Core Insights - The company Moer Thread (688795.SH) has been listed on the STAR Market, achieving a maximum intraday increase of 502.03% and a total market capitalization exceeding 300 billion yuan [1] - Moer Thread is regarded as the "first domestic GPU stock" and has attracted significant attention since its issuance, with an issue price of 114.28 yuan per share and a potential profit of approximately 286,900 yuan for a single subscription of 500 shares at the peak price of 688 yuan [1] Company Overview - Moer Thread was established in 2020 and focuses on the research, design, and sales of GPUs and related products, emphasizing high-performance computing fields such as AI, digital twins, and scientific computing [1] - The company is the only domestic entity to achieve mass production of full-function GPUs, setting a record of 88 days from acceptance to approval on the STAR Market [1] Subscription and Issuance Details - The subscription data revealed that there were 4.8266 million valid subscription accounts, with a total of 46.217 billion shares applied for [3] - After the allocation mechanism was activated, the final number of shares issued online was 16.8 million, with a final subscription rate of approximately 0.0364%, indicating that fewer than 4 out of every 10,000 investors were successful in their applications [3] - Institutional investors actively participated, with offline investors subscribing for 39.2 million shares, amounting to 4.48 billion yuan, and no offline subscriptions were abandoned [3] Private and Public Fund Participation - A total of 113 private equity firms participated in the offline subscription, acquiring 501,700 shares worth approximately 57.34 million yuan [4] - Among public funds, 94 firms participated, acquiring 22.7406 million shares valued at 2.599 billion yuan, with eight public fund products exceeding 100 million yuan in allocation [4] Market Potential and Growth - The GPU market is expected to experience rapid growth, with the AI chip market in China projected to increase from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, reflecting a compound annual growth rate of 53.7% [6] - The GPU market share is anticipated to rise from 69.9% in 2024 to 77.3% in 2029, indicating a significant growth trajectory [6] - Moer Thread's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, although the company is currently operating at a loss [6][7] Business Segments - Moer Thread's main business segments include AI computing, professional graphics acceleration, and desktop graphics acceleration, with AI computing expected to become a key growth driver starting in 2024 [7] - In the first half of 2025, AI computing revenue reached 666 million yuan, accounting for 94.85% of total revenue [7] Fundraising Purpose - The funds raised will be allocated to the development of new generation self-controlled AI training and inference chips, new generation self-controlled graphics chips, and new generation self-controlled AI SoC chips, as well as to supplement working capital [7]
摩尔线程上市首日“飙”涨，中一签可赚超28万