“国产GPU第一股”来了！市值突破3000亿

Core Viewpoint - The successful IPO of Moore Threads marks a significant milestone as it becomes the first domestic GPU company listed on the Sci-Tech Innovation Board, reflecting strong market interest and potential in the GPU sector [2][5]. Company Overview - Moore Threads was founded in 2020 and has quickly established itself in the GPU market, aiming to provide high-performance computing solutions for AI, digital twins, and scientific calculations [7][8]. - The company has developed a product matrix that includes multiple generations of GPUs, covering various applications such as AI computing, graphics rendering, and consumer entertainment [13]. IPO Details - Moore Threads was listed on December 5, with an opening price of 650 CNY per share, leading to a market capitalization of 305.5 billion CNY. The stock price later adjusted to 585 CNY, reflecting a 411.9% increase from the issue price [2][3]. - The IPO raised a net amount of 8 billion CNY, marking the largest scale for a Sci-Tech Innovation Board IPO in the past two years [3][4]. Financial Performance - The company reported revenues of 46.08 million CNY in 2022, with projections of 124 million CNY in 2023 and 438 million CNY in 2024, indicating a growth trend. However, net losses were recorded at 1.894 billion CNY in 2022, with expectations of narrowing losses in subsequent years [14][15]. - Moore Threads anticipates achieving profitability by 2027, supported by a commitment from its major shareholders to extend their lock-up period if profitability is not realized [14][16]. Market Position and Strategy - The company is positioned to compete directly with NVIDIA, leveraging its founder's experience in the GPU market to build a robust ecosystem around its products [6][8]. - Moore Threads aims to create a unified development environment through its self-developed MUSA architecture, which allows developers to work across its entire GPU product line [8]. Investment and Valuation - Prior to its IPO, Moore Threads attracted significant investment from various institutions, achieving a valuation exceeding 10 billion USD within 100 days of its establishment [9][10]. - The company has seen substantial returns for early investors, with some institutions reportedly making over 10 billion CNY from their investments [10][12].