Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights the launch of four generations of GPU architectures by the company, which includes solutions for AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC products [1][2][25] - The company aims to provide a comprehensive computing acceleration infrastructure and one-stop solutions globally, focusing on AI computing support for various industries [17][25] - The company has achieved significant revenue growth, with AI computing products projected to contribute 3.36 billion yuan, accounting for 77.63% of total revenue in 2024 [1][2] Summary by Sections Section 1: Company Overview - The company has undergone three development phases, focusing on full-function GPUs to support digital transformation across industries [17] - The company has successfully launched four generations of GPU architectures from 2021 to 2024, with products catering to various market needs [1][28] Section 2: AI Computing Products - The company’s AI computing products are expected to generate significant revenue, with a projected 42.42% of total revenue coming from AI computing clusters in 2024 [1][2] - The company has developed a diverse product line, including AI computing boards and modules, with a focus on high-performance applications [1][2][25] Section 3: Technological Advancements - The company has advanced its manufacturing capabilities, achieving rapid iteration from 12nm to 7nm processes and enhancing its domestic supply chain [2][7] - The company has developed a heterogeneous computing architecture integrating GPU, CPU, NPU, and VPU, leading to the successful production of the "Yangtze" SoC chip [2][32] Section 4: Market Performance - The report provides insights into the performance of the electronic industry, comparing it with the CSI 300 index, indicating a competitive landscape [3][4] - The company has established a strong investor base, having completed six rounds of financing totaling over 4.5 billion yuan, with notable investors including Sequoia China and Tencent [8][9]

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 三年入账超17亿元。 作者丨鲁智高 来源丨 东四十条资本 在国产芯片当自强的环境下，有望成为"中国英特尔"的上海明星独角兽踏上了IPO之路。 近日，兆芯集成申请在科创板上市。这家主打国产CPU的公司，已经完全掌握了通用处理器及其配 套芯片的自主研发和技术迭代能力，同时产品能支持国内商用和开源操作系统，以及兼容x86指令集 和Windows等国际主流操作系统和应用软件。 时间回到2006年，随着与载人航天、探月工程等并列的"核高基"重大科技专项的实施，拉开了解决 我国核心电子器件、高端芯片和基础软件关键核心技术的序幕。 经过多年攻坚研发，虽然被视为"核高基"重点突破目标的国产CPU有了较大发展，但同时也由于种种 原因而面临众多挑战。于是，"核高基"从2013年开始尝试多种路线，其中包括支持引进国外CPU技 术及现有处理器，并兼容成熟的应用生态。 由于x86架构CPU起步较早，生态体系较其他架构CPU具有明显优势， ...

Core Viewpoint - The Chinese GPU market is experiencing significant developments, with companies like Moer Thread and Muxi competing for the title of "China's first GPU stock" as they prepare for IPOs on the Sci-Tech Innovation Board [1][3][8]. Company Overview - Moer Thread, founded in 2020, has rapidly progressed towards its IPO, completing its listing guidance in June 2023 and receiving acceptance for its IPO application [3][4]. - The company has launched four generations of GPU architectures, including "Sudi," "Chunxiao," "Quyuan," and "Pinghu," covering various applications such as AI computing, high-performance computing, and graphics rendering [6][15]. Market Dynamics - The global GPU market is dominated by NVIDIA, which holds over 80% market share, while Chinese manufacturers are striving to capture the domestic market amid increasing competition [17]. - Moer Thread's founder, Zhang Jianzhong, previously increased NVIDIA's market share in China and aims to challenge NVIDIA's dominance with a focus on self-developed GPUs [4][17]. Financial Performance - Moer Thread has shown a growth trend in revenue, with figures of 46.08 million, 124 million, and 438 million yuan for 2022, 2023, and 2024 respectively, despite significant net losses [13][14]. - The company has raised substantial capital through multiple funding rounds, with the latest round in 2024 raising 5.225 billion yuan, leading to a post-money valuation of approximately 30 billion yuan [10][12]. Product Strategy - Moer Thread's product line includes AI computing cards, professional graphics acceleration products, and desktop graphics acceleration products, with a strategic focus on high-margin segments [15][16]. - The company has developed its MUSA architecture, which allows for easy migration of CUDA code, enhancing compatibility with existing GPU applications and reducing transition costs for developers [17].