JINGJIA MICRO(300474) 海通证券·2024-06-28 07:01Investment Rating - The investment rating for the company is "Outperform the Market" [1][4]. Core Views - The company has launched a 2024 restricted stock incentive plan to motivate employees, indicating strong confidence in future performance. The plan involves granting 950,000 shares at a price of 55.52 CNY per share, with performance targets set for revenue growth of at least 11% in 2024 and 25% in 2025 based on 2023 revenue [4]. - The company is expanding its AI chip offerings with the launch of the Jinghong series products, aimed at AI training, reasoning, and scientific computing. These products support various precision operations and are designed to integrate with major CPU and server manufacturers, enhancing the company's market presence in high-performance computing [4]. - The company reported significant revenue growth in Q1 2024, achieving 108 million CNY, a 66% increase year-on-year, despite a decline in 2023 [4]. Financial Performance and Forecast - The company’s revenue for 2023 was 713 million CNY, with a projected increase to 1.209 billion CNY in 2024, representing a year-on-year growth of 69.5%. The net profit is expected to rise from 60 million CNY in 2023 to 225 million CNY in 2024, reflecting a growth rate of 276.4% [5][8]. - The company anticipates revenue growth rates of 50%, 20%, and 20% for its graphics control products from 2024 to 2026, and 80%, 40%, and 30% for its specialized radar products over the same period [4][6]. - The earnings per share (EPS) are projected to be 0.49 CNY in 2024, 0.73 CNY in 2025, and 1.03 CNY in 2026, with a dynamic price-to-sales (PS) ratio of 35-40 times for 2024, leading to a target price range of 92.24-105.41 CNY [4][8]. Market Comparison - The company’s current stock price is 62.97 CNY, with a market capitalization of 28.88 billion CNY. Comparatively, its price-to-sales ratio is 23.9 for 2024, which is lower than the average of comparable companies [7][8].