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研報掘金丨海通國際:維持景嘉微“優於大市”評級,堅定看好GPU未來廣闊發展前景

海通國際研報指出,景嘉微持續保持高研發投入追求技術領先,產品方面景宏GPU、顯卡JM11雙線佈局,內部管理體系變革推動企業創新。公司堅定看好GPU未來廣闊的發展前景,堅定不移地投入GPU研發,全力推進由“專用”到“專用+通用”的發展戰略,瞄準GPU在人工智能領域的應用方向,持續開展高性能GPU、模塊及整機等產品的研發。公司成功研發了景宏系列高性能智算模塊與整機產品,填補了公司在AI訓練、AI推理和科學計算等應用領域的產品空白,爲公司未來在人工智能領域的持續發力奠定基礎。公司受下遊需求影響,疊加高研發投入,業績波動較大,未來預計在AI、信創驅動下逐步修復,公司2025-2027年EPS預測爲0.06/0.20/0.39元,考慮到下遊修復預期,給予高於均值溢價,2025年65倍PS(原爲2024年40x),目標價86.50元(-18%),維持“優於大市”評級。

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