两大GPU龙头，IPO新进展

Group 1: Company Overview - Moore Threads will be listed on the Sci-Tech Innovation Board on December 5, with an issue price of 114.28 yuan per share, corresponding to a projected market capitalization of approximately 53.715 billion yuan at listing [1][4] - The company has focused on the independent research and development of full-function GPUs since its establishment in 2020 and has not yet achieved profitability, with expectations to reach profitability by 2027 [4] - The total number of shares issued by Moore Threads is 70 million, raising a total of 8 billion yuan, which will be used for various AI chip development projects and to supplement working capital [4] Group 2: Competitive Landscape - Moore Threads' issue price corresponds to a 2024 diluted static price-to-sales ratio of 122.51, which is higher than the average level of comparable companies in the industry [4] - Another domestic GPU company, Muxi Co., will also be listed on December 5, with an issue price of 104.66 yuan per share and a projected market capitalization of approximately 41.874 billion yuan [2][7] - Muxi Co. has a lower projected 2024 diluted static price-to-sales ratio of 56.35, indicating a more favorable valuation compared to Moore Threads [7] Group 3: Strategic Placement and Investor Interest - Moore Threads has attracted significant interest from state-owned enterprises and local state-owned capital for its strategic placement, with a total of 20% of the issuance allocated to these investors [5] - Muxi Co. received substantial interest during its inquiry phase, with a total of 571.82 billion shares proposed for subscription, indicating a subscription multiple of 2228.11 times the initial issuance scale [7][8]