“摩王”要出世，小散们准备好开席？

Core Viewpoint - The upcoming IPO of Moer Thread, referred to as "China's Nvidia," is generating significant investor interest, particularly in relation to its small shareholder, Heheta (002402) [1][2]. Group 1: Company Overview - Moer Thread, founded by former Nvidia executive Zhang Jianzhong, has a team with many members from Nvidia and focuses on full-function GPU chips [2]. - The company has launched four generations of GPU architectures, named "Sudi," "Chunxiao," "Quyuan," and "Pinghu," showcasing its artistic product naming [2]. - Moer Thread's MTT S3000 graphics card is nearing the performance levels of international mainstream products in AI training and inference [2]. Group 2: Financial Performance - Moer Thread has experienced significant losses, with projected losses of 1.839 billion yuan, 1.673 billion yuan, and 1.492 billion yuan from 2022 to 2024, totaling 5.004 billion yuan [3]. - Revenue has shown rapid growth, increasing from 46 million yuan in 2022 to 1.24 billion yuan in 2023, and projected at 4.38 billion yuan in 2024, with 702 million yuan in the first half of this year [3]. - The company's increasing revenue indicates successful commercialization of its products, despite ongoing losses [3]. Group 3: Market Context - The GPU industry is characterized by high technical barriers and long R&D cycles, with intense competition from international giants [3]. - Investors are advised to carefully evaluate which stocks are true beneficiaries of the Moer Thread narrative, as many stocks may not sustain their value post-speculation [3].