摩尔线程遭抢筹，公私募等267家机构参与报价，网下申购倍数近1600倍

Core Viewpoint - The domestic GPU company, Moer Thread, has officially launched its IPO on the Sci-Tech Innovation Board, with a share price set at 114.28 yuan, marking a new high for A-share IPO prices since 2025. The offering has garnered significant attention from institutional investors, reflecting the growing interest in the domestic GPU market amid the global AI industry's rapid local replacement trend [1][8]. Group 1: IPO Details - Moer Thread's IPO has attracted 267 institutional investors, with a total of 7.04 billion shares applied for, resulting in a subscription multiple of 1572 times, significantly higher than most new stocks this year [2][9]. - The company plans to issue 70 million shares, which would bring its total market capitalization to approximately 53.7 billion yuan on the first day of trading [8][9]. - The IPO process was notably efficient, taking only 122 days from acceptance to registration, making it one of the fastest approvals on the Sci-Tech Innovation Board this year [1][9]. Group 2: Investor Participation - The participation of public and private funds was particularly prominent, with 86 public funds and 124 private funds involved in the bidding process, indicating strong institutional interest in the "domestic high-performance GPU + AI computing power" sector [1][2]. - Major public funds, such as Southern Fund and E Fund, utilized multiple products to enhance their chances of winning shares, with Southern Fund using 404 products to apply for a total of 5.285 billion shares [5][6]. - The bidding price range during the inquiry phase varied from 88.79 yuan to 159.57 yuan, with some investors willing to pay a premium, reflecting high expectations for the company's growth potential [3][4]. Group 3: Company Performance and Market Outlook - Moer Thread has not yet turned a profit, reporting revenues of 46 million yuan in 2022, projected to grow to 438 million yuan in 2024, while net losses are expected to decrease from 1.894 billion yuan in 2022 to 1.618 billion yuan in 2024 [9]. - The company has developed a comprehensive computing acceleration platform, focusing on GPU technology, with applications in AI computing centers, digital twin rendering, industrial simulation, and high-performance computing [8][9]. - Institutional investors are optimistic about Moer Thread's growth potential and long-term profitability, viewing it as a strategic asset similar to early investments in companies like Cambrian and SMIC [9].