沐曦股份：锚定国家算力自主可控战略，以GPU硬科技激活产业转型新动能

Core Insights - The semiconductor industry is crucial for national digital economy security and competitiveness, with a focus on self-reliance and technological independence [1][3] - Muxi Integrated Circuit (Shanghai) Co., Ltd. is a leader in the domestic high-performance general-purpose GPU sector, aligning with national strategic goals and playing a key role in breaking overseas technology monopolies [3][4] Industry Context - The 20th National Congress emphasized accelerating high-level technological self-reliance, with the Sci-Tech Innovation Board providing a green channel for tech companies to access capital markets [3] - The Sci-Tech Innovation Board has introduced differentiated listing standards for hard tech companies, allowing those with a projected market value of at least 3 billion yuan and recent revenue of no less than 300 million yuan to list, which suits the GPU industry's characteristics of high R&D investment and long return cycles [4] Company Performance - Muxi's projected revenue for 2024 is 743 million yuan, with the latest external equity financing valuing the company at 21.071 billion yuan [4] - The company has invested heavily in R&D, with expenditures of 648 million yuan, 699 million yuan, and 901 million yuan from 2022 to 2024, totaling over 2.2 billion yuan, which is 282.11% of its cumulative revenue during the same period [5] - Muxi has developed a full product matrix covering intelligent computing inference, training integration, and graphics rendering, with its self-developed C500 series GPU chips achieving domestic leadership in performance [4][5] Technological Advancements - Muxi has achieved significant breakthroughs in technology and product development, with a core team possessing top-tier GPU expertise [6][7] - The company has developed proprietary technologies such as MetaXLink for high-speed interconnects, enhancing the performance of large-scale computing clusters [7] - Muxi's products have been deployed in key sectors including education, finance, transportation, and energy, demonstrating their applicability in high-end computing scenarios [7][9] Supply Chain Strategy - Muxi is proactively building a domestic supply chain to mitigate risks associated with global semiconductor uncertainties, having established stable partnerships with domestic foundries and packaging/testing facilities [8] - The company plans to further reduce reliance on foreign supply chains with its new generation of training and inference chips [8] Market Position and Future Outlook - Muxi holds approximately 1% market share in China's AI chip market and is one of the few domestic GPU manufacturers to achieve commercial applications of thousand-card clusters [10] - The company aims to expand its market share by leveraging established channels and technological advantages, aligning with national strategies for AI empowerment across various industries [10] - Muxi's development is recognized as strategically significant for the upgrade of the domestic GPU industry and the broader semiconductor sector, contributing to high-quality development of the digital economy [10][11]