Core Viewpoint - The article discusses the recent IPO of GPU manufacturer Muxi Co., Ltd. (688802.SH) on the STAR Market, highlighting its significant stock price surge and the financial performance of the company, which remains unprofitable despite substantial revenue growth [3][6]. Company Overview - Muxi Co., Ltd. is a leading developer of high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD. The company claims its GPU performance ranks among the top tier domestically, with cumulative sales exceeding 25,000 units [5]. IPO Details - Muxi's IPO price was set at 104.66 CNY per share, resulting in a market capitalization of 41.874 billion CNY. The stock price surged by 567.88% on the opening day, reaching 699 CNY per share and a market cap of 279.7 billion CNY, allowing investors to gain approximately 297,000 CNY per share [3][4]. Financial Performance - Muxi reported revenues of 426,400 CNY in 2022, 53.0212 million CNY in 2023, 743 million CNY in the first three months of 2024, and 320 million CNY in the first quarter of 2024. The net losses were 777 million CNY, 871 million CNY, 1.409 billion CNY, and 233 million CNY respectively, with cumulative losses exceeding 3.2 billion CNY from 2022 to 2024 [6]. - In the first half of 2024, Muxi's revenue reached 915 million CNY, a year-on-year increase of 404.51%, but it still reported a loss of 186 million CNY. The company expects revenues of 1.2 billion to 1.26 billion CNY for the first nine months of 2024, reflecting a year-on-year growth of 437.36% to 464.23%, with anticipated losses of 300 million to 380 million CNY [6]. Market Position and Competition - Muxi acknowledges that the domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. The company is in the process of scaling its sales for its AI inference GPU chip series, which is still in the early stages of market adoption [6][7]. - According to Bernstein Research, Muxi is projected to hold approximately 1% market share in the Chinese AI chip market by 2024, indicating a competitive landscape that is still evolving [7].
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