国产GPU龙头，发行价定了

Core Viewpoint - Muxi Co., Ltd. is set to go public on the Sci-Tech Innovation Board with an IPO price of 104.66 yuan per share, aiming to raise approximately 39 billion yuan for its projects, reflecting strong growth potential driven by AI demand and domestic substitution benefits [1][2]. Company Overview - Muxi Co., Ltd. was established in September 2020, focusing on the independent research and development of high-performance GPU chips and computing platforms. The core team has over a decade of experience in high-performance GPU development and mass production [2]. - The founder, Chen Weiliang, previously served as the global GPU SoC design director at AMD, while the hardware chief architect, Peng Li, is recognized as AMD's first female scientist [2]. - The company has attracted significant investment from notable entities, including the state-owned China Structural Adjustment Fund and prominent investors like Ge Weidong, Sequoia Capital, and Matrix Partners [2]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 42.64 million yuan in 2022, 53.02 million yuan in 2023, and an estimated 743 million yuan in 2024, resulting in a compound annual growth rate of 4074.52% [3]. - For Q1 2025, the company reported revenue of 320 million yuan and anticipates total revenue for 2025 to be between 1.5 billion and 1.98 billion yuan, representing a year-on-year growth of 101.86% to 166.46% [3]. Financial Metrics - As of March 31, 2025, total assets are projected to be approximately 1.046 billion yuan, with a debt-to-asset ratio of 8.30% [4]. - The company reported a net profit loss of 232.51 million yuan for Q1 2025, with a basic earnings per share of -0.90 yuan [5].