“国产GPU第一股”摩尔线程申购启动

Core Viewpoint - The company Moer Thread (688795.SH), known as the "first domestic GPU stock," has launched its IPO on the Sci-Tech Innovation Board, with a share price of 114.28 yuan, aiming to raise 8 billion yuan, marking the highest IPO of the year and the largest fundraising on the Sci-Tech Innovation Board in 2023 [1][3]. Group 1: IPO Details - The IPO attracted 286 institutional investors and 7,787 allocation objects, with a bidding range from 88.79 yuan to 159.57 yuan per share, indicating high institutional participation [3]. - The final issuance price of 114.28 yuan per share corresponds to a projected diluted price-to-sales ratio of approximately 122.51 times for 2024, with a post-issue market capitalization of about 53.715 billion yuan, significantly above the average of comparable companies [3]. Group 2: Company Background - Moer Thread, established in 2020, focuses on the research and development of general-purpose GPUs and related acceleration chips, positioning itself as "China's NVIDIA" [3]. - The company is one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 and was among the first to launch a GPU that supports the DirectX12 graphics acceleration engine [3]. Group 3: Financial Performance - According to the prospectus, Moer Thread is experiencing rapid revenue growth from 2022 to 2024 and the first three quarters of 2025, but is still in a continuous loss phase due to significant R&D and market investments, with cumulative losses exceeding 5 billion yuan [4]. - The company anticipates achieving profitability at the consolidated financial statement level by 2027 [4].