We give a "buy" rating to Beijing Junzheng, and diversify the comprehensive layout of AI.

The research report from Zhongyou Securities pointed out that Beijing Junzheng is diversifying its AI layout through calculation+storage+perception+execution. In the field of calculation, the company is focusing on AI-Vision, LLM, AI-MCU/AI-MPU, etc. based on the RISC-V architecture, continuously iterating CPU and NPU technology, and achieving a leap in computing power from NPU 1.0 to the upcoming NPU 4.0, meeting diverse needs from edge-level to edge computing, and continuously breaking through microarchitecture efficiency with the RISC-V architecture. In the field of storage, the company is continuously enhancing its research and development, manufacturing, and product strength, actively deploying emerging directions such as 3D-DRAM, combining high bandwidth, low power consumption, and edge AI capabilities to meet the high requirements for storage bandwidth in the AIoT era. In the field of perception, the company is deeply cultivating audio/video processing, AI perception algorithms, and multimodal technology, upgrading ISP imaging technology, optimizing audio recognition and enhancement solutions, innovating audio and video compression technology, expanding applications such as universal recognition and multimodal recognition in algorithms. In the field of execution, the company focuses on motor control, printing technology, and interactive experience, covering various types of motors, printing methods, and interactive forms such as screen displays and voice, providing comprehensive solutions for the intelligent upgrade of terminal equipment. The electrification, intelligentization, and networking drive car-grade DRAM towards higher capacity emerging products. The company has been given a "buy" rating.