPU、显 卡JM11双线布局；2）内部管理体系变革推动企业创新；3）内部管理体系变革推动企业创新。风险提 示：产品迭代不及预期；下游需求不及预期。 每经头条（nbdtoutiao）——时速21万公里，外星探测器伪装成彗星将"攻击"地球？哈佛知名教授：建 议全球建立"宇宙防御系统"！中国专家：并无明显异常 ...

Investment Rating - Maintain Outperform rating with a target price of RMB 86.50 [5][10] Core Views - The company is experiencing performance fluctuations due to downstream demand and high R&D investment, but is expected to recover driven by AI and information innovation [10] - EPS forecast for 2025-2027 is RMB 0.06, 0.20, and 0.39 respectively, with a premium applied above average value, resulting in a 65x PS for 2025 [5][10] - Revenue for 2024 is projected at RMB 466 million, a year-on-year decrease of 34.62%, with a net profit attributable to shareholders of -RMB 165 million, a year-on-year decrease of 376.67% [10] Financial Summary - Total revenue for 2023 is RMB 713 million, with a projected decline to RMB 466 million in 2024, followed by recovery to RMB 695 million in 2025, RMB 935 million in 2026, and RMB 1,220 million in 2027 [4] - Net profit attributable to shareholders is expected to be -RMB 165 million in 2024, recovering to RMB 32 million in 2025, RMB 106 million in 2026, and RMB 205 million in 2027 [4] - R&D investment remains high, accounting for 68.17% of revenue in Q1 2025, with a total investment of RMB 70 million [10] Product Development and Strategy - The company is transitioning from specialized to general-purpose GPUs, focusing on AI applications and developing high-performance GPUs, modules, and systems [10] - Successfully developed the Jinghong series high-performance intelligent computing modules and systems, filling product gaps in AI training, inference, and scientific computing [10] - The JM11 series graphics processing chips are designed for cloud applications and high-performance rendering needs, currently in the promotion stage [10] Management and Innovation - Comprehensive management reform is being implemented to optimize business processes and improve product development efficiency and quality [10] - The company is adopting a low-cost strategy through lean management, process optimization, and technology upgrades to drive product innovation and reduce operating costs [10] - Continuous focus on building organizational capabilities and enhancing management leadership and execution through systematic training [10]