国产平替再造财富盛宴，沐曦上市暴涨5倍，一签可赚30万

Core Viewpoint - The recent IPOs of domestic GPU companies, specifically Moore Threads and Nuxi, have created significant wealth, with Nuxi's stock price soaring 568.83% on its first day, reaching a market capitalization of 280 billion yuan. This has raised questions about the sustainability of such rapid growth and the competitive landscape in the domestic GPU market [1][2]. Company Overview - Nuxi was founded in September 2020 by Chen Weiliang, who has extensive experience at AMD, and its product line includes three main series: the N series for AI inference, the C series for training and general computing, and the G series for graphics rendering, which is still in development [2][3]. - Moore Threads, often referred to as the "domestic NVIDIA," has a different background, with its founder Zhang Jianzhong having worked at NVIDIA for 14 years, influencing its technology strategy [8][10]. Product Strategy - Nuxi's strategy focuses on a clear product line, starting with inference chips, followed by training chips, and eventually graphics rendering capabilities. This approach has led to rapid revenue growth, with projections indicating a compound annual growth rate of 4074.52% from 2022 to 2024 [5][6]. - Moore Threads employs a dual strategy targeting both consumer (To C) and business (To B) markets, with a diverse product range that includes high-performance chips for various applications [16][17]. Financial Performance - Nuxi's revenue surged from 426,400 yuan in 2022 to an estimated 7.43 billion yuan in 2024, but it has also faced significant losses, with cumulative losses exceeding 3 billion yuan from 2022 to 2024 [5][6]. - Moore Threads is also expected to face similar financial challenges, with projections indicating it may not achieve profitability until 2027 [5][20]. Market Position and Competition - Nuxi's products are primarily deployed in national computing platforms and industry-leading enterprises, with a heavy reliance on its C500 series, which is expected to contribute 98% of its revenue in 2024 [6][18]. - In contrast, Moore Threads has a broader market approach, but both companies face significant competition from NVIDIA, which maintains a substantial performance lead in the GPU market [20][23]. Future Outlook - The ongoing competition between Nuxi and Moore Threads raises questions about who will emerge as the next successful player in the domestic GPU market, especially as both companies strive to overcome the performance gap with NVIDIA [1][20]. - The entry of other players like Baidu's Kunlun Chip, which is expected to have a significant revenue advantage, adds further complexity to the competitive landscape [26][27].