摩尔线程88天过会，手握20亿订单，毛利率飙至70%

Core Viewpoint - The IPO process for domestic GPU chip companies is accelerating, with Moore Threads successfully entering the review stage shortly after filing its prospectus, while Muxi Co. is also progressing through inquiries, indicating a growing market for AI computing products [1][3]. Financial Performance - Moore Threads is projected to achieve significant revenue growth in 2024, with expected revenues of 438 million yuan, and a continued reduction in net losses to 1.492 billion yuan. By the first half of 2025, revenues are anticipated to reach 702 million yuan, marking a 238.71% year-on-year increase and a 203.44% quarter-on-quarter increase, with net losses improving to 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter [4][5][6]. Revenue Structure - In 2023, Moore Threads' core revenue primarily came from professional graphics acceleration products, with major clients including Baidu and JD.com. By 2025, AI computing products are expected to account for nearly 80% of revenue, reflecting a 218.19% increase [6][7]. Product Development - Moore Threads has released several generations of GPU architecture, with the latest, "Pinghu," aimed at AI computing. The company has seen a significant improvement in gross margins, from -70.08% in 2022 to 70.71% in 2024, driven by higher performance and pricing of newer products [7][8]. Market Expansion - The customer base for Moore Threads has shifted from early markets to AI computing centers and enterprises, with ongoing negotiations for contracts exceeding 1.7 billion yuan in the AI computing sector, indicating a strong demand for domestic chips [11][12]. Industry Trends - The domestic AI chip industry is witnessing rapid growth, with companies like Moore Threads and Muxi Co. leading the charge. The market is increasingly focused on AI computing, with significant orders and contracts expected to drive future revenues [10][18]. Ecosystem Development - The establishment of collaborative ecosystems is crucial for the growth of domestic AI chip manufacturers. Initiatives like the OISA ecosystem and partnerships with major telecom operators are aimed at enhancing interoperability and performance of AI chips [16][17].