科创板年内新增最大IPO融资项目拆解：摩尔线程的商业化初探

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].