估值破 537 亿！科创板年内最大IPO摩尔线程来了

Core Viewpoint - The IPO of Moer Thread (688795.SH) is set at an issue price of 114.28 CNY per share, aiming to raise a total of 8 billion CNY, marking it as the most expensive new stock of the year and the largest fundraising on the Sci-Tech Innovation Board this year, second only to Huadian New Energy's 18.171 billion CNY fundraising in July [1][10]. Group 1: IPO Details - Moer Thread's IPO attracted significant institutional interest, with 286 offline investors and 7,787 allocation objects participating in the initial inquiry, with a price range from 88.79 CNY to 159.57 CNY per share [1]. - The final issue price results in a price-to-sales ratio of 122.51 times, giving the company a total market value of 53.715 billion CNY [1]. - The company has experienced a smooth IPO journey, with a total of 122 days from application acceptance to approval, the shortest among companies on the Sci-Tech Innovation Board this year [4]. Group 2: Company Background and Financials - Founded in 2020, Moer Thread has become one of the few domestic GPU manufacturers capable of supporting full computing precision from FP8 to FP64 and is recognized as "China's NVIDIA" due to its competitive architecture and founder's background [4][10]. - The company has reported rapid revenue growth, with revenues of 0.46 million CNY in 2022, projected to reach 1.24 million CNY in 2023 and 4.38 million CNY in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [5]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion CNY over the past three years and nine months, with expectations to achieve profitability by 2027 [6][5]. Group 3: Market Position and Competition - Moer Thread has gained substantial investor interest amid a trend towards self-sufficiency in technology, having completed seven rounds of financing totaling over 10 billion CNY within five years [9]. - The competitive landscape is intense, with other domestic GPU leaders like Muxi Co., Baidu's Kunlun Chip, and others also advancing in the market, indicating a challenging environment for Moer Thread [11]. - The company's market share in its respective segments remains below 1%, highlighting the competitive pressures it faces against established players like NVIDIA [10].