\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 74 Changsha Jingjia Microelectronics Co.Ltd(300474) )
It is planned to purchase 100000 pieces, and orders for high-performance graphics processing products continue! On March 17, the company announced that Jingmei, a wholly-owned subsidiary of the company, signed a cooperation agreement with a company. The agreement includes that the counterparty company plans to purchase 100000 high-performance graphics processing chips and graphics card products, and is responsible for the promotion and sales of products throughout the country. As a leading enterprise of graphic display card in China, the company continues to reap agreements and orders. According to the data of bidding network, the company continued to win orders for display boards from January to March 2022, of which the power on office purchased 1600 graphic display boards in January, with a total amount of 160 million; Changfeng aviation purchased 96 display boards; 709 Institute has purchased 29 display boards in total, with a unit price of 32000 yuan.
Changsha Jingjia Microelectronics Co.Ltd(300474) issued an announcement and reached a strategic cooperation agreement with an information technology company in the field of public security. In the cooperation agreement, Changsha Jingjia Microelectronics Co.Ltd(300474) is responsible for providing technical documents, development manuals and other technical materials of GPU and graphics card. The opponent is responsible for giving full play to its advantages in the field of public security informatization and conducting research on the needs of public security dedicated PC, server and industry. The strategic cooperation with the company deeply engaged in public security informatization is conducive to the company’s market expansion on the one hand, and also shows the company’s technical advantages in the field of GPU in China on the other hand. We believe that the follow-up company is expected to continue to expand in the Chinese market and continuously deliver growth energy to the company.
Core products drive profit growth, and the company’s performance increased rapidly in 2021. The company released the performance forecast for 2021. It is estimated that the company will achieve a revenue of 1.080 ~ 1.200 billion in 2021, with a year-on-year increase of 65.20% ~ 83.55%; The net profit attributable to the parent company was 270 ~ 320 million, with a year-on-year increase of 30.27% ~ 54.39%; Deduct non net profit of 241 ~ 291 million, with a year-on-year increase of 27.85% ~ 54.38%. Benefiting from the rapid growth of the company’s chip and graphics business, the company achieved high revenue growth in 2021. We expect that the company’s performance will grow faster with the introduction of new products in the future.
The performance of jm9 series is significantly improved compared with the previous generation. In terms of kernel performance, jm9 has a time-frequency of 1500mhz (supporting dynamic frequency modulation). Based on the previous generation of gpujm7200, the maximum time-frequency of 1300mhz and jm7201 have continued to break through 1200MHz. In terms of graphics generation function, 2D graphics generation supports DirectFB1 7.7、OpenVG1. 1 vector graphics acceleration; 3D graphics generation supports opengl4 0、OpenCL3. 0、Vulkan1. 1、OpenGLES3. 2； Pixel filling rate 32gpixels / S; 32-bit single precision floating-point performance: 1.5tflops. Among them, OpenGLES is a new application, which is mainly used for cloud games. Newly added image and video coding function (1 channel) 4K@60fps ）To respond to future cloud computing needs. In terms of energy consumption, the power consumption is less than 30W, and the energy consumption ratio is excellent, comparable to NVIDIA, AMD, etc.
Profit forecast and investment suggestions: Changsha Jingjia Microelectronics Co.Ltd(300474) is the only GPU chip design company in a shares. The research and development of graphic display card products is smooth, and the company’s orders from January to March 2022 are good. We expect the company to achieve revenue of RMB 1.147/19.20/2.429 billion in 2021e / 2022e / 2023e; The net profit attributable to the parent company is 297 / 472 / 726 million yuan. At present, the corresponding PE of the stock price is 107.8/68.0/44.2x, maintaining the “buy” rating.
Risk warning: the downstream demand is less than expected, the development progress of new products is less than expected, and the market competition is intensified.
