沐曦股份/688802/科创板/2025-12-05申购

Core Viewpoint The company is a GPU chip design enterprise that provides various products based on GPU chips, including GPU boards, servers, and intelligent computing clusters, to meet the demands of AI training, inference, general computing, and graphics rendering. The company is positioned to benefit from the growing demand for AI-related computing power. Business Situation - The company operates under a Fabless model, focusing on GPU chip research and development while outsourcing wafer processing and packaging [27] - The main revenue comes from general-purpose GPUs, which are essential for AI tasks in cloud servers and intelligent computing centers [26][5] - The product matrix includes C series for AI model training and inference, N series for inference, and G series for graphics rendering [6][26] Revenue Composition - In Q1 2025, the revenue from training and inference GPU boards was approximately 31,255.24 million yuan, accounting for 97.55% of total revenue [4] - The total revenue for 2025 Q1 was 32,041.53 million yuan, showing significant growth compared to previous years [4] Major Clients - The top five clients in Q1 2025 accounted for 88.35% of the company's revenue, with the largest client contributing 39.95% [30] - The client base includes major technology companies, indicating strong demand for the company's products [30] Financial Data - The company reported a revenue of 0.53 billion yuan in 2023, a significant increase from 0.00 billion yuan in 2022, reflecting a year-on-year growth of 12,334.62% [9] - The gross profit margin improved to 55.26% in Q1 2025, indicating better cost management and pricing strategies [9] - The company has been operating at a loss, with a net profit margin of -72.57% in Q1 2025 [9] Industry Situation - The global GPU market is expected to grow significantly, with the Chinese AI chip market projected to reach 1,530 billion yuan by 2025, reflecting a compound annual growth rate of 53% from 2020 to 2025 [14][36] - The market is dominated by major players like NVIDIA and AMD, with the company holding approximately 1% market share in the Chinese AI chip market [37][36] - The demand for general-purpose GPUs has surged due to the rise of AI applications, particularly since the launch of generative AI models like ChatGPT [16][37] Product Development - The company is developing new products, including the C600 and C700 series, which are expected to enhance performance and meet the growing demands of AI applications [19][17] - The C500 series is positioned to compete with NVIDIA's A100, indicating a focus on high-performance computing [19][17] Supply Chain Challenges - The company faces challenges in securing advanced manufacturing processes and HBM supply due to ongoing geopolitical tensions, which may impact product development timelines [18][19]