沐曦股份股份挂牌上市 力证全栈自研难而正确之路

Core Viewpoint - The recent listing of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. on the STAR Market, with a first-day increase of nearly 700% and a market capitalization exceeding 330 billion yuan, indicates strong market confidence in the company and its potential in the domestic GPU sector [1][2]. Group 1: Company Overview - Mu Xi is one of the few domestic companies committed to a fully self-developed high-performance GPU path, achieving significant progress in technology development and commercial application within five years [1][2]. - The founding team, with nearly 20 years of experience in GPU and integrated circuit design, has a proven track record in high-performance chip mass production, which enhances the company's competitive edge [2][3]. Group 2: Product Development - The company has established a clear GPU product matrix, including the "Xi Si N series," "Xi Yun C series," and "Xi Cai G series," targeting various AI computing and graphics rendering scenarios [3][4]. - The Xi Yun C series is designed for cloud computing, while the Xi Si N series focuses on AI inference, and the Xi Cai G series is aimed at graphics processing [3]. Group 3: Commercialization Progress - Mu Xi's commercialization is accelerating, with over 25,000 GPU products sold and deployed in more than ten intelligent computing clusters, marking it as one of the few suppliers achieving large-scale commercial applications in China [5][6]. - The company reported a compound annual growth rate of 4074.52% in revenue from 2022 to 2024, with a projected revenue of 1.5 billion to 1.98 billion yuan for 2025, indicating a significant growth trajectory [5][6]. Group 4: Revenue Structure and Software Ecosystem - In 2024, over 97% of the company's revenue came from its integrated training and inference products, highlighting its successful penetration into high-end markets [6][7]. - The MXMACA software stack supports over 6,000 CUDA applications, facilitating a developer ecosystem with over 150,000 registered users and 13 million API calls, which enhances the company's software capabilities [6][7]. Group 5: Research and Development - Mu Xi's R&D expenses reached 901 million yuan in 2024, accounting for 121.24% of its revenue, reflecting a strong commitment to innovation [7]. - The company holds 245 invention patents and has developed the MetaXLink high-speed interconnect technology, positioning it competitively in terms of performance and scalability [7]. Group 6: Market Demand and Future Outlook - The demand for intelligent computing centers in China is projected to grow significantly, with a forecasted resource demand of 9,480 MW by 2027, driven by the rapid evolution of AI models [7][8]. - Mu Xi's full-stack self-research capabilities and experience in cluster-level delivery are expected to secure a significant position in the domestic high-end GPU market [8].