国产GPU第一股摩尔线程今日申购，全功能GPU首迎市场大考

Core Viewpoint - Moer Technology has officially launched its IPO application on the Sci-Tech Innovation Board, marking the first listing of a company focused on "full-function GPU" assets in the A-share market. This event signifies a systematic valuation assessment of domestic "full-function GPU" enterprises amid the growing importance of computing power in AI and digital economy [1][14]. Group 1: Industry Context - The global tech competition is reshaping, with high-performance GPU computing power becoming the "oil" of the digital economy era. The U.S. has imposed export controls on high-end chips to China, indicating Moer Technology's significant technological position [2][14]. - The GPU sector is characterized by high barriers to entry, long development cycles, and a limited number of players, making it a challenging field for domestic companies to compete against established giants like NVIDIA [2][3]. Group 2: Company Strategy and Product Offering - Moer Technology's strategy focuses on developing "full-function GPUs" that integrate AI computing acceleration, graphics rendering, physical simulation, and scientific computing, catering to diverse computing needs [3][4]. - The company has developed the MUSA unified system architecture, which enhances compatibility with existing CUDA ecosystems, reducing migration costs for developers and facilitating faster commercialization [4][5]. Group 3: Financial Performance and Growth - Moer Technology has demonstrated a steep revenue growth trajectory, with revenues increasing from 46.09 million yuan in 2022 to 123.98 million yuan in 2023, and projected to reach 438.46 million yuan in 2024. The first half of 2025 has already seen revenues of 701.76 million yuan, indicating a significant acceleration in commercial delivery [8][9]. - The company's AI computing products have shown a rapid increase in revenue contribution, aligning with industry growth trends and enhancing product line maturity [9][10]. Group 4: Market Position and Future Outlook - As the first domestic GPU company to go public, Moer Technology's valuation will be complex, balancing short-term financial metrics with long-term expectations for self-sufficiency in computing power [14]. - The company is positioned to provide large-scale computing infrastructure, evidenced by its KUAE computing cluster supporting over 10,000 GPUs, showcasing its system-level capabilities beyond chip design [12][14].