摩尔线程启动科创板IPO发行 以全功能GPU筑基人工智能时代

Core Viewpoint - Moer Technology has officially launched its IPO on the Sci-Tech Innovation Board, marking a significant step in China's journey towards building a self-controlled computing power system, with the company positioned as the first domestic GPU stock [1] Company Overview - Moer Technology, established in 2020, focuses on the independent research and development of full-function GPUs, aligning closely with national strategic needs [1] - The company has achieved technological breakthroughs with its fully self-developed MUSA unified system architecture, enabling a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1][2] Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow to 1.36 trillion yuan, increasing its global share from 15.6% in 2024 to 37.8%, reflecting a compound annual growth rate of 51.1% [2] - Moer Technology's revenue is forecasted to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208%, and revenue for the first half of 2025 reaching 702 million yuan [2] Technological Advancements - Over the past five years, Moer Technology has successfully mass-produced five chips and completed four GPU architecture iterations, creating a diverse product matrix covering AI computing, high-performance computing, graphics rendering, and more [2] - The company has maintained a high level of R&D investment, exceeding 4.3 billion yuan from 2022 to June 2025, with over 77% of its workforce dedicated to R&D [3] - Moer Technology has obtained 514 authorized patents, covering key technology areas such as processor architecture design and AI applications [3] Performance Metrics - Moer Technology's products are nearing or have reached international advanced levels, with the MTTS80 graphics card's single-precision floating-point performance comparable to NVIDIA's RTX 3060 [3] - The efficiency of the GPU computing cluster built on the MTTS5000 exceeds that of equivalent foreign GPU clusters [3] IPO Fund Utilization - The funds raised from the IPO will primarily be used for the development of next-generation self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] - The company aims to enhance its innovation project investments in response to national strategies for accelerating key technology independence and building new computing power infrastructure [4]