Investment Rating - The report assigns a favorable investment rating to the company, with an AHP score of 3.49 and 3.12, placing it in the upper tier of the AHP model within the Sci-Tech Innovation Board [2][7]. Core Insights - The company is a leading domestic player in high-performance GPU development, with a fully autonomous R&D and production capability, and a product matrix that integrates both hardware and software [11][15]. - The company has established a comprehensive ecosystem termed "1+6+X," focusing on various vertical industries and rapidly expanding its market presence [19][20]. - The company is positioned to benefit from the growing demand for AI computing power, with significant investments aimed at enhancing its GPU offerings and market share [22][23]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score indicates a strong position within the Sci-Tech Innovation Board, with scores reflecting a favorable ranking [2][7]. Company Fundamentals and Highlights - The founding team has a strong background from international firms, enabling breakthroughs in high-performance GPU technology [11]. - The product structure is evolving towards high-end offerings, with the training and inference integrated products accounting for 98% of revenue in Q1 2025 [11][12]. - The company has developed a proprietary software stack, MXMACA, which supports a wide range of applications and enhances compatibility with existing ecosystems [17][18]. Financial Comparison with Peers - The company has a smaller revenue scale compared to peers, with continuous losses, but has maintained a higher gross margin than the average of comparable companies [27][31]. - R&D expenditures have been significant, with rates exceeding those of comparable firms, reflecting a commitment to innovation [35][36]. Fundraising Projects and Development Vision - The company plans to use raised funds for the development of new high-performance GPUs and AI inference chips, aiming to strengthen its market position [39][41]. - The anticipated projects include the second and third generation of general-purpose GPUs, which are expected to enhance the company's competitive edge in the AI market [41][42].

Group 1: Core Insights - The report highlights the trend of domestic GPU companies, specifically Muxi and Moer Thread, receiving approval for their IPO applications on the Sci-Tech Innovation Board, indicating a clear trend towards autonomous computing power in AI [3][4] - Muxi's product matrix includes the Xisi N series for intelligent computing inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering, with cumulative GPU sales exceeding 25,000 units as of Q1 2025 [7][8] - Moer Thread has launched a comprehensive product matrix covering AI intelligent computing, professional graphics acceleration, and desktop graphics acceleration, with cumulative revenue from AI intelligent computing products reaching 336 million [33][34] Group 2: Muxi Company Overview - Muxi's self-developed architecture is compatible with CUDA, and the company has successfully implemented a thousand-card cluster, with plans for a ten-thousand-card cluster [7][13] - The flagship product, Xiyun C500, is set for mass production in February 2024, while the C600 and C700 are expected to follow in 2026 [8][10] - Muxi's management team has a strong background in AMD GPGPU development, contributing to a robust software and hardware team [10][11] Group 3: Moer Thread Company Overview - Moer Thread's product matrix includes four generations of GPU architectures, with the MTT S4000 and MTT S5000 set to enhance performance through innovations like FP8 precision support [33][34] - The company has developed a high-bandwidth interconnect technology, supporting thousands of interconnected cards, with the KUAE2 cluster expected to launch by the end of 2024 [33][34] - Moer Thread's market strategy focuses on both consumer and enterprise markets, aiming to cultivate a developer ecosystem while strengthening vertical solutions in key industries [33][34] Group 4: Market Strategy and Industry Outlook - Muxi's market strategy is defined by a "1+6+X" model, targeting six key industries including education, finance, transportation, energy, healthcare, and entertainment, while also exploring long-tail markets [26][28] - The report anticipates that AI computing will drive the localization of core supply chain segments, with several companies identified as potential beneficiaries of this trend [3][4] - The report emphasizes the importance of domestic supply chain stability and technological advancement in the semiconductor industry, particularly in the context of Muxi's and Moer Thread's growth [26][29]