天数智芯来了！国产GPU四小龙聚齐资本市场

Core Viewpoint - The successful listing of Shanghai Tensu Zhixin Semiconductor Co., Ltd. on the Hong Kong Stock Exchange marks a significant milestone for the domestic GPU industry, indicating a concentrated period of capital empowerment for Chinese GPU companies, often referred to as the "Four Little Dragons" [1] Group 1: Company Overview - Tensu Zhixin focuses on general-purpose GPU chips and AI computing solutions, establishing a comprehensive product matrix that includes general-purpose GPU chips, accelerator cards, and customized AI solutions [3] - The company has developed a deep integration of self-developed hardware and dedicated software stacks to meet diverse computing needs in AI training and inference scenarios, positioning itself as a leading player in the domestic GPU sector [3] Group 2: Industry Position and Achievements - According to Frost & Sullivan, Tensu Zhixin has achieved three "firsts" in the Chinese chip design industry: the first to mass-produce inference general-purpose GPU chips, the first to mass-produce training general-purpose GPU chips, and the first to use 7nm advanced technology for chip mass production in the domestic GPU field [4] - These milestones break the dependency on imported high-end processes and demonstrate the breakthrough capabilities of domestic companies in GPU core technology [4] Group 3: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 189 million to 540 million yuan, with a compound annual growth rate (CAGR) of 68.8%, indicating strong growth momentum [6] - The number of customers has increased significantly from 22 in 2022 to 181 in 2024, with over 290 customers served by mid-2025, showcasing the company's expanding market reach [6] - The shipment of general-purpose GPU products has also seen steady growth, doubling from 7,800 units in 2022 to 16,800 units in 2024, with 15,700 units shipped in the first half of 2025 [7] Group 4: Market Outlook - The global GPU market is expected to exceed 1 trillion yuan by 2024, with a projected CAGR of 24.5% from 2025 to 2029, while the Chinese market is anticipated to grow from 142.5 billion yuan in 2024 to 1,336.8 billion yuan by 2029, reflecting a CAGR of 53.7% [6] - The increasing demand for domestic GPUs from large model manufacturers and intelligent computing centers, especially in the context of overseas chip restrictions, provides significant market opportunities for domestic companies like the "Four Little Dragons" [6] Group 5: Capital Market Environment - The Hong Kong Stock Exchange's Chapter 18C listing system for specialized technology companies offers an important capital channel for hard-tech enterprises, lowering the listing threshold for unprofitable companies [8] - The successful listings of companies like Tensu Zhixin and Biran Technology through this channel further validate the support this system provides to domestic high-end manufacturing enterprises [8]