300474.SZ Jingjia Micro: domestic GPU (JM series)

Snapshot

Price

CNY 72

Mkt cap

CNY 33.0B

Revenue

CNY 750.0M

JM9/next-gen GPU adoption

0.18

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Jingjia Micro Early domestic GPU player (JM series)—specialty + commercial lines vs Moore Threads/Cambricon/Hygon DCU. Small revenue base prices a localization option—watch JM9 performance and ecosystem.

Business

Model: GPU chip and module sales. Flagships: JM7/JM9 GPUs; legacy specialty graphics. Edge: specialty domain track record; localization policy. Strategy: JM9 commercial/信创 desktop and server GPU; drivers and OpenGL/Vulkan compat.

Value chain

GPU fabless; upstream foundry/OSAT; OEM/specialty customers. Specialty-heavy; risks: performance gap, ecosystem, tape-out cost, slow commercial breakthrough, competition.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 72	300474.SZ · 以包内 kpi_snapshot 时点为准

Valuation · ~3y

Interactive chart available in the reader.

Small-cap GPU option valuation; extreme PE volatility—depends on product cycles and order conversion.

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return; reconstructed from public market data):

Valuation · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.; market data reconstruction):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Financial health (§A.7)

Overall: neutral—specialty business funds cash; commercial GPU is long investment cycle—watch cash vs R&D/tape-outs.

Operations

Volume: GPU chip/module shipments; price: ASP; cost: tape-outs, driver dev, R&D.

Key financial points

Key financial points

Item	Value	YoY	Note
营收规模	约 7–8 亿	+25% 量级	基数小
JM9	新一代 GPU	导入期	核心变量
特种	传统优势	稳定	现金流
民用/信创	突破中	高弹性	生态关键

Competition

Market share vs peers (illustrative estimate):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer strengths/weaknesses:

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
景嘉微	国产 GPU	52%	特种积累	民用生态
摩尔线程	GPU	40%	图形/通用	上市新
寒武纪	AI 加速	55%	训练/推理	非图形
英伟达	全球 GPU	70%+	CUDA	限制

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
董事长	曾万辉	长期	创始人稳定
总经理	经营团队	在任	无重大变动
CFO	财务负责人	在任	披露连续

Stability: Long-tenured founder; stable specialty base; commercial GPU strategy continues.

Outlook

Track JM9 benchmarks,信创 tenders, commercial customer wins, margins.

Scenarios

Risks

Tracking list

Verify on next interim/annual report:

1. JM9 benchmarks closing gap vs peers
2. Scaled信创/commercial GPU tender wins
3. Driver/OpenGL compatible software package growth
4. Specialty business stabilizing cash flow
5. R&D+tape-out spend materially draining cash

References

Issuer / key sources:

• https://www.jmgpu.com/
• https://www.szse.cn/

1. Latest company filings / IR (see issuer website)
2. SSE / SZSE filings — https://www.sse.com.cn/ · https://www.szse.cn/
3. Related: CPU industry H2 2026 · ISA landscape · wiki-links in body

Not investment advice; defer to latest company filings.