Nvidia(US:NVDA) Jing Ji Guan Cha Wang·2025-11-21 15:11Core Viewpoint - Moore Threads has successfully launched its IPO on the Sci-Tech Innovation Board, achieving a total market value of approximately 53.7 billion yuan, marking the largest IPO financing scale since 2025 [2][4]. Group 1: Financial Performance - The company reported a significant revenue increase, with 2025 first-half revenue reaching 702 million yuan, compared to 438 million yuan in 2024 and just over 40 million yuan in 2022 [7][8]. - Despite rapid revenue growth, the company has incurred substantial losses, totaling 5.486 billion yuan over the past three and a half years, necessitating the 8 billion yuan raised from the IPO to support ongoing R&D and operational needs [3][10]. - The company’s cash flow from operating activities was negative 1.164 billion yuan in the first half of 2025, leading to increased short-term borrowings from 0 to 1.217 billion yuan within six months [10][11]. Group 2: Customer Structure and Market Position - Moore Threads has a highly concentrated customer base, with the top five customers accounting for 98.29% of revenue in the first half of 2025, primarily from large B-end clients such as telecom operators and intelligent computing centers [13]. - The company’s revenue model includes not only sales of graphics cards but also integrated computing devices, with significant contributions from major clients [8][13]. Group 3: R&D and Technology Strategy - The company has invested 3.81 billion yuan in R&D from 2022 to 2024, which exceeds its revenue during the same period, indicating a strong commitment to technological advancement [10]. - Moore Threads aims to achieve profitability by 2027, projecting a revenue target of 5.983 billion yuan and a gross margin of 61% for that year, although this includes approximately 307 million yuan in government subsidies [15][16]. Group 4: Market Outlook and Competitive Landscape - The CEO highlighted the explosive growth in demand for AI computing acceleration chips, asserting that GPUs remain the dominant chip type in the AI market despite competition from ASICs and GPGPUs [21][22]. - The Chinese GPU market is projected to grow to 1.363 trillion yuan by 2029, indicating significant long-term growth potential for the company [29]. - The company plans to focus on six strategic directions in the computing service sector, including deep integration of software and hardware, international market expansion, and sustainable development initiatives [30]. Group 5: Valuation and Investment Considerations - At an IPO price of 114.28 yuan per share, Moore Threads has a static price-to-sales ratio of 122.51 times for 2024, raising questions about whether this valuation is sustainable [33]. - The funds raised from the IPO will primarily be allocated to three R&D projects: next-generation AI training and inference chips, new graphics chips, and AI SoC chips [33].