沐曦股份：锚定国家算力自主可控战略，以GPU硬科技激活产业转型新动能

Core Viewpoint - The semiconductor industry is crucial for national digital economy security and competitiveness, with domestic companies like Muxi Integrated Circuit (Shanghai) Co., Ltd. playing a key role in breaking overseas technology monopolies and enhancing the domestic semiconductor supply chain [1][3]. Group 1: Company Overview - Muxi is a leader in the domestic high-performance general-purpose GPU sector, aligning with national strategic goals and contributing significantly to the domestic semiconductor industry [3]. - The company has developed a comprehensive product matrix covering intelligent computing inference, training integration, and graphics rendering, achieving domestic leadership in general-purpose GPU performance [4]. Group 2: Financial Performance - Muxi's revenue is projected to reach 743 million in 2024, with a compound annual growth rate of 4074.52% from 2022's revenue of 426,400 [7]. - The company has significantly increased its R&D investment, with expenditures of 648 million, 699 million, and 901 million from 2022 to 2024, totaling over 2.2 billion, which is 282.11% of its cumulative revenue during the same period [5]. Group 3: Market Position and Strategy - Muxi has achieved a 1% market share in China's AI chip market in 2024, positioning itself as one of the few domestic GPU manufacturers to commercialize thousand-card clusters [10]. - The company plans to expand its market share by implementing a "1+6+X" development strategy, focusing on six key industries and exploring emerging application scenarios, aligning with national initiatives to empower various sectors with AI [10]. Group 4: Technological Advancements - Muxi has made significant technological breakthroughs through its fully self-developed GPU products, including the MetaXLink high-speed interconnect technology, which enhances the performance of large-scale computing clusters [6]. - The company has established a self-sufficient supply chain, reducing reliance on foreign suppliers and ensuring stable material supply for its products [8]. Group 5: Long-term Impact - Muxi's development is not only commercially valuable but also strategically significant for the upgrade of the domestic GPU industry, contributing to the advancement of related technologies such as EDA tools and high-end memory [11]. - The company is recognized as a national-level "little giant" enterprise and a high-tech enterprise, participating in major national and provincial research projects, which will drive collaborative development across the domestic GPU industry chain [11].