Core Viewpoint - The company, Moer Thread Technology (Beijing) Co., Ltd., is set to officially list on the STAR Market on December 5, 2025, with a total share capital of 470 million shares after the issuance of 70 million new shares [1][3]. Group 1: Company Overview - Moer Thread focuses on full-function GPUs and has garnered significant market attention since its establishment in 2020 [1]. - The company has a high static price-to-sales ratio of 122.51 for 2024, which is notably higher than the average of comparable companies in the industry [1][7]. Group 2: Market Context - The initial public offering (IPO) will have a low free float of only 29.38 million shares, representing 6.25% of the total share capital, which may raise concerns about liquidity in the market [3][12]. - The listing coincides with favorable policy adjustments in the technology sector, including tax exemptions for new energy vehicles and expanded infrastructure investment policies, which could provide a supportive environment for the company [5]. Group 3: Valuation Comparison - Moer Thread's valuation of 122.51 is significantly higher than that of major competitors such as NVIDIA (34.73), Qualcomm (4.57), and domestic peers like Haiguang Information (54.04) and Jingxi Micro (81.67) [8]. Group 4: Investment Opportunities - Institutional investors are increasingly interested in the AI computing infrastructure, particularly the demand for GPUs as AI applications expand [8]. - The semiconductor supply chain, including design and testing sectors, is also gaining attention, with some companies projected to see net profit growth exceeding 40% by 2025 [8]. Group 5: Challenges and Risks - The company has not yet achieved profitability, with negative net profits reported during the reporting period [10]. - Moer Thread faces international trade risks, having been placed on the U.S. Entity List, which restricts access to U.S. materials and technologies [10]. - The competitive landscape is intensifying, with established players like NVIDIA and AMD posing significant challenges [10].
国产GPU龙头摩尔线程周五上市！政策暖风频频，机构关注这些方向