首日大涨468.78%，国产英伟达被抢疯了

Core Viewpoint - The news highlights the significant market interest in the IPOs of two Chinese GPU companies, Moer Technology and Nuxi, with Moer Technology's stock surging 468.78% on its debut, reflecting strong investor confidence in the AI and GPU sectors [3][26]. Group 1: Moer Technology's IPO - Moer Technology's IPO saw a subscription frenzy, with a final winning rate of only 0.036%, attracting approximately 4.83 million investors [2]. - The company set a record for the fastest registration on the Sci-Tech Innovation Board, completing the process in just 122 days, which is seen as a positive signal from regulators [4]. - The IPO price of 114.28 yuan is considered attractive compared to its projected revenue of 1.4 billion yuan in 2025, resulting in a price-to-sales (PS) ratio of about 38 times, which is lower than competitors like Cambricon [4][25]. Group 2: Nuxi's IPO - Nuxi's initial inquiry showed strong demand, with 288 institutional investors submitting bids for a total of 57.17 billion shares, resulting in a subscription multiple of 2227.6 times, surpassing Moer Technology's 1600 times [6]. - Nuxi aims to quickly commercialize its training and inference products, focusing on a narrower market segment compared to Moer Technology's broader full-stack approach [10][11]. Group 3: Comparison of Business Models - Moer Technology aims to be the "NVIDIA of China," focusing on a full-stack GPU approach, while Nuxi is likened to "AMD," concentrating on training and inference [7][8]. - Moer Technology's full-stack strategy allows it to cater to both AI and consumer gaming markets, enhancing its market appeal [9][12]. - Nuxi's strategy is driven by the need for rapid commercialization due to shareholder pressure, which may limit its long-term growth potential compared to Moer Technology [10][11]. Group 4: Financial Performance and Valuation - Both companies are currently unprofitable, with Nuxi projected to lose approximately 3.06 billion yuan over three years, while Moer Technology is also expected to face similar losses [19]. - Moer Technology's revenue is forecasted to grow significantly, with estimates of 1.22 billion to 1.50 billion yuan in 2025, while Nuxi is expected to reach 2.84 billion yuan in the same year [25]. - The market is currently valuing these companies based on future potential rather than current earnings, with Moer Technology's market cap expected to reach 856.68 billion yuan based on a PS ratio of 33 times [25][22]. Group 5: Market Sentiment and Future Outlook - The strong debut of Moer Technology is expected to create a positive sentiment for Nuxi's upcoming IPO, potentially leading to a higher valuation for Nuxi [28]. - Investors are advised to focus on the critical years of 2026 and 2027, as the performance of both companies during this period will determine their long-term viability and valuation metrics [28].