984 lines
49 KiB
HTML
984 lines
49 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>沐曦集成概念分析 - 国产GPU领军企业</title>
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</head>
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<body>
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<!-- 导航栏 -->
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<nav class="navbar navbar-expand-lg navbar-dark">
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<div class="container">
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<a class="navbar-brand" href="#">
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<i class="bi bi-cpu-fill me-2"></i>沐曦集成概念分析
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</a>
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<button class="navbar-toggler" type="button" data-bs-toggle="collapse" data-bs-target="#navbarNav">
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<span class="navbar-toggler-icon"></span>
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</button>
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<div class="collapse navbar-collapse" id="navbarNav">
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<ul class="navbar-nav ms-auto">
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<li class="nav-item">
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<a class="nav-link" href="#overview">公司概述</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#timeline">发展历程</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#analysis">核心分析</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#stocks">相关股票</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#risks">风险挑战</a>
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</li>
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</ul>
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</div>
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</div>
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</nav>
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<!-- 头部英雄区 -->
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<section class="hero-section">
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<div class="container hero-content">
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<div class="row align-items-center">
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<div class="col-lg-8">
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<h1 class="display-4 fw-bold mb-4">沐曦集成：国产GPU芯片领军企业</h1>
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<p class="lead mb-4">专注于GPU芯片研发，致力于为异构计算提供GPU芯片及解决方案，核心团队成员来自AMD上海公司，包括曾主导多款主流GPU产品研发的AMD全球首位华人女科学家彭丽。</p>
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<div class="d-flex flex-wrap gap-3">
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<div class="stat-card bg-white bg-opacity-10 rounded-3">
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<div class="key-number">2020</div>
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<div class="key-label">成立年份</div>
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</div>
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<div class="stat-card bg-white bg-opacity-10 rounded-3">
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<div class="key-number">75%</div>
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<div class="key-label">接近英伟达A100性能</div>
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</div>
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<div class="stat-card bg-white bg-opacity-10 rounded-3">
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<div class="key-number">50.1亿</div>
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<div class="key-label">预计IPO融资规模</div>
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</div>
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</div>
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</div>
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<div class="col-lg-4 text-center">
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<img src="https://via.placeholder.com/300x300?text=GPU+Chip" class="img-fluid rounded-3 shadow-lg" alt="GPU芯片">
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</div>
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</div>
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</div>
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</section>
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<!-- 公司概述 -->
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<section id="overview" class="py-5">
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<div class="container">
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<h2 class="section-title">公司概述</h2>
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<div class="row">
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<div class="col-lg-8">
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<div class="card mb-4">
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<div class="card-body">
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<h5 class="card-title">公司简介</h5>
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<p class="card-text">沐曦集成是一家专注于GPU芯片研发的中国企业，成立于2020年9月，核心团队成员来自AMD上海公司。公司主要产品包括曦思N系列（智算推理）、星云C系列（推理和通用计算）和七彩鲸系列（图形渲染）GPU，致力于为异构计算提供GPU芯片及解决方案。</p>
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<h5 class="card-title mt-4">核心观点摘要</h5>
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<p class="card-text">沐曦集成作为国内GPU芯片研发的领军企业之一，正处于从技术突破到商业化落地的关键转型期，其核心驱动力来自于国产替代政策支持、技术快速迭代以及产业链生态的逐步完善。凭借接近英伟达A100性能75%的产品、营收从2022年43万元暴增至2024年7.43亿元的高速增长以及即将完成的50亿元级IPO融资，沐曦集成有望在未来2-3年内实现从亏损到盈利的转折，并在国产GPU市场中占据重要地位，但与国际巨头的生态差距和持续盈利能力仍是其面临的主要挑战。</p>
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</div>
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</div>
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</div>
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<div class="col-lg-4">
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<div class="card mb-4">
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<div class="card-header">
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产品线
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</div>
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<ul class="list-group list-group-flush">
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<li class="list-group-item d-flex justify-content-between align-items-center">
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<div>
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<h6 class="mb-0">曦思N系列</h6>
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<small class="text-muted">智算推理</small>
|
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</div>
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<span class="badge bg-primary rounded-pill">已量产</span>
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||
</li>
|
||
<li class="list-group-item d-flex justify-content-between align-items-center">
|
||
<div>
|
||
<h6 class="mb-0">星云C系列</h6>
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||
<small class="text-muted">推理和通用计算</small>
|
||
</div>
|
||
<span class="badge bg-success rounded-pill">旗舰发布</span>
|
||
</li>
|
||
<li class="list-group-item d-flex justify-content-between align-items-center">
|
||
<div>
|
||
<h6 class="mb-0">七彩鲸系列</h6>
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<small class="text-muted">图形渲染</small>
|
||
</div>
|
||
<span class="badge bg-secondary rounded-pill">研发中</span>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
|
||
<div class="card">
|
||
<div class="card-header">
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||
关键数据
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="d-flex justify-content-between mb-3">
|
||
<span>2022年营收</span>
|
||
<strong>43万元</strong>
|
||
</div>
|
||
<div class="d-flex justify-content-between mb-3">
|
||
<span>2024年营收</span>
|
||
<strong>7.43亿元</strong>
|
||
</div>
|
||
<div class="d-flex justify-content-between mb-3">
|
||
<span>2025年Q1营收</span>
|
||
<strong>3.2亿元</strong>
|
||
</div>
|
||
<div class="d-flex justify-content-between mb-3">
|
||
<span>2025年预计订单</span>
|
||
<strong>15亿元</strong>
|
||
</div>
|
||
<div class="d-flex justify-content-between">
|
||
<span>毛利率</span>
|
||
<strong>55%</strong>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 发展历程 -->
|
||
<section id="timeline" class="py-5 bg-light">
|
||
<div class="container">
|
||
<h2 class="section-title">发展历程</h2>
|
||
<div class="timeline">
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">2020年9月</div>
|
||
<h5>公司成立</h5>
|
||
<p>沐曦集成正式成立，核心团队成员来自AMD上海公司。</p>
|
||
</div>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">2022年</div>
|
||
<h5>首款产品流片</h5>
|
||
<p>推出首款推理产品曦思N100并完成流片，营收仅43万元。</p>
|
||
</div>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">2023年4月</div>
|
||
<h5>曦思N100量产</h5>
|
||
<p>曦思N100正式量产，全年营收达5000万元。</p>
|
||
</div>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">2025年1月</div>
|
||
<h5>启动IPO辅导</h5>
|
||
<p>启动IPO辅导，辅导机构为华泰联合证券。</p>
|
||
</div>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">2025年6月</div>
|
||
<h5>完成IPO辅导</h5>
|
||
<p>完成IPO辅导，预计融资规模约50.1亿元。</p>
|
||
</div>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">2025年7月</div>
|
||
<h5>旗舰GPU发布</h5>
|
||
<p>在2025世界人工智能大会上发布旗舰GPU曦云C600。</p>
|
||
</div>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">2025年Q1</div>
|
||
<h5>营收大幅增长</h5>
|
||
<p>营收3.2亿元，其中训推一体系列GPU板卡收入3.12亿元，占比97.55%。</p>
|
||
</div>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-content">
|
||
<div class="timeline-date">预计2025年Q4至2026年Q1</div>
|
||
<h5>正式上市</h5>
|
||
<p>预计正式上市，计划融资约50.1亿元。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 核心分析 -->
|
||
<section id="analysis" class="py-5">
|
||
<div class="container">
|
||
<h2 class="section-title">核心分析</h2>
|
||
|
||
<div class="row mb-4">
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
核心驱动力
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="info-box">
|
||
<h6><i class="bi bi-shield-check me-2"></i>国产替代政策强力驱动</h6>
|
||
<p>工信部要求国内主要厂商采购国产GPU比例需达到30%或更高，为沐曦等国产GPU厂商提供了明确的市场空间和政策保障。</p>
|
||
</div>
|
||
|
||
<div class="info-box">
|
||
<h6><i class="bi bi-cpu me-2"></i>技术突破与快速迭代</h6>
|
||
<p>沐曦集成在短短三年内实现从首款产品流片到量产，再到推出接近英伟达A100性能的C500产品，技术迭代速度远超市场预期。</p>
|
||
</div>
|
||
|
||
<div class="info-box">
|
||
<h6><i class="bi bi-graph-up-arrow me-2"></i>商业化落地加速</h6>
|
||
<p>公司营收从2022年的43万元快速增长至2024年的7.43亿元，三年复合增长率超过1000%，表明产品已获得市场认可。</p>
|
||
</div>
|
||
|
||
<div class="info-box">
|
||
<h6><i class="bi bi-diagram-3 me-2"></i>产业链生态逐步完善</h6>
|
||
<p>沐曦已与超讯通信、恒为科技、优刻得等多家公司建立战略合作关系，产业链生态正在逐步完善。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
市场热度与预期差
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="success-box">
|
||
<h6><i class="bi bi-fire me-2"></i>市场热度</h6>
|
||
<p>市场对沐曦集成的关注度较高，特别是在其IPO进程推进和旗舰产品发布的时点。市场情绪整体偏向乐观，主要体现在对技术实力的认可、国产GPU市场前景的看好以及商业化进展的肯定。</p>
|
||
</div>
|
||
|
||
<div class="warning-box">
|
||
<h6><i class="bi bi-exclamation-triangle me-2"></i>盈利能力预期差</h6>
|
||
<p>虽然研报和新闻普遍强调沐曦的技术突破和市场前景，但公司目前仍处于大幅亏损状态（2022年至2025年上半年累计亏损32亿元），盈利拐点尚未到来。</p>
|
||
</div>
|
||
|
||
<div class="warning-box">
|
||
<h6><i class="bi bi-exclamation-triangle me-2"></i>技术差距预期差</h6>
|
||
<p>虽然研报强调沐曦产品性能接近英伟达A100甚至H100，但实际上C500算力接近A100的75%，市场可能低估了与国际顶尖水平的技术差距。</p>
|
||
</div>
|
||
|
||
<div class="danger-box">
|
||
<h6><i class="bi bi-bug me-2"></i>生态建设预期差</h6>
|
||
<p>沐曦生态中约有2万名工程师，与英伟达的500万开发者相比差距巨大，这一生态建设难度和周期可能被市场严重低估。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="card mb-4">
|
||
<div class="card-header">
|
||
关键催化剂与未来发展路径
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="row">
|
||
<div class="col-md-6 mb-3">
|
||
<h5><i class="bi bi-lightning-charge me-2"></i>近期催化剂（未来3-6个月）</h5>
|
||
<ul>
|
||
<li><strong>IPO正式上市</strong>：预计将在2025年Q4至2026年Q1正式上市，融资规模约50.1亿元。</li>
|
||
<li><strong>曦云C600量产与商业化</strong>：2025年7月发布的旗舰GPU将进入量产阶段，万卡集群研发进展将是重要指标。</li>
|
||
<li><strong>C700产品进展</strong>：基于国产先进工艺开发的下一代通用GPU芯片的流片、测试和量产进展。</li>
|
||
<li><strong>HBM供应链突破</strong>：国产HBM的量产进展将是重要的供应链催化剂。</li>
|
||
<li><strong>产业链合作落地</strong>：与超讯通信、恒为科技等公司的合作项目落地情况。</li>
|
||
</ul>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<h5><i class="bi bi-compass me-2"></i>长期发展路径</h5>
|
||
<ul>
|
||
<li><strong>技术追赶期（2025-2026年）</strong>：完成C600、C700等产品的量产和商业化，实现万卡集群的技术突破，软件生态建设。</li>
|
||
<li><strong>市场扩张期（2026-2028年）</strong>：产品性能达到或超过英伟达同期主流产品水平，在国内GPU市场占据重要份额，实现盈利拐点。</li>
|
||
<li><strong>生态成熟期（2028-2030年）</strong>：形成完整的硬件+软件+服务的生态系统，在特定应用场景形成差异化优势。</li>
|
||
<li><strong>创新引领期（2030年以后）</strong>：在某些技术领域实现全球领先，形成自主可控的技术标准和生态系统。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="card">
|
||
<div class="card-header">
|
||
产业链图谱
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="row">
|
||
<div class="col-md-4 mb-3">
|
||
<h5><i class="bi bi-arrow-up-circle me-2"></i>上游</h5>
|
||
<ul>
|
||
<li><strong>芯片制造</strong>：台积电（主要代工厂）、中芯国际（潜在代工厂）</li>
|
||
<li><strong>高带宽内存（HBM）</strong>：供应商未明确提及，但HBM在采购中占比高达50.2%</li>
|
||
<li><strong>封装测试</strong>：丰富微测（负责封测）</li>
|
||
<li><strong>设备与材料</strong>：北方华创、芯源微等（潜在供应商）</li>
|
||
</ul>
|
||
</div>
|
||
<div class="col-md-4 mb-3">
|
||
<h5><i class="bi bi-dash-circle me-2"></i>中游</h5>
|
||
<ul>
|
||
<li><strong>GPU芯片设计</strong>：沐曦集成</li>
|
||
<li><strong>一体机解决方案</strong>：恒为科技（静音液冷AI一体机）、朗新集团（AI能源一体机）、优刻得（GPU U千亿参数大模型训推一体机）</li>
|
||
<li><strong>液冷技术</strong>：科华数据（高密度液冷算力POD）</li>
|
||
</ul>
|
||
</div>
|
||
<div class="col-md-4 mb-3">
|
||
<h5><i class="bi bi-arrow-down-circle me-2"></i>下游</h5>
|
||
<ul>
|
||
<li><strong>分销代理</strong>：超讯通信（特定行业总代理商）、迈信林（特定行业总代）、中电港（GPU产品业务授权代理）</li>
|
||
<li><strong>行业应用</strong>：金融、医疗、能源、科教研、交通和大文娱六大行业</li>
|
||
<li><strong>算力中心</strong>：东港股份（孙公司北京瑞宏与沐曦共建算力中心）</li>
|
||
<li><strong>云服务</strong>：优刻得（为沐曦提供基础云服务）</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 相关股票 -->
|
||
<section id="stocks" class="py-5 bg-light">
|
||
<div class="container">
|
||
<h2 class="section-title">相关股票</h2>
|
||
<div class="card">
|
||
<div class="card-body">
|
||
<div class="table-responsive">
|
||
<table class="stock-table">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>信息源</th>
|
||
<th>关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>七匹狼</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司控股股东持有沐曦集成股份比例0.39%（非公司持股）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中山公用</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.335%（通过旗下新能源基金）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中信证券</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.24%</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中科蓝讯</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.24%</td>
|
||
</tr>
|
||
<tr>
|
||
<td>淳中科技</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.24%</td>
|
||
</tr>
|
||
<tr>
|
||
<td>友发集团</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.088%（通过砺思星沐基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>万通发展</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.036%（通过南京国调间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>艾可蓝</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.007%（通过珠海格金基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>圣元环保</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司通过认购中原前海基金份额3亿元，间接参与了沐曦集成的投资</td>
|
||
</tr>
|
||
<tr>
|
||
<td>瑞丰新材</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.003%（通过中原前海基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>国脉文化</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.0027%（通过央视融媒产投基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>南方传媒</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.0013%（通过央视融媒产投基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>当虹科技</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.0013%（通过央视融媒产投基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>市北高新</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.0013%（通过央视融媒产投基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>东方明珠</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>工商</td>
|
||
<td>公司持有沐曦集成股份比例0.0007%（通过央视融媒产投基金间接持有）</td>
|
||
</tr>
|
||
<tr>
|
||
<td>九安医疗</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>互动</td>
|
||
<td>公司通过科创母基金间接投资沐曦集成，公司对其持股占比很小</td>
|
||
</tr>
|
||
<tr>
|
||
<td>数字政通</td>
|
||
<td><span class="badge-category 参股">参股</span></td>
|
||
<td>年报</td>
|
||
<td>公司通过私募股权基金投资了沐曦半导体</td>
|
||
</tr>
|
||
<tr>
|
||
<td>超讯通信</td>
|
||
<td><span class="badge-category 代理">代理</span></td>
|
||
<td>互动</td>
|
||
<td>公司是沐曦GPU的特定行业总代理商；公司与沐曦成立合资公司"讯曦智能"，未来向芯片封测、服务器整机生产、销售、维修业务拓展</td>
|
||
</tr>
|
||
<tr>
|
||
<td>迈信林</td>
|
||
<td><span class="badge-category 代理">代理</span></td>
|
||
<td>互动</td>
|
||
<td>公司是沐曦的业务合作伙伴，也是沐曦GPU产品特定行业总代</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中电港</td>
|
||
<td><span class="badge-category 代理">代理</span></td>
|
||
<td>互动</td>
|
||
<td>沐曦作为公司国产授权代理品牌之一，目前的合作为GPU产品业务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>科华数据</td>
|
||
<td><span class="badge-category 液冷">液冷</span></td>
|
||
<td>互动</td>
|
||
<td>公司与沐曦股份联合推出高密度液冷算力POD</td>
|
||
</tr>
|
||
<tr>
|
||
<td>朗新集团</td>
|
||
<td><span class="badge-category 一体机">一体机</span></td>
|
||
<td>互动</td>
|
||
<td>公司携手沐曦股份联合发布朗新九功AI能源一体机</td>
|
||
</tr>
|
||
<tr>
|
||
<td>恒为科技</td>
|
||
<td><span class="badge-category 一体机">一体机</span></td>
|
||
<td>互动</td>
|
||
<td>公司联合沐曦推出了静音液冷AI一体机</td>
|
||
</tr>
|
||
<tr>
|
||
<td>优刻得</td>
|
||
<td><span class="badge-category 一体机">一体机</span></td>
|
||
<td>调研</td>
|
||
<td>公司与沐曦、智谱共同发布了国产首台GPU U千亿参数大模型训推一体机</td>
|
||
</tr>
|
||
<tr>
|
||
<td>东港股份</td>
|
||
<td><span class="badge-category 算力">算力</span></td>
|
||
<td>互动</td>
|
||
<td>孙公司北京瑞宏与沐曦集成电路有战略合作关系，双方共建算力中心</td>
|
||
</tr>
|
||
<tr>
|
||
<td>优刻得</td>
|
||
<td><span class="badge-category 算力">算力</span></td>
|
||
<td>互动</td>
|
||
<td>公司为沐曦提供基础云服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>神州数码</td>
|
||
<td><span class="badge-category 其他">其他</span></td>
|
||
<td>调研</td>
|
||
<td>公司与沐曦展开深度合作与测试，预计项目最快将于2025年下半年落地</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 风险挑战 -->
|
||
<section id="risks" class="py-5">
|
||
<div class="container">
|
||
<h2 class="section-title">风险与挑战</h2>
|
||
|
||
<div class="row">
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
技术风险
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="danger-box">
|
||
<h6><i class="bi bi-exclamation-octagon me-2"></i>与国际顶尖水平的技术差距</h6>
|
||
<p>虽然沐曦产品性能已接近英伟达A100的75%，但与国际顶尖水平仍存在明显差距。英伟达、AMD等国际巨头持续投入巨资进行技术研发，技术迭代速度快，沐曦面临技术追赶的巨大挑战。</p>
|
||
</div>
|
||
|
||
<div class="danger-box">
|
||
<h6><i class="bi bi-exclamation-octagon me-2"></i>软件生态系统薄弱</h6>
|
||
<p>GPU的竞争力不仅在于硬件性能，更在于软件生态。沐曦生态中仅有约2万名工程师，与英伟达的500万开发者相比差距巨大。软件生态系统的建设需要长期投入，短期内难以赶超。</p>
|
||
</div>
|
||
|
||
<div class="warning-box">
|
||
<h6><i class="bi bi-exclamation-triangle me-2"></i>先进制程依赖风险</h6>
|
||
<p>沐曦目前主要依赖台积电的先进制程，虽然已与中芯国际基本谈妥作为第二条供应链，但在国内先进制程与国际顶尖水平存在差距的情况下，产品性能可能受到制约。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
商业化风险
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="danger-box">
|
||
<h6><i class="bi bi-exclamation-octagon me-2"></i>持续亏损</h6>
|
||
<p>公司2022年至2025年上半年累计亏损32亿元，2025年Q1归母净利润-2.33亿元，短期内难以实现盈利。持续亏损可能影响公司的研发投入和市场拓展能力。</p>
|
||
</div>
|
||
|
||
<div class="warning-box">
|
||
<h6><i class="bi bi-exclamation-triangle me-2"></i>市场竞争激烈</h6>
|
||
<p>国内GPU研发企业约有10至15家，包括海光、寒武纪、摩尔线程等，市场竞争激烈。在国产替代的大背景下，各家企业都在加速发展，市场份额争夺将更加激烈。</p>
|
||
</div>
|
||
|
||
<div class="warning-box">
|
||
<h6><i class="bi bi-exclamation-triangle me-2"></i>客户接受度不确定性</h6>
|
||
<p>虽然政策支持国产GPU，但客户对产品的性能、稳定性、兼容性等方面有较高要求。沐曦产品在实际应用中的表现和客户反馈存在不确定性。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="row">
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
政策与竞争风险
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="danger-box">
|
||
<h6><i class="bi bi-exclamation-octagon me-2"></i>地缘政治风险</h6>
|
||
<p>在国际地缘政治紧张的背景下，沐曦可能面临美国制裁的风险，特别是其目前主要依赖台积电的先进制程。如果被列入实体清单，可能影响公司的供应链和技术发展。</p>
|
||
</div>
|
||
|
||
<div class="warning-box">
|
||
<h6><i class="bi bi-exclamation-triangle me-2"></i>政策变动风险</h6>
|
||
<p>虽然目前政策支持国产GPU发展，但政策方向存在不确定性。如果政策支持力度减弱或调整，可能影响公司的发展前景。</p>
|
||
</div>
|
||
|
||
<div class="warning-box">
|
||
<h6><i class="bi bi-exclamation-triangle me-2"></i>行业标准风险</h6>
|
||
<p>GPU行业涉及多种技术标准和接口规范，如果沐曦产品无法与主流标准兼容，可能影响市场接受度。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
投资启示
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="success-box">
|
||
<h6><i class="bi bi-lightbulb me-2"></i>沐曦集成本身</h6>
|
||
<p>作为国产GPU的核心企业，沐曦集成有望在国产替代的大趋势中受益。随着IPO的推进和商业化落地，公司价值将逐步显现。然而，考虑到公司目前仍处于亏损状态，投资风险较高。</p>
|
||
</div>
|
||
|
||
<div class="success-box">
|
||
<h6><i class="bi bi-lightbulb me-2"></i>产业链合作伙伴</h6>
|
||
<p>与沐曦建立深度合作的公司，如超讯通信（总代理商）、恒为科技（一体机合作）、科华数据（液冷技术）等，有望从沐曦的发展中受益，且风险相对较低。</p>
|
||
</div>
|
||
|
||
<div class="info-box">
|
||
<h6><i class="bi bi-info-circle me-2"></i>关键跟踪指标</h6>
|
||
<p>产品出货量与营收、盈利能力改善、万卡集群研发进展、软件生态系统建设、供应链安全、IPO进展、行业政策变化等。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 页脚 -->
|
||
<footer class="bg-dark text-white py-4">
|
||
<div class="container">
|
||
<div class="row">
|
||
<div class="col-md-6">
|
||
<h5>沐曦集成概念分析</h5>
|
||
<p class="mb-0">国产GPU芯片领军企业，致力于为异构计算提供GPU芯片及解决方案</p>
|
||
</div>
|
||
<div class="col-md-6 text-md-end">
|
||
<p class="mb-0">数据来源：公开资料整理 | 更新时间：2025年</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</footer>
|
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<script src="https://cdn.jsdelivr.net/npm/bootstrap@5.3.0/dist/js/bootstrap.bundle.min.js"></script>
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<script>
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// 平滑滚动
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document.querySelectorAll('a[href^="#"]').forEach(anchor => {
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anchor.addEventListener('click', function (e) {
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window.addEventListener('scroll', function() {
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if (window.scrollY > 50) {
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navbar.style.boxShadow = '0 4px 6px rgba(0, 0, 0, 0.1)';
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