摩尔线程IPO注册获批 科创板将迎国产GPU第一股｜一周市场观察

Core Viewpoint - Moer Technology has received approval for its IPO registration on the Sci-Tech Innovation Board, marking it as a significant player in the domestic GPU market and reflecting the implementation of the "1+6" policy for hard technology enterprises [1][3] Group 1: Company Overview - Moer Technology, established in October 2020, focuses on the independent research and design of full-function GPUs, with a founding team that includes former NVIDIA executives [3] - The company plans to raise approximately 8 billion yuan through its IPO to invest in various AI and graphics chip development projects and to supplement working capital [3] Group 2: Financial Performance - From 2022 to 2024, Moer Technology's revenue is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate exceeding 208%, and revenue for the first half of 2025 is expected to reach 702 million yuan [4] - The company's gross margin is expected to improve significantly from -70.08% in 2022 to 69.14% in the first half of 2025 [4] Group 3: Industry Context - The domestic GPU market is rapidly emerging, with increasing competition among local companies to establish themselves as alternatives to international giants like NVIDIA [5][7] - The successful registration of Moer Technology's IPO is seen as a reflection of both policy and market support for hard technology enterprises, indicating a growing maturity in domestic GPU technology [5][7] - Domestic GPUs are gradually closing the performance and cost gap with international products, with some capabilities already demonstrating potential for replacement in specific scenarios [7]