Core Viewpoint - The domestic GPU leader, Moore Threads, is set to go public on the STAR Market on December 5, with an issue price of 114.28 yuan per share, raising questions about whether this is a gamble on domestic substitution or a value discovery driven by technological innovation [1][3]. Group 1: Market Position and Valuation - Moore Threads is being referred to as the "Chinese Nvidia," with a static price-to-sales ratio of 122.51 times for 2024, significantly higher than the industry average, reflecting market expectations for domestic GPUs and concerns over technological breakthroughs [3]. - The company adopts a full-function GPU approach, integrating AI computing, graphics rendering, and video processing capabilities, with its latest product's performance nearing that of Nvidia's RTX 3060, although it still relies on the CUDA framework for ecosystem compatibility [3]. Group 2: Financial Performance and Challenges - The company has incurred a cumulative net loss of 50.1 billion yuan from 2022 to 2024, with R&D expenditures reaching 38.1 billion yuan, accounting for 626.03% of its revenue, far exceeding the STAR Market's 15% threshold [4]. - By the end of 2024, the company is projected to have unrecouped losses of 12.1 billion yuan, with a negative cash flow from operating activities of 18.3 billion yuan and inventory levels at 6.47 billion yuan [4]. Group 3: Risks and Long-term Value - Moore Threads faces systemic risks, including pressure to catch up technologically, especially after being placed on the U.S. "entity list," which may hinder product iteration speed [5]. - The company relies heavily on a few major clients for revenue, with the top five clients contributing over 80% of its income, raising concerns about its commercial viability [5]. - Governance issues, high reliance on stock incentives for team stability, and significant related-party transactions also pose risks to the company's development [5].
摩尔线程科创板上市定价114.28元 国产GPU突围战打响