国产GPU第一股迎申购！全景透视摩尔线程(688795.SH)受益股

Core Viewpoint - The company Moer Thread (688795.SH), a domestic GPU player, has begun its IPO subscription with a high issue price of 114.28 yuan per share, marking it as the highest IPO price this year. The total market capitalization upon listing is expected to reach 53.7 billion yuan [1]. Group 1: IPO Details - Moer Thread aims to raise a total of 8 billion yuan through this IPO, making it the second-largest IPO in A-shares this year, following Huadian New Energy [1]. - The company was founded in June 2020 and focuses on the research and innovation of full-function GPUs. The founder, Zhang Jianzhong, previously served as NVIDIA's global vice president and general manager for China [1]. Group 2: Shareholder Composition - Moer Thread's prospectus reveals a diverse shareholder base, including over 60 entities such as Shenzhen Capital Group, Tencent Investment, ByteDance, Sequoia China, and various state-owned enterprises and venture capital firms [2]. - The company has established a capital and industry community involving both industrial capital and leading investors [3][4]. Group 3: Valuation and Market Position - According to Hurun Research Institute, Moer Thread's valuation is estimated at 31 billion yuan [5]. - The company applied for listing on the Sci-Tech Innovation Board on June 30, 2025, achieving a record approval time of 88 days, which is seen as a positive signal for the board's efficiency and support for technological innovation [6]. Group 4: Fund Utilization - The funds raised from the IPO will be used for the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [6]. - The financing will focus on enhancing the company's core business and technological innovation, aiming to improve product mass production and industrialization [6]. Group 5: Market Opportunities - The company benefits from the domestic substitution trend, with increased demand for domestic GPUs amid restrictions on NVIDIA's AI chip exports. Moer Thread has entered the procurement lists of several leading enterprises [7]. - As the only domestic full-function GPU manufacturer mastering both graphics rendering and AI computing technologies, Moer Thread's products cover both B-end (data centers/AI computing) and C-end (consumer graphics cards) markets [7]. - The company has successfully launched four generations of GPU architectures, creating a diverse product matrix that meets the differentiated needs of government, enterprises, and individual consumers [7].