国产ASIC系列研究之3：国产算力趋势走强，沐曦领衔通用GPU

Investment Rating - The report indicates a strong investment outlook for the domestic GPU industry, particularly highlighting the leadership of Mu Xi in the general-purpose GPU sector [3]. Core Insights - The GPU market in China is expected to grow significantly, with an estimated market size of approximately 1,000 billion yuan for GPUs and 425 billion yuan for other AI chips by 2024 [3][8]. - Domestic internet giants are increasing capital expenditures, with Alibaba planning to invest over 380 billion yuan in AI computing centers and data centers over the next three years [3][10]. - Mu Xi is positioned as a leading domestic high-performance general-purpose GPU company, with a self-developed architecture that is compatible with CUDA [3][18]. Summary by Sections 1. GPU Industry - The GPU industry is gradually establishing a domestic computing and AI model ecosystem, with significant growth in the market size of accelerated chips [4][9]. - By 2024, the domestic accelerated chip market is projected to exceed 270 million units, with local brands accounting for over 82 million units shipped [3][8]. 2. Mu Xi Co., Ltd. - Mu Xi has developed a comprehensive product matrix covering AI computing, general computing, and graphics rendering, with notable products including the Xi Yun C500 and C550 series GPUs [3][38]. - The company has achieved a revenue CAGR of 4075% from 2022 to 2024, with 2024 revenue reaching 743 million yuan [31][35]. - Mu Xi's team comprises industry veterans with backgrounds from AMD, enhancing its technological capabilities [27][30]. 3. Key Investment Targets - The report identifies several key investment targets in the GPU sector, including Cambrian, Haiguang Information, and Mu Xi itself, as well as advanced process-related companies like SMIC and Hua Hong Semiconductor [3][5].