国产GPU图显龙头，拓算力蓝海、迎新成长曲线

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 63 yuan [1]. Core Insights - The company is a leading domestic GPU manufacturer, transitioning from military graphics control to the broader computing power market, aligning with national military-civilian integration strategies [2]. - The company has developed a comprehensive product iteration system for GPU chips, significantly reducing development cycles and expanding application areas [2]. - Despite facing challenges in 2023, the company is expected to return to a growth trajectory in 2024 due to cost reduction measures and the gradual rollout of new products [3]. - The report anticipates that the company will benefit from its unique position in the GPU sector and the potential for new business growth, justifying the "Accumulate" rating [3]. Financial Performance Summary - Revenue is projected to decline from 1,093 million yuan in 2022 to 719 million yuan in 2023, before rebounding to 1,023 million yuan in 2024 and reaching 1,302 million yuan by 2025, reflecting a growth rate of -34% in 2023 and 42% in 2024 [1]. - Net profit is expected to drop significantly from 293 million yuan in 2022 to 58 million yuan in 2023, with a recovery to 164 million yuan in 2024 and 306 million yuan in 2025, indicating a growth rate of -80% in 2023 and 183% in 2024 [1]. - Earnings per share (EPS) is forecasted to decrease from 0.64 yuan in 2022 to 0.13 yuan in 2023, then increase to 0.36 yuan in 2024 and 0.67 yuan in 2025 [1]. - The company's price-to-earnings (P/E) ratio is projected to be 497.5 in 2023, 175.9 in 2024, and 94.3 in 2025, indicating significant valuation changes as earnings recover [1]. Market Position and Strategy - The company has established a strong foothold in military graphics control and is now expanding into civilian high-performance GPU markets, with a focus on AI and computing power solutions [2][3]. - The establishment of a subsidiary in Wuxi in 2023 aims to enhance the company's capabilities in the computing power industry through talent acquisition and ecosystem development [3]. - The report highlights the company's ongoing efforts to close the technological gap with international competitors like NVIDIA and AMD, with a notable reduction in the generational gap of its GPU products [2].