未来智造局｜沐曦股份IPO成功过会 国产GPU行业冲刺上市窗口期

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the listing review for the Sci-Tech Innovation Board, marking a significant step in its IPO process, as the demand for computing power continues to drive the digital economy [1][2]. Company Overview - Founded in September 2020 by former AMD China executive Chen Weiliang, Muxi is a leading domestic high-performance general-purpose GPU company, focusing on the development of full-stack GPU chips and computing platforms [2][4]. - The company has developed various product lines, including the Xisi series for intelligent computing inference, the Xiyun series for general computing, and the Xicai series for graphics rendering, addressing the high efficiency and versatility needs of computing power [2][4]. Financial Performance - Muxi's revenue is projected to grow from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52%, despite net losses exceeding 3 billion yuan over the same period [4]. - The flagship Xiyun C500 series GPU chip is expected to account for 97.28% of the company's revenue in 2024, increasing to 97.87% in the first quarter of 2025 [4]. Market Position and Trends - The global demand for AI computing power is expanding rapidly, with estimates suggesting a 750-fold increase every two years, and the Chinese cloud AI chip market is expected to exceed $48 billion by 2027, with domestic GPU replacement rates projected to exceed 80% [5][10]. - Muxi is positioned to capture approximately 1% of the Chinese AI chip market in 2024, leveraging its technological advancements and delivery capabilities [5]. Strategic Initiatives - Muxi is pursuing a development strategy centered on a "single computing power base + six key industries + X emerging fields," aiming to integrate AI technology with various sectors such as finance, healthcare, and entertainment [6]. - The company has established partnerships with leading AI firms and research institutions to enhance its product offerings and expand its market reach [8]. Industry Dynamics - The domestic GPU sector is experiencing a capital frenzy, driven by policy support and the demand for domestic alternatives, with several companies, including Muxi, actively pursuing IPOs [9][10]. - The current market environment allows for high valuations despite ongoing losses, as investors are optimistic about the potential for domestic GPU companies to capture market share from established players like NVIDIA [10].