年内最贵新股来了！“国产GPU第一股”摩尔线程申购启动

Core Viewpoint - The company Moer Thread, known as the "first domestic GPU stock," has begun its IPO subscription on November 24, 2023, with a high issuance price of 114.28 yuan per share, aiming to raise 8 billion yuan, marking the highest fundraising scale on the Sci-Tech Innovation Board this year [1][12]. Group 1: IPO Details - Moer Thread's issuance price of 114.28 yuan per share results in a market capitalization of 53.715 billion yuan and a price-to-sales ratio of 122.51 times [1][8]. - The IPO attracted significant institutional interest, with 286 offline investors and 7,787 allocation objects participating in the initial inquiry, indicating a high level of engagement from the investment community [1][4]. - The company has undergone rapid growth, completing seven rounds of financing over five years, accumulating over 10 billion yuan in total financing [5][6]. Group 2: Market Perception and Valuation - There is a divergence of opinions among investors regarding the valuation of Moer Thread, with some believing its scarcity and the trend towards self-sufficiency in technology will justify a high premium [2][4]. - Conversely, some institutions argue that the valuation is excessive, suggesting that only a limited number of participants will engage in the IPO [3][9]. - The company has been compared to Nvidia, but it faces significant competition and has a market share of less than 1% in its respective segments [9]. Group 3: Financial Performance - Moer Thread reported revenues of 0.46 million yuan in 2022, with projections of 1.24 million yuan in 2023 and 4.38 million yuan in 2024, reflecting growth rates of 169.01% and 253.65% respectively [12]. - Despite revenue growth, the company has incurred substantial losses, totaling 5.939 billion yuan over the past three years [12][13]. - The company anticipates achieving profitability by 2027, contingent on market acceptance and financial performance [13].