摩尔线程、沐曦股份IPO同日获受理，谁会是“国产GPU第一股”？

Core Viewpoint - The acceptance of IPO applications from two domestic GPU companies, Moer Technology and Muxi Co., marks a new phase for the domestic GPU industry, transitioning from technological challenges to capital empowerment, which strengthens the confidence in the "Chinese chip" strategy [3][4]. Company Summaries - Moer Technology, founded in 2020, focuses on developing full-function GPUs for high-performance computing fields such as AI and digital twins. The company aims to raise approximately 8 billion yuan through its IPO to invest in various AI and graphics chip projects [4][6]. - Muxi Co., also established in 2020, specializes in developing and selling full-stack GPU products for AI training and inference, as well as general computing and graphics rendering. The company plans to raise 3.904 billion yuan for new high-performance GPU projects [6][7]. Financial Performance - Moer Technology's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate (CAGR) of 208.44%. The company has invested a total of 3.81 billion yuan in R&D over the past three years [4][10]. - Muxi Co.'s revenue is expected to increase from 426,400 yuan in 2022 to 740 million yuan in 2024, with an impressive CAGR of 4074.52%. The company has invested 2.23 billion yuan in R&D during the same period [7][10]. Market Context - The global GPU market is currently dominated by Nvidia and AMD, creating a significant barrier for domestic companies. The competition is shifting from performance to ecosystem collaboration and resilience [9][12]. - The Chinese GPU market is witnessing a surge in IPO activities, with several companies, including Moer Technology and Muxi Co., leading the charge. The competition for the title of "first domestic GPU stock" is intensifying [8][9]. Regulatory Environment - The recent policies from the China Securities Regulatory Commission (CSRC) support the listing of unprofitable technology companies on the STAR Market, facilitating the IPO process for companies like Moer Technology and Muxi Co. [10][11]. - The CSRC's measures aim to enhance the inclusivity and adaptability of the STAR Market, allowing for a broader range of technology firms to access capital [11][12]. Future Outlook - The GPU market is projected to maintain a significant share of the AI chip market, with expectations of reaching a market size of 246.5 billion USD by 2028, growing at a CAGR of 32.82% [11][12]. - The competition among domestic GPU manufacturers is expected to evolve, focusing on innovation in computing architecture, software ecosystem development, and customized solutions for specific applications [9][12].