争相上市的国产GPU厂商市占率都未突破1%

Core Viewpoint - The recent IPOs of GPU companies, including Moer Technology and Muxi, have attracted significant attention, with substantial initial stock price increases, but all three companies remain unprofitable and have low market shares in the domestic AI chip market [2][4][9]. Group 1: Company Overview - Moer Technology and Muxi were both established in 2020, while Birun Technology was founded in 2019. All three companies focus on the development, design, and sales of high-performance general-purpose GPU products [3]. - Moer Technology's core team includes several former NVIDIA executives, while Muxi's founding team has experience from AMD. Birun Technology's CEO previously held a leadership position at SenseTime [3]. Group 2: Financial Performance - All three companies have shown revenue growth over the past three years but have not achieved profitability. Moer Technology's revenues for 2022, 2023, and 2024 are projected to be 0.46 billion, 1.24 billion, and 4.38 billion CNY, with losses of 18.4 billion, 16.73 billion, and 14.92 billion CNY respectively, totaling a loss of 50.05 billion CNY over three years [4]. - Muxi's revenues are projected at 0.4264 million, 53.0212 million, and 743 million CNY for the same years, with cumulative losses exceeding 32 billion CNY [4]. - Birun Technology's revenues are expected to be 0.0499 million, 6.203 million, and 33.7 million CNY, with total losses of 47.5 billion CNY over three years [4]. Group 3: R&D Expenditure - High R&D expenses are a significant factor contributing to the losses of these GPU companies. Moer Technology has the highest R&D expenses over the past three years, totaling 38.1 billion, 22.47 billion, and 27.3 billion CNY for Muxi and Birun Technology respectively [5]. - The ratio of R&D expenses to annual revenue for Moer Technology and Muxi was 309.88% and 121.24% respectively, while Birun Technology's ratio was 245.5% [5]. Group 4: Profitability Projections - Moer Technology anticipates achieving profitability by 2027, including government subsidies, while Muxi expects to reach breakeven as early as 2026 [6]. Group 5: Market Share - The market share of domestic GPU companies remains low. In the domestic AI chip market, NVIDIA, Huawei HiSilicon, and AMD hold market shares of 54.4%, 21.4%, and 15.3% respectively, while the combined market share of Moer Technology, Muxi, and Birun Technology is less than 1% [9][10]. - Birun Technology indicates that the top two players in the Chinese smart computing chip market hold a combined market share of 94.4%, with the first player having a 76.2% share [10].