科技牛带动指数突破3800点后，工信部发声支持GPU，国产GPU六龙争霸！ 1.摩尔线程——逐光飞龙 全功能 GPU，MTT S80 跑 3A 大作，驱动月更；S2000 智算集群推动 OISA 标准，Pre-IPO 估值 255 亿。 2.景嘉微——霸权陆龙 全市场唯一一个cpu，gpu（dpu)双龙头，也是唯一一个形成生态的通用芯片公司，产品包括海光7000 CPU和深算一号/二号GPU（DCU协处理器），广泛应用于服务器、金融、互联网及AI领域，非常具有 有稀缺性。 "黄埔军校"，JM9 接近 GTX1050，党政/金融国产替代占比40%，JM11 瞄准通用计算，堪称国芯基石。 虽然国产GPU短期很难赶上英伟达，AMD，英特尔等，毕竟发展这么多年，多少人想进去分一杯羹， 国外也就只有英伟达跟AMD，连英特尔想做都进不去，国内初创的几家，10个亿几百人两三年的量级 研发肯定还是有巨大差距的，但是就像家电、汽车、手机等行业一样，10年或者20年后还是有可能的， 我觉得人工智能很像当初互联网行业，会深刻改变人类的生活。会有一大批的高增长的企业。而且时间 会非常的长。在微软刚上市时买入，或者也可以等互联网泡沫破 ...

Core Insights - The article highlights the emergence of domestic GPU companies, particularly Moores Threads, as they approach a new phase of technological and capital convergence, with the company preparing for an IPO on the Sci-Tech Innovation Board [1][10] - Moores Threads has established itself as a significant player in the semiconductor industry by focusing on self-developed "full-function GPUs," which are gradually reaching international standards in terms of computing power, versatility, and ecosystem compatibility [1][3] Industry Overview - The global GPU market is projected to reach 36,119.74 billion yuan by 2029, with China's GPU market expected to grow to 13,635.78 billion yuan, increasing its global market share from 30.8% in 2024 to 37.8% in 2029 [1] - The AI chip market in China is anticipated to surge from 1,425.37 billion yuan in 2024 to 13,367.92 billion yuan by 2029, with a compound annual growth rate of 53.7% [8] Company Development - Moores Threads has developed the MUSA architecture, which is the first domestic architecture to support AI computing, graphics acceleration, and physical simulation on a single chip, marking a significant technological breakthrough [4][6] - The company has launched several products, including the MTT S80 consumer graphics card and the MTT S5000 AI computing card, which have shown competitive performance against international counterparts [4][5] Financial Performance - Moores Threads' revenue has increased from 45.84 million yuan in 2022 to 432 million yuan in 2024, reflecting a compound annual growth rate of 208% [9] - The company's AI computing business accounts for 77.6% of its revenue, driven by the demand for large model training and GPU cloud services [9] Strategic Positioning - The company has a strong focus on R&D, with an investment of 1.359 billion yuan in 2024, resulting in a research expense ratio of 309.88% [6] - Moores Threads has secured 450 patents, including 442 domestic patents, which positions it well within the GPU intellectual property landscape [6] Market Opportunities - The company is well-positioned to capitalize on the growing demand for GPUs in various sectors, including AI, digital twins, autonomous driving, and virtual reality [8][11] - The ongoing IPO process is expected to provide Moores Threads with additional capital and resources to support its technological advancements and market expansion [10][11]

Core Viewpoint - The article discusses the recent IPO applications of two domestic GPU companies, Moore Threads and Muxi, highlighting their potential in the Chinese GPU market and the challenges they face in achieving profitability and market validation [3][4][5]. Group 1: Company Overview - Moore Threads and Muxi have submitted IPO applications, marking a significant step in the domestic GPU sector [3]. - Both companies are led by experienced teams, with Moore Threads' founder previously serving as NVIDIA's global vice president and Muxi's founder having a background at AMD [3][4]. - Pre-IPO valuations for Moore Threads and Muxi are reported at 24.62 billion yuan and over 21 billion yuan, respectively [4]. Group 2: Financial Performance - Moore Threads' projected revenues from 2022 to 2024 are 46.08 million yuan, 124 million yuan, and 438 million yuan, with net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan [5][6]. - Muxi's revenues for the same period are 426,400 yuan, 5.3 million yuan, 74.3 million yuan, and 32 million yuan, with net losses of 777 million yuan, 871 million yuan, 1.41 billion yuan, and 233 million yuan [5][6]. - Combined losses for both companies over the past three years total 8.2 billion yuan, which is typical for the chip industry due to high R&D costs [6][7]. Group 3: Market Position and Challenges - The current focus for domestic GPU manufacturers is to seek IPOs, especially as the market for GPU companies is becoming more challenging with the exit of many dollar funds [8][9]. - The recent reforms in the Science and Technology Innovation Board and the introduction of new listing standards for unprofitable companies provide a valuable window for GPU firms to go public [9]. - Both companies have made significant strides in product development, with Moore Threads launching four generations of GPU architectures and Muxi focusing on self-developed GPU IP and instruction sets [10][12]. Group 4: Product Development and Competitiveness - Moore Threads has developed a comprehensive product line, including AI computing, graphics rendering, and desktop graphics acceleration, with its MTT S80 desktop GPU performing comparably to NVIDIA's RTX 3060 [10][13]. - Muxi's products, such as the MXC500 and MXN100, show competitive performance metrics but still lag behind NVIDIA's offerings [12][14]. - Both companies face challenges in customer retention, with Moore Threads having low repeat purchase rates from clients, while Muxi's sales are heavily reliant on a few key distributors [17][21]. Group 5: Production and Supply Chain Issues - Both companies are Fabless and rely on foundries for production, facing potential supply constraints due to geopolitical factors affecting access to advanced manufacturing capabilities [23]. - The competition for limited foundry capacity, particularly with domestic players like SMIC, raises concerns about their ability to scale production effectively [23][24].

Core Viewpoint - The competition for the title of "first domestic GPU stock" has begun, with major players like Moer Technology and Muxi Integrated Circuit both advancing towards IPOs, indicating a significant move towards capitalizing the domestic GPU market [1][8]. Group 1: Company Overview - Moer Technology is highlighted as the most notable player among the "four little dragons" of domestic GPUs, with a core team primarily from Nvidia [2]. - The company's MTT S80 graphics card has a single-precision floating-point performance close to Nvidia's RTX 3060, and its self-built GPU computing cluster outperforms similar foreign counterparts [2][12]. Group 2: Financial Performance - In 2024, Moer Technology's revenue reached 438 million yuan, representing a year-on-year increase of over 200% [3]. - Despite the revenue growth, the company incurred a net loss of 1.492 billion yuan due to R&D expenses of 1.359 billion yuan, although this loss has decreased by about 10% year-on-year [4]. Group 3: Fundraising and Investment Plans - Moer Technology plans to raise 8 billion yuan for the development of AI training and inference chips, graphics chips, and AI SoC chips, marking the largest fundraising scale among new IPO projects on the Sci-Tech Innovation Board this year [5][6]. Group 4: Product Strategy and Market Position - Moer Technology's product lineup includes AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC, catering to government, enterprise, and individual consumer needs [9]. - The AI computing products generated 336 million yuan in revenue in 2024, accounting for over 70% of total revenue, benefiting from the rapid growth in demand for large model training and inference deployment [11][12]. Group 5: Competitive Landscape - Moer Technology's revenue in 2024 was only about 60% of Muxi Integrated Circuit's revenue, indicating a competitive challenge [18]. - The company is shifting its strategy to focus more on professional graphics acceleration and AI computing products, as its consumer-grade products have struggled in a competitive market [20][21]. Group 6: Future Outlook - The management anticipates that Moer Technology could achieve profitability as early as 2027, with 440 million yuan in sales contracts already in progress [23][24].

Core Viewpoint - The recent IPO applications of domestic GPU companies, Moore Threads and Muxi Integrated Circuit, have reignited discussions about the challenges and potential of the domestic GPU industry, particularly regarding the high costs and the need for substantial investment to achieve profitability [1][3][4][5]. Group 1: IPO Developments - Both Moore Threads and Muxi Integrated Circuit have had their IPO applications accepted by the Shanghai Stock Exchange, marking a significant step for the domestic GPU sector [1][3]. - Muxi plans to raise 3.9 billion yuan, while Moore Threads aims to raise 8 billion yuan through their IPOs [4][5]. Group 2: Financial Performance - Muxi's projected net losses from 2022 to 2024 are 777 million yuan, 871 million yuan, and 1.4 billion yuan, with R&D expenditures of 647.8 million yuan, 699 million yuan, and 900 million yuan respectively [4]. - Moore Threads anticipates net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan over the same period, with R&D costs of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan [5]. - Despite the losses, both companies are seeing revenue growth, with Muxi's revenue projected to reach 743 million yuan by 2024, and Moore Threads expecting 438 million yuan in the same year [7][9]. Group 3: Market Dynamics - The domestic GPU market is characterized by high competition, with various players adopting different strategies, including those aligned with NVIDIA and AMD technologies [12][14]. - The GPU industry is heavily reliant on R&D investments, with companies needing to continue funding their development efforts to remain competitive [21][22]. Group 4: Future Prospects - The AI sector is identified as a significant growth area for GPUs, with the market for AI chips in China projected to grow substantially, indicating a promising future for domestic GPU manufacturers [25][26]. - The competitive landscape is expected to undergo consolidation, as many players vie for market share, suggesting that mergers and acquisitions may become more common [26][27].

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].

Core Viewpoint - The article highlights the significant progress of domestic GPU companies, particularly Moore Threads and Muxi, as they both received acceptance for their IPO applications, marking a historic moment for the domestic GPU industry [1][2]. Group 1: Company Profiles - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, who established a complete GPU ecosystem in China during his 15 years at NVIDIA [2][5]. - Muxi's founding team has a strong background in AMD, with key members having extensive experience in GPU design and architecture [5][6]. - Both companies aim to break the monopoly of international giants in the high-performance GPU market, despite their different strategic focuses [9]. Group 2: Product Development and Market Strategy - Moore Threads targets both data center (B-end) and consumer gaming graphics card (C-end) markets, aiming to create a comprehensive ecosystem [3][10]. - Muxi focuses primarily on the data center market, starting with general-purpose computing (GPGPU) and gradually expanding into graphics rendering [7][17]. - Moore Threads has developed the MUSA architecture, which supports AI computing, graphics rendering, and physical simulation on a single chip, making it the only domestic company to fully compete with NVIDIA [10][13]. Group 3: Financial Performance and R&D Investment - Both companies are investing heavily in R&D, with Moore Threads' R&D investment accounting for 626.03% of its revenue over the past three years, totaling 3.8 billion yuan, while Muxi's R&D investment is 282.11% of its revenue, totaling 2.2 billion yuan [25][21]. - Muxi's revenue has shown remarkable growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, while Moore Threads also experienced a significant growth rate of 208.44% during the same period [28][30]. - Both companies are improving their gross margins, with Moore Threads increasing from 18.08% in 2022 to 36.60% in 2024, and Muxi achieving a gross margin of 62.88% in 2023 [32][32]. Group 4: Market Challenges and Future Outlook - The domestic GPU industry faces challenges, particularly in software ecosystems, where NVIDIA has a significant advantage with its CUDA platform [37]. - Both companies are working to build their developer ecosystems, with Moore Threads offering a software stack that allows for easier migration from CUDA, and Muxi supporting major frameworks like PyTorch and PaddlePaddle [37]. - Despite high R&D costs leading to losses, both companies are showing strong revenue growth and potential for future success in the GPU market [21][33].

Core Viewpoint - Two prominent GPU companies in China, Moore Threads and Muxi Integrated Circuit, have received acceptance for their IPO applications on the Sci-Tech Innovation Board as of June 30, 2023, indicating a growing interest in AI chip development in the country [1][2]. Company Overview - Moore Threads was established in June 2020 with a registered capital of 400 million yuan and has been recognized as a national-level specialized and innovative "little giant" enterprise [3][5]. - The company focuses on developing full-function GPUs aimed at high-performance computing fields such as AI, digital twins, and scientific computing [3][10]. - The founder and actual controller, Zhang Jianzhong, has a background with Dell and NVIDIA, which adds credibility to the company's leadership [3][5]. Financial Performance - From 2022 to 2024, Moore Threads reported cumulative revenues of 608 million yuan and a net loss of 5 billion yuan [8][10]. - The company aims to raise 8 billion yuan through its IPO to fund the development of new AI training and inference chips, graphics chips, and to supplement working capital [8][9]. Product Development - Moore Threads has launched four generations of GPU architectures and has developed a product matrix covering AI computing, cloud computing, and personal computing [3][10]. - The company’s MTT S80 graphics card has achieved performance metrics close to NVIDIA's RTX 3060, while the MTT S5000 is positioned as a domestic competitor to NVIDIA's H100 [8][10]. - The company has a strong focus on high-margin, high-performance segments, shifting resources away from lower-margin desktop graphics products [13][14]. Market Position and Competition - Moore Threads' GPUs are designed to compete with major international brands like NVIDIA and AMD, with specific performance comparisons highlighting areas of strength and weakness [6][7][24]. - The company has established a significant presence in the AI computing and professional graphics acceleration markets, with a notable sales performance in these segments [17][30]. Research and Development - The company has a robust R&D team, with 886 employees dedicated to research, representing 78.69% of the total workforce [27]. - Moore Threads has filed for numerous patents and has developed a proprietary architecture (MUSA) for its GPUs, enhancing its competitive edge in the market [27][28]. Customer Base - Major clients include Baidu and JD.com, with a high concentration of sales to the top five customers, indicating a reliance on a few key accounts for revenue [30][34]. - The company has seen an increase in sales of high-value AI computing products, contributing to its revenue growth [34].