重大事项点评：“景宏”问世，补充AI智算版图

Investment Rating - Strong Buy (Maintained) with a target price of 108.27 RMB, compared to the current price of 92.50 RMB [1] Core Viewpoints - The company has successfully developed the Jinghong series of high-performance intelligent computing modules and complete machine products, targeting AI training, AI inference, and scientific computing applications [2] - As a leading domestic GPU company, the company has focused on underlying technology development, achieving full self-research in architecture design, algorithm models, hardware implementation, and driver development [2] - The Jinghong series is expected to broaden the company's product application fields and increase market reach, supporting mixed-precision operations and multi-card interconnection technology [2] - Domestic AI intelligent computing demand is strong, with China's intelligent computing scale expected to reach 1271.4 EFLOPS by 2026, growing at a CAGR of 52.3% [2] - The company's revenue for 2023-2025 is forecasted to be 745 million RMB, 1.237 billion RMB, and 1.986 billion RMB, with corresponding EPS of 0.12 RMB, 0.53 RMB, and 0.82 RMB [2] Financial Performance - Revenue for 2022 was 1.154 billion RMB, with a year-on-year growth of 5.56%, while 2023 revenue is expected to decline by 35.40% to 745 million RMB [3] - Net profit attributable to the parent company in 2022 was 289 million RMB, with a year-on-year decline of 1.29%, and is expected to drop by 80.97% in 2023 to 55 million RMB [3] - The company's gross margin has remained above 60% in recent years, with a gross margin of 65.0% in 2022 and 2023, and expected to rise to 66.0% by 2025 [7] - ROE in 2022 was 8.8%, expected to drop to 1.7% in 2023, and then recover to 9.7% by 2025 [7] Market and Industry Context - The company is a leader in domestic GPU design, with products widely used in both specialized and general markets [2] - The domestic AI intelligent computing market is experiencing rapid growth, driven by government initiatives to build intelligent computing centers and promote AI+ actions [2] - The company's new intelligent computing products are expected to benefit from the trend of domestic computing localization [2] Valuation and Forecast - The company is valued using a PS multiple, with a 2024 target PS of 40x, corresponding to a market cap of 49.48 billion RMB and a target price of 108.27 RMB [2] - Revenue growth is expected to rebound strongly in 2024 and 2025, with year-on-year growth rates of 65.94% and 60.53%, respectively [3] - The company's P/E ratio is high, at 766.87x for 2023, but is expected to decrease to 112.52x by 2025 [3]