“国产GPU第一股”来了，市值突破3000亿

Core Viewpoint - Moore Threads has officially listed on the Science and Technology Innovation Board, becoming the first domestic GPU stock, with a significant market response on its debut, achieving a market capitalization of approximately 305.5 billion yuan at opening [1][2]. Group 1: IPO Highlights - The IPO process for Moore Threads took only 88 days from acceptance to approval, setting multiple records [2]. - The company issued 29,382,386 new shares, raising a net amount of 8 billion yuan, marking the largest IPO scale on the Science and Technology Innovation Board in nearly two years [2]. - The initial offering price was 114.28 yuan per share, resulting in a 2024 diluted static price-to-sales ratio of 122.51 times, which is higher than the industry average but lower than Cambricon's 478.25 times [2]. Group 2: Company Background - Founded in 2020, Moore Threads is led by Zhang Jianzhong, a former NVIDIA executive who significantly increased NVIDIA's market share in China [3][4]. - The company aims to develop domestic GPUs to support AI infrastructure, with a goal of achieving profitability by 2027 [2][11][15]. - Moore Threads has built a strong team by recruiting core engineers from major tech companies like NVIDIA, Intel, AMD, and Microsoft [5]. Group 3: Product Development and Market Position - The company has developed a comprehensive product matrix, including four generations of GPUs, targeting various applications such as AI computing, high-performance computing, and gaming [12]. - Moore Threads' self-developed MUSA architecture allows developers to use a unified development environment across its GPU series, indicating a focus on creating a proprietary computing platform [6]. - The company is currently positioned primarily for domestic market replacement, competing directly with NVIDIA [7]. Group 4: Financial Performance - Moore Threads has shown a trend of increasing revenue, with reported revenues of 46.08 million yuan in 2022, 124 million yuan in 2023, and projected revenues of 438 million yuan in 2024 [12]. - Despite the revenue growth, the company has also reported significant net losses, which are gradually narrowing, with losses of 1.894 billion yuan in 2022 and 1.703 billion yuan in 2023 [12][14]. - The company has committed to substantial R&D investments, with expenditures of 1.116 billion yuan in 2022 and 1.334 billion yuan in 2023, representing a high ratio of R&D costs to revenue [11].