景嘉微20251104

Summary of the Conference Call for Jingjia Micro Company Overview - Company: Jingjia Micro - Industry: Semiconductor, specifically focusing on AI SOC chips, GPUs, and military applications Key Financial Performance - 2025 H1 Revenue: Increased by 230% year-on-year, achieving a profit of 0.15 billion CNY, reversing last year's loss situation [2][4] - 2025 Q3 Revenue: Reached 3.01 billion CNY, a 230% increase year-on-year, with a significant improvement from last year's loss [4] - 2025 Full Year Outlook: Expected to meet initial performance targets despite capacity constraints [2][4] Business Segments and Growth Prospects - Display Control Business: Anticipated significant growth in 2025 due to the ability to ensure delivery amid tight wafer supply [2][5] - Radar and Communication Business: Expected to see larger growth in 2026, with new product lines laying the foundation for future expansion [2][5] - Military Industry Demand: Stable and consistent growth anticipated, with ongoing supply challenges for key components like wafers and DDR [6] Product Development and R&D - AI SOC Chip Project: The Wuxi Chenhongwei AI SOC chip company has completed Tape Out (TO) and is expected to have results soon, viewed as a key growth point [2][8] - GM11 Server Product: Exceeded expectations in testing, attracting numerous server manufacturers for collaboration [2][9] - R&D Projects: Focus on two main projects: computing cards and traditional rendering GPUs, with significant investment in talent and resources [3][13][15] Competitive Landscape - New GPU Competitors: Increased market competition from newly listed GPU companies, but Jingjia Micro is responding by optimizing technology and expanding application scenarios [11] - Product Comparison: Jingjia Micro's products show competitive advantages, such as supporting more output channels compared to competitors [12] Talent Acquisition and R&D Focus - Talent Expansion: Actively recruiting in the chip field, with nearly 200 new hires and a new R&D center established in Shanghai [15] - Strategic Focus: Emphasis on maintaining high R&D investment to expand product categories and capabilities, prioritizing revenue over short-term profit [14]