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从营收到估值,沐曦上市有哪些隐忧?
雷峰网· 2025-07-10 10:24
Core Viewpoint - The article discusses the valuation and potential risks associated with the GPU company Muxi Integrated Circuit, which has a post-financing valuation of 21 billion yuan and is seeking to raise 3.904 billion yuan through its IPO. The focus is on whether the company's high valuation is justified or merely an illusion based on its financial performance and product dependency [2][28]. Group 1: Revenue Dependency and Risks - Muxi's revenue is heavily reliant on a single product, with over 97% of its income coming from one source, raising concerns about sustainability [3][7]. - The company reported a compound annual growth rate (CAGR) of 4074% from 2022 to 2024, with expectations for 2025 revenue to exceed 1 billion yuan, but this optimism is tempered by product structure issues [5][7]. - The revenue from Muxi's IP licensing business saw a dramatic decline of 95% from 2023 to 2024, indicating instability in its revenue streams [7][19]. Group 2: Customer Base and Related Transactions - Muxi's top five customers are also its shareholders, leading to potential conflicts of interest and questions about the sustainability of these relationships [10][15]. - The company’s major clients include Shanghai Yuanlu Jiajia Information Technology Co., which has a significant stake in Muxi, raising concerns about the nature of their transactions [11][15]. - The revenue contribution from major clients is substantial, with the top client contributing nearly 40% of the revenue in the first quarter of 2025, but the long-term stability of these relationships remains uncertain [16][18]. Group 3: Supply Chain and Product Development - Muxi is transitioning to a domestic supply chain for its new GPU products, which may introduce performance and cost challenges compared to its current suppliers [21][24]. - The upcoming C600 GPU is expected to have advanced features, but the acceptance of new products by customers is uncertain due to potential adaptation costs [22][26]. - The company aims to achieve breakeven by 2026, indicating a strategic shift in operations and product offerings to enhance competitiveness in the market [27][28].
沐曦股份累亏33亿拟募39亿补弹药 GPU销量突破2.5万颗仍未扭亏
Chang Jiang Shang Bao· 2025-07-06 22:39
长江商报消息 ●长江商报记者 沈右荣 国产GPU"四小龙"加速冲刺资本市场,沐曦股份与摩尔线程正在争夺A股国产GPU"第一股"。 同在6月30日,沐曦集成电路(上海)股份有限公司(简称"沐曦股份")与摩尔线程向上交所递交了上 市申请,拟在科创板挂牌上市。 成立于2020年9月的沐曦股份,累计经历了8轮融资,累计融资金额超过20亿元。今年3月的最后一轮融 资后,公司估值已达210.71亿元。 沐曦股份受到了资本追捧。明星资本红杉资本、经纬中国、和利资本、国调基金等机构争相入局,私募 大佬葛卫东更是豪掷8亿元押注,成为沐曦股份第二大股东。 沐曦股份表现了高成长性,公司仅用3年时间就实现了规模化量产,GPU产品累计销量已突破2.5万颗, 最近3年营业收入复合增长率为4074.52%。 不过,沐曦股份的收入规模仍然不能覆盖研发等成本开支,2022年至今年一季度,公司累计亏损32.90 亿元,且公司应收账款、存货、预付款项均处于高位。 本次IPO,公司拟募资39.04亿元补充"弹药",加码研发及产业化。 国产替代加速,沐曦股份能否借此快速崛起,备受关注。 资本争抢葛卫东豪赌 "国产GPU双雄"沐曦股份与摩尔线程正在IP ...