摩尔线程成科创板年内“最贵新股”

Core Insights - The launch of the IPO for Moer Thread Intelligent Technology marks a significant event in China's chip industry, with an issue price of 114.28 yuan per share, making it the highest-priced new stock of the year and raising 8 billion yuan, setting a record for the Sci-Tech Innovation Board [1] - The company is set to become the first listed firm in the A-share market focusing on "full-function GPUs," indicating a critical revaluation of the domestic high-end GPU sector [1] Company Overview - Founded in 2020, Moer Thread's founding team has a background in NVIDIA, with founder Zhang Jianzhong previously serving as NVIDIA's global vice president [2] - The company has rapidly iterated four generations of GPU architecture within four years, covering high-performance computing fields such as AI intelligence, cloud computing, and personal computing [2] Financial Performance - Revenue surged from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 200%, and revenue for the first half of 2025 reached 702 million yuan, nearly 1.6 times that of the previous year [2] - The gross margin has remained stable at around 70% from 2024 to the first half of 2025, indicating strong product competitiveness [2] Market Valuation - The IPO pricing reflects the market's enthusiasm for scarce technological assets, with a total market capitalization of 53.7 billion yuan and a price-to-sales ratio of 122.51 times, alongside a price-to-earnings ratio of 60.12 times, both significantly above industry averages [3] - Such high valuations imply that the market has incorporated extremely optimistic future growth expectations, posing a risk of significant valuation corrections if revenue growth or gross margins do not meet expectations [3] Competitive Landscape - Moer Thread's strategy focuses on full-function GPUs, which integrate multiple computing engines, catering to diverse computational needs, and is supported by the MUSA unified system architecture [3] - The company has transitioned from a hardware supplier to a computing infrastructure platform with its "KUA" intelligent computing cluster, capable of supporting advanced model pre-training [4] Challenges Ahead - Despite the broad application scenarios for full-function GPUs, the company faces intense competition from specialized manufacturers in each segment [5] - The company has not yet achieved profitability and relies on continued financing to support technology development and market expansion [5] - Being listed on the "entity list" may restrict access to advanced process chips and EDA tools, necessitating a more resilient supply chain [5] - The competitive landscape includes domestic rivals such as Biran and Muxi, requiring Moer Thread to maintain technological leadership and market competitiveness [5] Industry Significance - The record IPO price for Moer Thread represents a milestone in China's hard technology sector, reflecting strong market confidence in domestic high-end GPU solutions, particularly in the full-function GPU pathway [6] - The company's post-IPO performance will serve as a barometer for the development of the entire domestic high-end chip industry [6]