国产GPU第一股：摩尔线程凭啥成今年最贵新股

Core Viewpoint - The company, Moore Threads, has emerged as a significant player in the GPU market, being recognized as the "first domestic GPU stock" in China, with a market capitalization of 53.7 billion yuan and a high issuance price of 114.28 yuan, attracting substantial institutional interest [1][2]. Company Overview - Moore Threads was founded in 2020 and has quickly gained recognition in the GPU sector, launching four generations of GPU architectures within four years, from the first generation "Sudi" in 2021 to the fourth generation "Pinghu" expected in 2024 [2]. - The company’s product line spans AI computing, graphics rendering, and scientific computing, achieving a comprehensive "cloud-edge-end" layout [2]. - Despite rapid revenue growth, the company has not yet turned a profit, reporting revenues of 0.46 million yuan in 2022, projected to reach 4.38 million yuan in 2024, and 7.85 million yuan in the first three quarters of 2025, a year-on-year increase of 182% [2]. Financial Performance - The company has incurred significant losses, with net losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, 1.618 billion yuan in 2024, and 724 million yuan in the first three quarters of 2025, totaling nearly 6 billion yuan over three years and nine months [2]. - Research and development investments have exceeded 4.6 billion yuan, reflecting the high upfront costs typical in the technology sector [2]. Market Environment - The demand for GPUs is experiencing explosive growth due to advancements in artificial intelligence and the increasing need for self-sufficient GPU products in key industries amid current international dynamics [4]. - However, the company faces challenges, including intense competition from established players like NVIDIA, which holds over 80% of the market share, and AMD with about 10%, while Moore Threads currently has less than 1% market share domestically [4]. - The competitive landscape is further complicated by the emergence of other domestic GPU companies, such as Muxi Technology, which recently received approval for an IPO [4]. Valuation Concerns - The market is divided on the valuation of Moore Threads, with supporters highlighting its status as a leading domestic GPU player amid a trend towards self-sufficiency, while skeptics point to its high valuation, with a price-to-sales ratio of 122.5 times [3].