国产GPU第一股发行价定了！

Core Viewpoint - Moer Technology announced its initial public offering (IPO) and listing on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan with a share price of 114.28 yuan per share, resulting in a total market capitalization of about 53.715 billion yuan [1]. Group 1: Company Overview - Moer Technology has focused on the independent research and design of full-function GPUs since its establishment in 2020, achieving significant technological breakthroughs in AI computing acceleration, graphics rendering, and more [3]. - The company has successfully mass-produced five chips and completed four GPU architecture iterations over the past five years, creating a diverse product matrix covering various application fields [4]. Group 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, significantly increasing its global market share from 15.6% in 2024 to 37.8% [3]. - The compound annual growth rate (CAGR) for the Chinese GPU market is forecasted at 51.1%, indicating substantial market opportunities [3]. Group 3: Financial Performance - Moer Technology's revenue surged from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a CAGR of over 208%, with 2025's first half revenue reaching 702 million yuan [4]. - The company has maintained high R&D investment, exceeding 4.3 billion yuan from 2022 to mid-2025, with over 77% of its workforce dedicated to R&D [4]. Group 4: Product Development - Moer Technology's products are nearing or achieving international advanced levels, with its MTTS80 graphics card's performance comparable to NVIDIA's RTX3060 [5]. - The funds raised from the IPO will primarily support the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as supplement working capital [5].