国产GPU爆发，但“中国英伟达”言之过早

Core Viewpoint - The article discusses the recent IPO applications of two domestic GPU companies, Moore Threads and Muxi, highlighting their potential in the Chinese GPU market and the challenges they face in achieving profitability and market validation [3][4][5]. Group 1: Company Overview - Moore Threads and Muxi have submitted IPO applications, marking a significant step in the domestic GPU sector [3]. - Both companies are led by experienced teams, with Moore Threads' founder previously serving as NVIDIA's global vice president and Muxi's founder having a background at AMD [3][4]. - Pre-IPO valuations for Moore Threads and Muxi are reported at 24.62 billion yuan and over 21 billion yuan, respectively [4]. Group 2: Financial Performance - Moore Threads' projected revenues from 2022 to 2024 are 46.08 million yuan, 124 million yuan, and 438 million yuan, with net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan [5][6]. - Muxi's revenues for the same period are 426,400 yuan, 5.3 million yuan, 74.3 million yuan, and 32 million yuan, with net losses of 777 million yuan, 871 million yuan, 1.41 billion yuan, and 233 million yuan [5][6]. - Combined losses for both companies over the past three years total 8.2 billion yuan, which is typical for the chip industry due to high R&D costs [6][7]. Group 3: Market Position and Challenges - The current focus for domestic GPU manufacturers is to seek IPOs, especially as the market for GPU companies is becoming more challenging with the exit of many dollar funds [8][9]. - The recent reforms in the Science and Technology Innovation Board and the introduction of new listing standards for unprofitable companies provide a valuable window for GPU firms to go public [9]. - Both companies have made significant strides in product development, with Moore Threads launching four generations of GPU architectures and Muxi focusing on self-developed GPU IP and instruction sets [10][12]. Group 4: Product Development and Competitiveness - Moore Threads has developed a comprehensive product line, including AI computing, graphics rendering, and desktop graphics acceleration, with its MTT S80 desktop GPU performing comparably to NVIDIA's RTX 3060 [10][13]. - Muxi's products, such as the MXC500 and MXN100, show competitive performance metrics but still lag behind NVIDIA's offerings [12][14]. - Both companies face challenges in customer retention, with Moore Threads having low repeat purchase rates from clients, while Muxi's sales are heavily reliant on a few key distributors [17][21]. Group 5: Production and Supply Chain Issues - Both companies are Fabless and rely on foundries for production, facing potential supply constraints due to geopolitical factors affecting access to advanced manufacturing capabilities [23]. - The competition for limited foundry capacity, particularly with domestic players like SMIC, raises concerns about their ability to scale production effectively [23][24].