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？

Company Overview - Moer Thread is one of the few domestic manufacturers capable of mass production and sales of full-function GPUs, focusing on AI, digital twins, and scientific computing [1][2] - The company has a strong management team with executives from NVIDIA and AMD, enhancing its competitive edge through the self-developed MUSA architecture [2] - Moer Thread's product matrix covers various scenarios from smart computing centers to end devices, having successfully developed and mass-produced four generations of full-function GPU architectures [2] Business Segments - The company's main business is divided into three categories: AI intelligent computing, professional graphics acceleration, and desktop graphics acceleration [2] - AI intelligent computing is expected to become the core growth engine starting in 2024, with projected revenue of 670 million yuan in the first half of 2025, accounting for 95% of total revenue [2] Market Potential - The GPU industry in China has shown rapid growth, with market size increasing from 38.48 billion yuan in 2020 to an estimated 163.82 billion yuan in 2024 [3] - The global GPU market is projected to grow from 1.05 trillion yuan in 2024 to 3.61 trillion yuan by 2029, indicating significant growth potential for domestic GPU manufacturers [2][3] Financial Performance - Moer Thread's revenue is expected to grow significantly, with projected revenues of 46 million yuan, 124 million yuan, and 438 million yuan for the years 2022 to 2024, respectively [3] - The company anticipates a revenue increase of 177.79% in 2025 compared to the previous year, with a reduction in net profit loss by 27.82% [3] IPO Details - Moer Thread's IPO involves issuing 70 million shares and raising 8 billion yuan, with funds allocated to three major projects and working capital [4] - The company has a high issuance price of 114.28 yuan per share, the highest for a new stock on the Sci-Tech Innovation Board in the past two years [6] Valuation and Market Sentiment - The company has a price-to-sales ratio (TTM) of 56.84, which is lower than comparable companies, suggesting a potential valuation advantage [6] - Recent trends indicate that new stocks on the A-share market have performed well, with an average first-day increase of 324.17% for new listings [5][6] - Given the strong fundamentals and market conditions, there is optimism for Moer Thread's first-day performance, potentially reaching an average increase of 191.48% [7]