2026 年 02 月 08 日 | 推荐 | 首次评级 | | --- | --- | | 当前价格： | 493.88 元 | [Table_Author] 沐曦股份-U（688802.SH）深度报告 沐浴晨曦，算力领军 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 743 | 1,665 | 3,431 | 5,844 | | 增长率（%） | 1301.5 | 124.1 | 106.1 | 70.3 | | 归属母公司股东净利润（百万元） | -1,409 | -697 | 41 | 917 | | 增长率（%） | -61.7 | 50.5 | 105.8 | 2159.6 | | 每股收益（元） | -3.52 | -1.74 | 0.10 | 2.29 | | PS | 266 | 119 | 58 | 34 | | PB | 167.7 | 15.2 | 15.1 | 14.1 | ...

沐曦股份-U（688802.SH）深度报告 沐浴晨曦，算力领军 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 743 | 1,665 | 3,431 | 5,844 | | 增长率（%） | 1301.5 | 124.1 | 106.1 | 70.3 | | 归属母公司股东净利润（百万元） | -1,409 | -697 | 41 | 917 | | 增长率（%） | -61.7 | 50.5 | 105.8 | 2159.6 | | 每股收益（元） | -3.52 | -1.74 | 0.10 | 2.29 | | PS | 266 | 119 | 58 | 34 | | PB | 167.7 | 15.2 | 15.1 | 14.1 | 资料来源：iFinD，国联民生证券研究所预测；（注：股价为 2026 年 2 月 6 日收盘价） 2026 年 02 月 08 日 | 推荐 | 首次评级 | | ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the communication industry [1]. Core Insights - The domestic GPGPU sector is expected to be a focal point in the capital market in 2026, with companies like Moer Thread and Muxi Co. recently entering the market, and Biran Technology and Tian Shu Zhixin passing the Hong Kong Stock Exchange hearing [5][17]. - The demand for data center optical fibers is anticipated to surge, with early signs of price increases in the market, as domestic and international manufacturers report a 15% price rise in common cable fibers [10][20]. - The report highlights the rapid development of supernode servers as a key beneficiary segment for domestic GPUs, suggesting investment opportunities in upstream components such as copper connections and network interface chips [9][19]. Summary by Sections Industry Dynamics - Moer Thread held its first developer conference, unveiling a new architecture and several products, including the "Huagang" architecture, which supports FP4 to FP64 precision calculations, with a 50% density increase and a 10-fold efficiency improvement [6][17]. - Muxi Co. achieved a market capitalization exceeding 280 billion after its debut on the Sci-Tech Innovation Board, positioning itself as a strong competitor in the domestic GPGPU market [7][18]. - Biran Technology has passed the Hong Kong Stock Exchange hearing, with its BR100 series achieving peak performance at the PFLOPS level, and it has secured sales agreements valued at 1.24 billion [8][19]. - Tian Shu Zhixin has a broad customer base across various sectors, with GPU shipments reaching 15,700 units in the first half of 2025 and revenues of 324 million [8][19]. Market Overview - The overall market saw a slight decline during the week of December 15-19, 2025, with the Shanghai Composite Index rising by 0.03% while the Shenzhen Component Index and the ChiNext Index fell by 0.89% and 2.26%, respectively [12][22]. - The top-performing sectors included liquid cooling, optical cables, and satellite communications, with weekly gains of 15.85%, 11.88%, and 10.73% [12][22]. Investment Recommendations - The report suggests focusing on companies in the following sectors: - Domestic supernodes: Unisplendour, ZTE, Inspur, Huaqin Technology, Huafeng Technology, Xinke Materials, Shengke Communication, and Heshun Petroleum [22]. - Commercial aerospace: Shanghai Hanxun, Xinke Mobile, Fenghuo Communication, Mengsheng Electronics, Haige Communication, and Qian Zhao Optoelectronics [22]. - Optical fibers and cables: Zhongtian Technology, Hengtong Optic-Electric, Changfei Fiber, Yongding Co., Taichen Optoelectronics, Shijia Photonics, and Changxin Bochuang [22].

Core Viewpoint - The article discusses the recent IPO filings of domestic GPU companies, Moer Thread and Muxi, highlighting the significant potential for domestic GPU manufacturers to replace foreign dominance in the market, especially in the context of geopolitical tensions and the AI revolution [1]. Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins. The company has launched four generations of GPU architectures and has a diverse product matrix covering various application areas [2][3]. - Muxi is dedicated to the independent research and development of high-performance GPU chips and computing platforms, emphasizing technological innovation and a robust software ecosystem to support AI applications across multiple industries [8][32]. Financial Performance - Moer Thread's revenue has shown a growth trend, driven by a rich variety of products and deepened customer collaborations. However, the company has not yet achieved profitability, with significant operating losses reported [4][6][7]. - Muxi has experienced rapid revenue growth, with an average annual growth rate of 4074.52% over the past three years, although it has also not achieved profitability [10][12]. Employee Structure - As of the end of 2024, Moer Thread employs 1,126 people, with 78.69% in research and development roles, indicating a strong focus on innovation [2][3]. - Muxi has a similar emphasis on R&D, with 652 out of 870 employees dedicated to this area, representing 74.94% of its workforce [9]. Market Dynamics - The domestic GPU market has long been dominated by foreign giants, but there is a growing trend of domestic companies gaining market share through innovation and technology [1][7]. - Both companies face challenges in market penetration due to the high technical barriers and the need for ecosystem development, which requires time and investment [6][8]. Product Offerings - Moer Thread's product lines include AI computing products, professional graphics acceleration products, desktop graphics acceleration products, and intelligent SoC products, catering to various market needs [15][16]. - Muxi's product offerings focus on AI training and inference, general computing, and graphics rendering, with a strong emphasis on high-performance GPU solutions [8][32]. Technological Innovation - Moer Thread has developed the MUSA architecture, which integrates GPU hardware and software for high-performance computing, supporting various applications in AI, graphics processing, and scientific computing [20][21]. - Muxi has also made significant advancements in GPU technology, with a focus on creating a comprehensive ecosystem that supports AI applications across different sectors [32].