Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage with a recommendation [3]. Core Insights - The company is positioned as a leading domestic high-performance general-purpose GPU manufacturer, focusing on a fully autonomous technology system across three product lines: training and inference, general computing, and graphics rendering [8][15]. - The company has shown significant revenue growth, with projected revenues of 7.43 billion yuan in 2024, reflecting a compound annual growth rate of 4074.52% from 2022 [29][30]. - The domestic GPU market is experiencing rapid growth, with the market size expected to reach 1.36 trillion yuan by 2029, driven by AI applications and government support for domestic production [47][54]. Summary by Sections Section 1: Breaking Through "Bottlenecks" to Build a Leading Domestic GPU Company - The company is a key player in the domestic high-performance GPU market, focusing on self-developed GPU chips and computing platforms [15]. - The company has established a strong product system and software ecosystem, providing high-efficiency computing support for various industries [16]. - The company has successfully commercialized large-scale applications of its GPU products, achieving significant revenue growth [16][29]. Section 2: Accelerating Rise of Domestic GPUs and the Opening of the Computing Power Era - The GPU market in China has grown rapidly, with a projected market size increase from 0.04 trillion yuan in 2020 to 0.16 trillion yuan in 2024 [47]. - The domestic GPU industry is expected to capture a larger market share, increasing from 30.8% in 2024 to 37.8% by 2029 [47]. - The company is well-positioned to benefit from the increasing demand for AI technologies and the push for domestic alternatives [54]. Section 3: New Era of Domestic GPU Competition and the Company’s New General Computing Power Landscape - The company is advancing its GPU products, with the C series leading the charge in high-end GPU markets [8][15]. - The company has established a competitive advantage through its self-developed architecture and software stack, enabling large-scale deployment in AI training and inference [8][16]. - The company is expected to continue expanding its market share and revenue through strategic partnerships and product innovations [8][54]. Section 4: Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 16.65 billion yuan in 2025, 34.31 billion yuan in 2026, and 58.44 billion yuan in 2027, with corresponding price-to-sales ratios of 119, 58, and 34 [3][30]. - The company is in a strategic loss phase but is expected to turn profitable as sales scale increases and operational efficiencies improve [30]. - The report emphasizes the importance of continued R&D investment to maintain competitive advantages and drive future growth [42][43].
沐曦股份（688802）：深度报告：沐浴晨曦，算力领军