【IPO追踪】科创板“超级肉签”！国产GPU第一股上市引爆市场

Core Insights - The company, Moore Threads, known as the "first domestic GPU stock," was listed on the STAR Market on December 5, attracting significant market attention [2] - The initial offering price was 114.28 CNY per share, with the opening price soaring to 650 CNY, representing an increase of over 460%, leading to a market capitalization exceeding 300 billion CNY [2] - As of the report, the stock price maintained a strong increase of 403%, with a market cap around 270.3 billion CNY, and trading volume surpassing 11 billion CNY within the first hour [2] Company Overview - Founded in June 2020, Moore Threads specializes in the research and sales of full-function GPU chips, targeting data centers, desktop GPUs, and related software systems [2] - The company has launched four generations of GPU architectures, with products supporting AI computing, high-performance computing, and graphics rendering [2] - Notable products include the MTT S4000 intelligent computing acceleration card and the Kuangua intelligent computing cluster, capable of supporting training for large models with hundreds of billions of parameters [2] Market Potential - The demand for GPUs is rising due to the rapid development of cutting-edge technologies such as artificial intelligence, digital twins, and embodied intelligence [2] - According to Frost & Sullivan, the global GPU market is projected to reach 3.62 trillion CNY by 2029, with the Chinese market expected to grow significantly to 1.36 trillion CNY, indicating vast market potential [2] Financial Performance - In the first three quarters of the year, the company achieved revenue of 785 million CNY, surpassing the total revenue of the past three years, with a year-on-year growth rate of approximately 182% [3] - Although the company is still in the investment phase and has not yet achieved profitability, the loss margin is narrowing [3] - The company plans to achieve overall profitability by 2027 at the earliest [3] IPO and Fundraising - The IPO raised a total of 8 billion CNY, with funds primarily allocated to the development of next-generation autonomous AI training and inference chips, next-generation autonomous graphics chips, and next-generation autonomous AISoC chips, as well as to supplement working capital [3]