景嘉微：深度报告：国产GPU龙头，入局大算力时代

Investment Rating - The report gives a "Recommend" rating for the company, considering its competitive edge in the GPU chip sector and the growth potential from its GPGPU business [1][6] Core Views - The company is a leader in domestic GPU chips with independent intellectual property rights, focusing on high R&D investment and achieving domestic substitution in the GPU market [1] - Despite short-term performance pressure due to industry demand fluctuations, the company's GPU chip business has significant growth potential, with revenue in Q1 2024 increasing by 66.27% YoY [1] - The global GPU market is expected to grow significantly, with the market size projected to reach $109.1 billion by 2025, driven by the increasing demand for AI and high-performance computing [1][26] - The company plans to develop a high-performance GPU solution integrating both graphics processing and high-performance computing, aiming to expand its market presence and strengthen its position in the domestic GPU industry [1][51] Business Overview GPU Business - The company has developed a series of GPU chips with independent intellectual property rights, including the JM5, JM7, and JM9 series, which are widely used in various industries such as government, telecommunications, and finance [1][10] - The JM9 series GPU chips are close in performance to low-end GPUs from international mainstream manufacturers, addressing the "bottleneck" issue in domestic high-performance GPUs [28] - The company is expanding its GPU applications in areas like gaming, professional graphics rendering, and AI, with the global GPU market expected to grow at a CAGR of 34.35$72.6 billion by 2025, driven by the increasing demand for AI and high-performance computing [1][41] Graphics Control Products - The company's graphics control products, including modules and reinforced displays, are widely used in military and industrial applications, contributing 65.22% of the company's revenue in 2023 [55][56] - The company has a leading position in the domestic market for airborne avionics graphics control systems and is expanding into other fields such as vehicle and ship control [56] Small Specialized Radar Products - The company's small specialized radar products, including airborne collision avoidance systems and active protection radar systems, have seen stable growth, contributing 18.51% of the company's revenue in 2023 [57][58] - The company is transitioning from module-level to system-level products, leveraging its technical expertise in microwave and signal processing [58] Financial Performance - The company's revenue in 2023 was 713 million yuan, a decrease of 38.2% YoY, but it is expected to rebound with a 65% growth in 2024, reaching 1.177 billion yuan [62][67] - The company's gross margin has remained stable, with a gross margin of 60.32% in 2023 and 62.91% in Q1 2024, driven by the high-margin graphics control and radar products [1][15] - The company's R&D expenses have been consistently high, with a R&D expense ratio of 46.44% in 2023, reflecting its focus on innovation and technology development [16][20] Industry Outlook - The GPU market is expected to grow significantly, driven by the increasing demand for AI, high-performance computing, and gaming, with the global GPU market projected to reach $477.4 billion by 2030 [26][33] - The domestic GPU market is also expanding, with the company's products being widely adopted in various industries, including government, telecommunications, and finance, due to their performance and compatibility with domestic systems [10][28] - The GPGPU market is expected to grow rapidly, with the global AI chip market projected to reach$72.6 billion by 2025, driven by the increasing demand for AI and high-performance computing [1][41]