沐曦股份-U（688802.SH）深度报告 沐浴晨曦，算力领军

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 GPU market in China is experiencing rapid growth, with the industry expected to reach 1.36 trillion yuan by 2029, driven by AI applications and government support for domestic computing power [8][47]. - The company has successfully commercialized its GPU products, achieving significant revenue growth and maintaining a high gross margin, indicating strong operational efficiency [8][30]. Summary by Sections 1. Company Overview - The company is a key player in the domestic high-performance GPU market, focusing on self-developed GPU chips and computing platforms [15]. - It has established a robust product ecosystem that supports various applications, including AI, finance, and healthcare [15][16]. 2. Market Dynamics - The GPU market is rapidly expanding, with a projected compound annual growth rate of over 40% in China from 2020 to 2029 [8][47]. - The company is well-positioned to benefit from the increasing demand for AI-driven applications and the shift towards domestic GPU solutions due to geopolitical factors [53][54]. 3. Financial Performance - The company forecasts significant revenue growth, with expected revenues of 1.67 billion yuan in 2025 and 5.84 billion yuan in 2027, reflecting a compound annual growth rate of over 70% [3][30]. - The gross margin has improved significantly, reaching 55.76% in the first three quarters of 2025, indicating effective cost management and product pricing strategies [35][30]. 4. Product Development and R&D - The company is committed to continuous R&D investment, with R&D expenses projected to increase from 648 million yuan in 2022 to 901 million yuan in 2024 [37][42]. - It is developing next-generation GPU products aimed at enhancing performance and expanding market applications, including AI inference and general-purpose computing [42][43]. 5. Strategic Partnerships and Customer Base - The company is actively engaging with key internet clients and telecom operators to expand its customer base and secure future orders [11][10]. - Collaborations with major tech firms are expected to enhance product validation and market penetration, with initial orders anticipated in 2025 [11][10].