上海汇正财经：尚未盈利冲刺科创板，沐曦股份IPO的深层意义

Core Viewpoint - The upcoming IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set for review on October 24, with the company focusing on the GPU and AI industry despite not being profitable yet [1][3]. Group 1: Company Overview - Mu Xi has committed to promoting the self-controllability of China's intelligent computing power industry chain and has developed core technologies in high-performance GPU chips and their software [1]. - The company is one of the few in China that has mastered the research, design, and mass production of high-performance GPU chips and related systems [1]. Group 2: Market Context - The global GPU market is currently dominated by a few players, with NVIDIA holding over 80% market share, while AMD also maintains a significant position [3]. - The demand for computing power chips is increasing rapidly due to the widespread adoption of AI applications, with the domestic accelerated computing server market expected to reach approximately $22.1 billion in 2024, with GPUs accounting for 69% of this market [3]. Group 3: Industry Trends - The domestic GPU chip industry is experiencing a shift towards localization due to increasing export controls on high-end AI chips from overseas, necessitating the search for controllable alternatives [4]. - Continuous high R&D investment is essential for domestic GPU companies to secure market entry and competitive positioning [4]. - The AI server and accelerated computing sectors are expected to provide long-term demand certainty for domestic GPU enterprises [4]. Group 4: Investment Analysis - The rapid development of artificial intelligence is driving the demand for computing power, with data centers and domestic GPU markets showing continued growth potential [9]. - The IPO of Mu Xi is a notable case within the industry, attracting attention as a unique example of a company in this sector [9].