沐曦股份20250701

Summary of Mu Xi Co. Conference Call Company Overview - Mu Xi Co. offers a product line that spans from low-end to high-end GPUs, including the C7,000, intelligent computing series, and the G100 series, primarily shipping in module and board card forms, with a small number of servers [2][3] Core Business and Product Features - The main focus is on the GPU industry, with three product series: 1. Training and inference integrated GPUs (C series) 2. Intelligent computing series for inference and video transcoding 3. Graphics rendering GPUs (G100 series) for low-end applications [3] - The C series GPUs are designed for AI inference and small to medium model training, featuring self-developed Link protocol and domestic supply chain [2][5] Financial Performance - As of June 2025, Mu Xi has sold a total of 25,000 GPU chips, with 2024 revenue reaching 700 million RMB, primarily from training and inference integrated cards, and an additional 200 million RMB from servers [2][6] - The gross margin for 2024 was 53.4%, with Q1 2025 showing a slight increase to 55.3%, which is close to competitors but lower than others in the industry [9][10] Research and Development - R&D investment for 2024 was approximately 900 million RMB, with a high R&D expense ratio of 121.2% [4][11] - The company is focused on high-performance general-purpose GPU development, with significant ongoing investments [11] Inventory and Prepayments - As of Q1 2025, prepayments reached 1.17 billion RMB, and inventory was 802 million RMB, reflecting increased material orders [12] Customer Concentration and Supplier Structure - The top five customers accounted for 88.35% of sales, indicating high customer risk [4][13] - Major suppliers include companies related to wafers and HBM, which have been consistent over the past three years [14] Industry Trends - The AI chip demand is shifting from pre-training to post-training and inference, with domestic cards gaining opportunities in the inference phase [15] - Domestic internet giants are expected to increase capital expenditures, although short-term impacts from supply chain issues may affect this [17] Global and Domestic Market Dynamics - The global GPU market is dominated by NVIDIA (80% market share) and AMD (20%), with significant growth in shipments [20] - Domestic policies are encouraging the use of local chips, with plans for 100% self-sufficiency in computing centers by 2027 [20] Future Outlook - The Chinese AI chip market is projected to reach 50 billion USD by 2027, indicating strong growth potential [21] - Domestic AI chip companies are transitioning to selling complete systems and clusters, supported by government policies [22] Emerging Trends - The computing power leasing market is expected to grow significantly, benefiting from improvements in the domestic supply chain [23]