Core Viewpoint - The IPO results of domestic GPU chip manufacturer Muxi Co., Ltd. show a low subscription rate of 0.03348913%, despite a significant first-day surge of 425.46% for a comparable company, Moer Thread [1][3]. Group 1: IPO Details - Muxi Co., Ltd. had a total of 19,331 winning numbers for its IPO, with each number allowing the purchase of 500 shares [1]. - The effective subscription number reached 5.1752 million, with a total of 28.862 billion shares applied for, leading to an initial subscription rate of 0.02223023% [1]. - The final subscription rate increased after the allocation mechanism was activated, contrasting with Moer Thread's final subscription rate of 0.03635054% [1][3]. Group 2: Financial Metrics - The IPO price was set at 104.66 yuan per share, corresponding to a market value of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times, which is half of Moer Thread's 122.51 times [2]. - Muxi Co., Ltd. plans to raise a net amount of 3.899 billion yuan after deducting issuance costs [2]. - The company aims to allocate funds primarily to three GPU R&D projects, focusing on high-performance general-purpose GPUs and AI inference GPUs [4]. Group 3: Market Position and Strategy - Muxi Co., Ltd. has surpassed recent GPU industry benchmarks in subscription enthusiasm, indicating strong market interest [3]. - The company is in a "three-step" strategic plan to transition from product advantages to market leadership, with a focus on cloud and edge computing markets [4]. - The next-generation cloud model inference chip Nx is a key development focus, designed to significantly reduce AI inference costs [5]. Group 4: Revenue and Profitability - Muxi Co., Ltd. has experienced explosive revenue growth, with revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and projected revenues of 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [6]. - Despite rapid revenue growth, the company faces profitability challenges, with cumulative losses exceeding 3.2 billion yuan from 2022 to 2025 [6][8]. - The company expects to reach breakeven by 2026, with a projected market share of approximately 1% in China's AI chip market by 2024 [6].
中签率0.033%！沐曦股份中签号出炉，比摩尔线程还抢手