摩尔线程启动申购，中一签缴5.7万元，国产AI芯片仍需突围

Core Viewpoint - The initial public offering (IPO) of Moer Thread, priced at 114.28 yuan per share, has raised concerns due to its high price-to-sales ratio compared to industry peers, indicating potential risks for investors [1] Group 1: Company Overview - Moer Thread's total market capitalization at listing is 53.715 billion yuan, with a projected diluted price-to-sales ratio of 122.51 times for 2024, significantly higher than its comparable companies [1] - The company reported a loss of 1.492 billion yuan in the previous year and 271 million yuan in the first half of this year [4] - Moer Thread's revenue for the previous year was 438 million yuan, which is comparable to its peer Jingjiawei, which reported 466 million yuan [4] Group 2: Comparable Companies - Comparable companies listed include Nvidia, AMD, Qualcomm, and domestic firms such as Haiguang Information, Cambrian, and Jingjiawei, with Nvidia having a price-to-sales ratio of 34.73 times, AMD at 14.11 times, and Qualcomm at 4.57 times [1][3] - Haiguang Information and Cambrian reported revenues of 9.162 billion yuan and 1.174 billion yuan respectively, with Cambrian achieving profitability in the last quarter of the previous year [4] - The average price-to-sales ratio of the three overseas companies is 111.23 times, while Moer Thread and Cambrian exceed this average [4] Group 3: Market Context - The AI chip market is experiencing increased demand, with Moer Thread focusing on GPU and related products for AI, cloud, and data center applications [5] - The competitive landscape is challenging, with Nvidia holding over 80% of the global market share, indicating a duopoly with AMD in the AI chip sector [7] - Moer Thread's third-quarter loss expanded to 453 million yuan, reflecting ongoing financial challenges in a competitive market [7]