2 1 Shi Ji Jing Ji Bao Dao·2025-07-10 13:22Core Insights - The domestic GPU chip industry is experiencing significant growth, driven by rising demand for AI computing in China, with several companies expected to see substantial revenue increases in 2024 [1][2][3] - Companies like Moore Threads and Muxi Integrated Circuit are projected to have explosive revenue growth, with Moore Threads expecting a 257.02% increase to 432 million yuan and Muxi anticipating a 1354.9% surge to 742 million yuan in 2024 [2][3] - The shift towards AI computing is leading to higher profit margins, with Moore Threads' gross margin expected to rise to 72.32% in 2024 from 27.84% in 2023 [2] - The domestic GPU ecosystem is evolving, with companies focusing on self-developed ASIC chips and integrated solutions to enhance efficiency and growth [1][12] Company Performance - Moore Threads' revenue is shifting towards AI computing, which is projected to account for 77.63% of its main business income in 2024, reflecting a strategic pivot from traditional graphics acceleration [2] - Muxi Integrated Circuit's revenue is heavily reliant on its training and inference series, with GPU board sales making up 68.99% of total revenue in 2024 [3] - Both companies are experiencing rapid growth in procurement, with Muxi's purchases from top suppliers increasing from 176 million yuan to 999 million yuan in 2024 [3] Market Trends - The Chinese AI server market is expected to see a decrease in reliance on foreign chips, with local suppliers projected to capture a 40% market share by 2025 [6] - The competitive landscape is challenging, as established players like NVIDIA maintain a stronghold due to their extensive software and ecosystem development [7] - Domestic companies are focusing on building a comprehensive ecosystem, with Muxi and Moore Threads emphasizing their full-stack capabilities in GPU technology and software [8][10] Future Outlook - Companies are optimistic about achieving profitability, with Muxi estimating a break-even point by 2026 and Moore Threads projecting profitability by 2027 [9] - The integration of companies like Haiguang Information and the potential acquisition of Zhongke Shuguang could create a complete ecosystem from chips to servers [11] - The rise of DeepSeek is prompting domestic GPU manufacturers to enhance their product offerings and adapt to new AI models, strengthening the local computing ecosystem [11]