摩尔线程88天过会背后：每年一代GPU芯片，国产智算生态共振

Core Viewpoint - The IPO process for domestic GPU chip companies is accelerating, with Moore Threads and Muxi Co., Ltd. making significant progress despite both companies currently not being profitable. The expected revenue growth in 2024 and the increasing market recognition of their AI computing products are key factors supporting their market entry [1][2][3]. Company Performance - Moore Threads is projected to achieve a significant revenue increase in 2024, with expected revenue of 438 million yuan, while net losses are expected to decrease to 1.492 billion yuan. By the first half of 2025, revenue is anticipated to reach 702 million yuan, a 238.71% year-on-year increase, with net losses improving to 271 million yuan, a 56.02% decrease year-on-year [4][5]. - Muxi Co., Ltd. is expected to see a staggering revenue growth of 1354.9% in 2024, reaching 742 million yuan, although net losses are projected to widen to 1.409 billion yuan [9]. Product Development and Market Strategy - Moore Threads has been iterating its GPU architecture annually, with the latest "Pinghu" chip expected to enhance performance significantly. The company’s revenue structure is shifting towards AI computing products, which are projected to account for nearly 80% of revenue by the first half of 2025 [6][7][8]. - Muxi Co., Ltd. is focusing on expanding its customer base among major internet companies and telecom operators, with significant progress in its AI computing business. The company is actively engaging with key clients and expects to finalize orders in 2025 [15][16]. Industry Trends - The domestic AI chip industry is witnessing a trend towards building an ecosystem, with companies like Moore Threads and Muxi Co., Ltd. contributing significantly to the development of AI computing capabilities. The focus on internet and telecom markets is crucial for the growth of domestic AI chip manufacturers [3][14]. - The establishment of collaborative initiatives, such as the OISA ecosystem, indicates a concerted effort to enhance the interoperability and performance of AI chips, which is essential for the advancement of AI infrastructure in China [19][21].