国产GPU，还有多少硬骨头要啃？

Core Viewpoint - The recent IPO applications of domestic GPU companies, Moore Threads and Muxi Integrated Circuit, have reignited discussions about the challenges and potential of the domestic GPU industry, particularly regarding the high costs and the need for substantial investment to achieve profitability [1][3][4][5]. Group 1: IPO Developments - Both Moore Threads and Muxi Integrated Circuit have had their IPO applications accepted by the Shanghai Stock Exchange, marking a significant step for the domestic GPU sector [1][3]. - Muxi plans to raise 3.9 billion yuan, while Moore Threads aims to raise 8 billion yuan through their IPOs [4][5]. Group 2: Financial Performance - Muxi's projected net losses from 2022 to 2024 are 777 million yuan, 871 million yuan, and 1.4 billion yuan, with R&D expenditures of 647.8 million yuan, 699 million yuan, and 900 million yuan respectively [4]. - Moore Threads anticipates net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan over the same period, with R&D costs of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan [5]. - Despite the losses, both companies are seeing revenue growth, with Muxi's revenue projected to reach 743 million yuan by 2024, and Moore Threads expecting 438 million yuan in the same year [7][9]. Group 3: Market Dynamics - The domestic GPU market is characterized by high competition, with various players adopting different strategies, including those aligned with NVIDIA and AMD technologies [12][14]. - The GPU industry is heavily reliant on R&D investments, with companies needing to continue funding their development efforts to remain competitive [21][22]. Group 4: Future Prospects - The AI sector is identified as a significant growth area for GPUs, with the market for AI chips in China projected to grow substantially, indicating a promising future for domestic GPU manufacturers [25][26]. - The competitive landscape is expected to undergo consolidation, as many players vie for market share, suggesting that mergers and acquisitions may become more common [26][27].