争相上市的国产GPU厂商市占率都未突破1%

Core Insights - Two GPU stocks, Moer Technology and Muxi, have gained significant attention after their recent listings on the STAR Market, with Moer Technology's stock price increasing over four times on its debut [2] - Both companies, along with another GPU firm, Birun Technology, are yet to achieve profitability despite substantial R&D investments [3][4] - The market share of these domestic GPU companies remains low compared to global leaders like NVIDIA and AMD [7][8] Group 1: Company Performance - Moer Technology, Muxi, and Birun Technology have all seen revenue growth over the past three years but have not turned a profit [3] - Financial data for Moer Technology shows revenues of 0.46 million, 1.24 million, and 4.38 million from 2022 to 2024, with losses of 18.4 billion, 16.73 billion, and 14.92 billion respectively, totaling 50.05 billion in losses [3] - Muxi's revenues for the same period were 42.64 million, 53.02 million, and 743 million, with losses of 7.77 billion, 8.71 billion, and 14.09 billion, accumulating over 32 billion in losses [3] - Birun Technology reported revenues of 49.9 million, 620.3 million, and 3.37 billion, with losses of 14.74 billion, 17.44 billion, and 15.38 billion, totaling 47.5 billion in losses [3] Group 2: R&D Expenditure - Moer Technology has the highest R&D expenses among the three companies, with expenditures of 38.1 billion, 22.47 billion, and 27.3 billion for Muxi and Birun Technology respectively from 2022 to 2024 [4] - In 2022, Moer Technology's R&D expenses accounted for 309.88% of its revenue, while Muxi's was 121.24%, and Birun Technology's was 245.5% [4] - The high R&D costs are a significant factor contributing to the ongoing losses for these GPU manufacturers [4] Group 3: Market Position and Future Outlook - Moer Technology and Muxi have projected timelines for achieving profitability, with Moer Technology aiming for 2027 and Muxi for 2026 [5] - Despite the recent stock price fluctuations, the market share of these domestic GPU companies is still low, with Moer Technology and Muxi's market shares in the domestic AI chip market being less than 1% [6][7] - The AI chip market in China is currently dominated by international players, with NVIDIA holding a 54.4% market share, followed by Huawei and AMD [7] - Birun Technology indicated that the top two players in the Chinese smart computing chip market hold 94.4% of the market share, highlighting the concentration of market power [8]