Core Viewpoint - The upcoming IPO of Moer Thread, a leading domestic GPU manufacturer, is highly anticipated due to its rapid revenue growth and significant market potential in the AI and GPU sectors. The company is expected to perform well on its first trading day, potentially yielding substantial returns for investors. Company Overview - Moer Thread specializes in the research, design, and sales of GPUs and related products, focusing on high-performance computing areas such as AI and digital twins [1] - The company has a strong management team with experience from major firms like NVIDIA and AMD, and has developed four generations of full-function GPUs that meet or exceed international standards [2][3] - The company's main business segments include AI computing, professional graphics acceleration, and desktop graphics acceleration, with AI computing projected to become the core growth driver starting in 2024 [2] Financial Performance - Moer Thread's revenue is expected to grow significantly, with projections of 0.46 billion CNY in 2022, 1.24 billion CNY in 2023, and 4.38 billion CNY in 2024, reflecting year-on-year growth rates of 169.01% and 253.65% respectively [3] - The company anticipates a revenue increase of 177.79% in 2025, with a forecasted revenue of 2.42 billion CNY [3] Market Potential - The global GPU market is projected to grow from 1.05 trillion CNY in 2024 to 3.61 trillion CNY by 2029, indicating strong demand for GPUs [2] - The Chinese AI chip market is expected to expand from 1.43 trillion CNY in 2024 to 13.37 trillion CNY by 2029, with a compound annual growth rate of 53.7% [3] IPO Details - Moer Thread's IPO involves the issuance of 70 million shares, raising 8 billion CNY, with funds allocated for various R&D projects and working capital [4] - The company has a high issuance price of 114.28 CNY per share, the highest for a new stock on the Sci-Tech Innovation Board in the past two years [7] Valuation and Market Sentiment - The company has a price-to-sales ratio of 56.84, which is lower than comparable companies, suggesting a potential valuation advantage [6] - Recent trends indicate that new stocks on the Sci-Tech Innovation Board have seen significant first-day gains, with an average increase of 191.48% for the last ten listings [6][7]
科创板近两年最大IPO，摩尔线程明日上市会是10万元大肉签吗？