Core Viewpoint - The rise of domestic general GPU companies is highlighted as they support the underlying computing power for large model companies, marking a shift in the Chinese large model industry from "concept validation" to "engineering implementation" [2][17]. Group 1: Industry Overview - The competition among large models fundamentally revolves around computing infrastructure, with domestic general GPUs emerging as a critical industrial base as reliance on imported GPUs and cloud rentals is deemed unsustainable [2]. - The Chinese general GPU market is projected to grow at a compound annual growth rate (CAGR) of 72.8% from 2022 to 2024, and 33.0% from 2025 to 2029, with domestic GPU market share expected to rise from 8.3% in 2022 to over 50% by 2029 [5]. Group 2: Company Positioning - The company, Tensu Zhixin, aims to be a key provider of domestic computing power for large models, with a diverse client base including cloud service providers, AI developers, and various industries [3]. - Tensu Zhixin's training general GPU products hold the third-largest market share in China, while its inference GPUs rank second, positioning the company to benefit from a growing market [6]. Group 3: Competitive Advantages - The company has established a "three-fold moat" consisting of deep hardware-software collaboration, comprehensive full-stack solution capabilities, and a forward-looking ecological layout [6][10]. - The company employs over 480 R&D professionals, with a significant portion having over ten years of industry experience, and holds numerous patents covering key technologies [7]. Group 4: Financial Performance - From 2022 to 2024, the company's revenue is expected to grow from RMB 189.4 million to RMB 539.5 million, reflecting a CAGR of 68.8%, with a revenue of RMB 324.3 million recorded in the first half of 2025, a 64.2% year-on-year increase [12]. - The proportion of R&D expenditure relative to revenue has decreased significantly, indicating improved efficiency in R&D activities [12]. Group 5: Future Growth Prospects - The company is actively developing next-generation products, with plans for multiple product launches between 2025 and 2027, ensuring a continuous growth trajectory [15]. - The customer base has expanded from 22 in 2022 to 106 by mid-2025, demonstrating strong market penetration and diversification of revenue sources [13][14].
天数智芯（09903.HK）：上市开盘大涨31.54%，稳居国产GPU第一梯队