Group 1 - The article highlights the support from the Ministry of Industry and Information Technology for domestic GPU development, indicating a competitive landscape among local companies in the GPU sector [1] - Moores Threads is developing the MTT S80, a full-featured GPU capable of running major games, with a Pre-IPO valuation of 25.5 billion [1] - Jingjia Micro is positioned as a key player with its JM9 GPU nearing the performance of GTX 1050, and a significant market share in government and financial sectors [1] - Birran Technology's BR100 GPU boasts three times the computing power of international flagship products, positioning it as a leader in domestic alternatives despite being listed by the US [2] - Muxi Integration has successfully delivered the Xiyun C500 GPU, with plans for the C600 to support FP8 and CUDA compatibility, marking it as a major player in domestic scaling [3] - Lishuan Technology is set to launch a 6nm GPU in 2025 that will outperform RTX 4060, focusing on digital twins and out-of-order rendering [4] - Haiguang Information stands out as the only company with both CPU and GPU capabilities, forming a unique ecosystem with products widely used in various sectors [5] Group 2 - The article notes that while domestic GPUs may struggle to catch up with established players like NVIDIA, AMD, and Intel in the short term, there is potential for significant growth in the long term, similar to the evolution seen in the home appliance and automotive industries [5]

Core Viewpoint - The article discusses the current state and future potential of the domestic graphics GPU market in China, highlighting the recent success of Lisan Technology's 7G100 series GPU and the challenges faced by domestic manufacturers in competing with established players like NVIDIA and AMD [2][28]. Market Size and Growth - The global graphics GPU market is projected to reach approximately USD 80 billion by 2025, with a significant growth rate of 33.65% CAGR expected from 2025 to 2030, leading to a market size of USD 352.55 billion by 2030 [4][6]. - The Chinese graphics GPU market is estimated to be USD 13.18 billion in 2025, up from USD 10.08 billion in 2024 [8]. Market Composition - In 2024, integrated GPUs will dominate the GPU market with a share of approximately 69.7%, while discrete GPUs will account for 30.3% [11]. - For the Chinese discrete GPU market, the estimated size in 2024 is around USD 30.54 million [11]. Competitive Landscape - NVIDIA and AMD hold a combined market share of about 98% in the discrete GPU market, leaving only a small portion for other manufacturers [12][16]. - The remaining market for other GPU manufacturers in China is estimated to be less than USD 500 million [16]. Challenges for Domestic Manufacturers - Domestic GPU manufacturers face several challenges, including: 1. **Technical Gap**: Domestic GPUs typically achieve only 60%-70% of the performance of comparable NVIDIA products due to insufficient technological accumulation and R&D capabilities [20]. 2. **Production Capacity**: Many domestic GPUs rely on TSMC for manufacturing, leading to issues with scheduling and cost control [20]. 3. **Software Support**: Most models and algorithms are optimized for NVIDIA chips, creating a significant hurdle for domestic GPUs [20]. Comparison with Other Domestic Players - The article compares Lisan Technology with other domestic companies like Moore Threads and Jingjia Micro, noting that Moore Threads has shifted focus away from gaming GPUs due to performance issues and is now concentrating on AI computing [22][25]. - Jingjia Micro's products target the mid-to-low-end market, with performance metrics significantly lower than NVIDIA's offerings [25][26]. Conclusion - The discrete GPU market presents opportunities, but for Lisan Technology to gain traction against NVIDIA and AMD, it will face significant challenges in the short term [28].

Company Overview - The company, Jingjia Micro, focuses on information detection, processing, and comprehensive applications, providing high-quality and reliable products and solutions. Its main business involves the research, production, and sales of high-reliability electronic products, particularly in the fields of graphics display control, specialized radar, and chips [2] - The company has a strong emphasis on product research and development, particularly in the design of graphics processing chips, with successful industrialization of series chips like JM5400, JM7200, JM9, and JM11 [2] - The company is expanding its product applications into AI computing and scientific computing with the development of high-performance intelligent modules and complete products [2] Market Promotion and Product Development - The JM11 series graphics processing chip is designed for cloud applications and high-performance rendering scenarios, supporting various operating systems and devices [2] - The company is actively promoting the JM11 chip in the market, although business effects may be uncertain due to market demand and other factors, which are not expected to significantly impact company performance [3] - The company is advancing two key projects: the development and industrialization of high-performance GPU chips and the establishment of an advanced GPU architecture research center [4] Radar Technology and Product Strategy - The company has a technological advantage in the specialized radar field, having developed various radar products to meet diverse customer needs [5] - The company is transitioning from module-level products to system-level products, with a focus on both specialized and general markets, including the successful development of portable anti-drone radar [5] - The radar project is currently in the market promotion phase, with similar uncertainties regarding business effects as seen in the chip sector [5] Talent and Strategic Planning - The company's R&D team is well-structured, primarily composed of personnel with master's and doctoral degrees, emphasizing talent development and recruitment [6] - Future strategic plans include continuous investment in R&D, implementing a "dual-wheel drive" strategy to enhance product competitiveness and explore new growth points [8] - The company aims to strengthen its GPU product line, focusing on applications in artificial intelligence and expanding its radar market presence [8] Financial Performance - In Q1 2025, the company reported a main revenue of 102 million yuan, a year-on-year decrease of 5.46%, and a net profit attributable to shareholders of -54.85 million yuan, a decline of 375.5% [8] - The company's gross margin stands at 32.37%, with a debt ratio of 6.36% [8] Analyst Ratings and Forecasts - Over the past 90 days, three institutions have rated the stock, with two buy ratings and one hold rating, and the average target price is 79.81 yuan [9] - Detailed profit forecasts indicate varying net profit predictions for 2025 to 2027, with estimates ranging from 16.99 million yuan to 2.35 billion yuan [10]