Nvidia(US:NVDA) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-24 01:24Core Viewpoint - The company, Moer Thread, is regarded as the "first domestic GPU stock" and "China's version of NVIDIA," with a significant IPO on the Sci-Tech Innovation Board, raising 8 billion yuan, the highest for this year [1][2]. Company Overview - Moer Thread's IPO price is set at 114.28 yuan per share, with a single account subscription limit of 11,000 shares, requiring a market value of 110,000 yuan in Shanghai stocks for maximum subscription [1]. - The company was founded in 2020 and focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [1][2]. Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: - 25.10 billion yuan (31.37%) for the development of a new generation of autonomous AI training integrated chips - 25.02 billion yuan (31.28%) for the development of a new generation of autonomous graphics chips - 19.82 billion yuan (24.77%) for the development of a new generation of autonomous AI SoC chips - 10.06 billion yuan (12.58%) for working capital [3]. Market Position and Competition - Moer Thread claims to be a leader in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, and other advanced functions [3]. - The company has established deep partnerships with operators, cloud service providers, AI companies, and research institutions to stay attuned to market feedback and customer needs [3]. Customer Base - In the first half of this year, the top five customers accounted for 98.29% of the company's main business revenue, with the top three customers purchasing AI computing cluster equipment [4]. - The company acknowledges the risk of intensified competition from international leaders like NVIDIA, which have advantages in product iteration speed and supply chain integration [4]. Investor Sentiment - The initial inquiry attracted high institutional participation, with 286 offline investors and 7,787 allocation objects, indicating strong interest despite differing opinions on the valuation [5][6]. - The calculated market capitalization at the IPO price is 53.715 billion yuan, with a price-to-sales ratio of 122.51 times, leading to mixed views among investors regarding the valuation [6].