沐曦股份冲刺“国产GPU第二股” 技术成色能否支撑资本估值？

Core Viewpoint - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. is on the verge of becoming the second domestic GPU stock after Moer Thread, with its IPO process progressing rapidly and significant market interest in the domestic GPU sector following Moer Thread's successful listing [1][2]. Company Development - Muxi was founded in 2020 by former AMD employees, focusing on AI chips as the market shifted towards large model and generative AI technologies [1][2]. - The company initially entered the market through inference AI chips, launching its first chip, the Xisi N100, in January 2022, which began mass production in April 2023 [3][5]. Product Strategy - Muxi's product line includes the Xisi N series for inference and the Xiyun C series for training and inference integration, with the Xiyun C500 set to begin mass production in February 2024 [3][5]. - The company aims to develop a comprehensive product range covering AI computing, general computing, and graphics rendering, with ongoing projects for the Xiyun C600 and Xisi G series [5][7]. Market Position - Muxi is competing against established players like NVIDIA and AMD, which dominate over 70% of the market. The company focuses on developing its core GPU IP to establish a competitive edge [6][7]. - The company has achieved significant revenue growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, although it has not yet turned a profit [12][13]. Financial Performance - Muxi's revenue for 2022, 2023, and 2024 was 426,400 yuan, 53.02 million yuan, and 743 million yuan, respectively, with the first quarter of 2025 showing revenue of 320 million yuan [12][13]. - Despite rapid revenue growth, the company has incurred substantial R&D expenses, totaling 64.8 million yuan, 69.9 million yuan, and 90.1 million yuan from 2022 to 2024, leading to significant net losses [12][13]. Competitive Landscape - Muxi's revenue growth outpaces competitors like Moer Thread, Jingjia Micro, and Longxin Zhongke, but it still lags behind Haiguang Information and Cambricon [15]. - The company holds approximately 1% market share in the Chinese AI accelerator market, alongside competitors, while NVIDIA and AMD dominate with 66% and 5% market shares, respectively [15].