沐曦股份- 创始人调研_大规模集群搭配升级 AI 芯片；中国 AI 需求升温

Summary of MetaX Conference Call Company Overview - Company Name: MetaX (688802.SS) - Industry: Semiconductor, specifically focusing on AI chips and GPU technology - Profile: A leading local GPU fabless supplier specializing in high-performance GPU R&D, offering diversified GPUs and GPU servers tailored for AI use cases and cloud infrastructure in China [3][17] Key Points Discussed 1. AI Computing Cluster and Product Migration - Management emphasized their commitment to product migration and expanding AI computing clusters, with most clusters currently exceeding 1,000 AI chips and gradually increasing towards 10,000 AI chips [4] - The next generation of AI chips is targeted for mass production in Q1 2026, featuring enhancements in both computing power and memory compared to current models [4] 2. Market Outlook - Management maintains a positive outlook on AI demand in China, anticipating industry growth to reach triple digits by 2026 [5] - The company aims to achieve a growth rate that exceeds the market average through market share expansion across various end markets, including education, financial industries, hospitals, energy, telecommunications, and internet companies [5][8] 3. New Product Launch: C600 Platform - The recently launched C600 platform features in-house IP architecture capable of supporting SuperPod clusters, with plans for different versions catering to pure inferencing or a combination of training and inferencing [9] - Expected shipments of the C600 platform are projected to ramp up in 2026, with specifications including 144GB bandwidth memory and MetaXLink for SuperPod supporting up to 256 cards [9] 4. Demand for AI Chips - Management's positive view on the rising demand for computing power for AI training and inferencing aligns with expectations for local suppliers of AI chips to benefit from the Gen-AI trend and localization efforts [2] 5. Long Verification Process for China Cloud - The verification process for cloud services can take up to 12 months due to varying testing requirements and customized AI server needs for each cloud service provider (CSP) [8] Additional Insights - The company is focused on avoiding customer concentration by targeting a diverse range of end markets [5][8] - Future product developments are planned, with another new generation expected to enter mass production in 2027, further enhancing computing power [4] This summary encapsulates the key discussions and insights from the MetaX conference call, highlighting the company's strategic focus on AI technology and market growth potential in China.