HuaChuang Securities: Maintains JINGJIA MICRO "Strong Buy" rating, target price 94.4 yuan

According to a research report by Huachuang Securities, JINGJIA MICRO, as a leading domestic GPU enterprise, has formed a collaborative development pattern of three major business segments: "graphics display control + small specialized radar + GPU chips" after years of technological accumulation. With the continuous iteration of the Jingmei series GPU chips, from achieving a breakthrough from 0 to 1 with the JM5400 to the JM11 series supporting virtualization and high-performance rendering, JINGJIA MICRO has shortened its product development cycle from 8 years to 3 years, and the technological gap with overseas giants is expected to continue to narrow. In addition, the company is gradually expanding from the military and Xinchuang markets to the broad civilian computing power market. The current launch of the JM11 series chips and the Jinghong series AI computing power products marks the company's formal entry into high-performance computing scenarios such as cloud desktops and AI inference. Affected by the rhythm of new product launches and downstream procurement demand, the company's performance in Q1 2025 is under short-term pressure. However, the progress of the JM11 series graphics processing chips continues, coupled with 2025 being the concluding year of the "14th Five-Year Plan," the company's military business performance elasticity and breakthrough potential in the civilian market form a dual drive, which is expected to promote rapid growth in revenue and profit. Considering the company as a leading domestic specialized GPU enterprise with high scarcity, a 40x PS is given for 2026, corresponding to a market value of 49.3 billion, with a target price of 94.4 yuan, maintaining a "strong buy" rating