\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 74 Changsha Jingjia Microelectronics Co.Ltd(300474) Changsha Jingjia Microelectronics Co.Ltd(300474) )
In 2021, the revenue of chip field increased by 517.46% year-on-year. The company released its 2021 annual report. In 2021, the company achieved a revenue of 1.093 billion, a year-on-year increase of 67.21%; The net profit attributable to the parent company was 293 million, with a year-on-year increase of 40.99%; Deduct non net profit of 256 million, with a year-on-year increase of 36.07%. The revenue of the company’s graphics products increased by 3.55% year-on-year to 1.2 billion; The revenue of products in the chip field was 447 million, with a year-on-year increase of 517.46%. At the same time, the gross profit margin of chip business was 44.49%, with a year-on-year increase of 10.79pct. The company has successfully developed GPU independent chip through research and development. After three generations of product upgrading, the performance of jm9 series products launched in September 2021 has been significantly improved. The rapid development of the company’s chip products has made outstanding contributions to the company’s 2021 performance. We expect that in the future, with the company’s deep cultivation in the field of graphics processing chips, it will continue to improve the company’s competitiveness and ensure the rapid development of the company’s performance.
The company released the first quarterly report of 2022. In 2022q1, the company achieved a revenue of 362 million, a year-on-year increase of 70.34%; The net profit attributable to the parent company was 77 million, with a year-on-year increase of 58.20%; Non net profit deducted was 72 million, a year-on-year increase of 57.31%. 2022q1 company achieved a significant increase in profitability, mainly because it actively expanded products, strengthened customer cooperation and recognized customers by virtue of its advantages in the field of graphic display control. At the same time, the company continued to invest in R & D in graphics processing chips and small-scale specialized radar products. In 2022q1, the company invested 67 million in R & D, a year-on-year increase of 52.31%, and the R & D expense rate was 18.45%.
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 April 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 41 display boards in total, with a unit price of 32000 ~ 41800 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.
Profit forecast and investment suggestion: profit forecast and investment suggestion: 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 orders of the company are good at the beginning of 2022. We expect the company to achieve revenue of RMB 1.847/24.813361 billion in 2022e / 2023e / 2024e; The net profit attributable to the parent company is 470 / 647 / 989 million yuan. At present, the corresponding PE of the stock price is 49.7 / 36.1 / 23.6x, maintaining the “buy” rating.
Risk warning: 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.
