Core Viewpoint - The capital market's unprecedented enthusiasm for computing power concepts is exemplified by the explosive debut of Moole Thread on the STAR Market, with a first-day opening price of 650 CNY per share, leading to a market capitalization of 305.5 billion CNY, marking a 468.78% increase from its issuance price [1][5] Company Overview - Moole Thread is often referred to as the "Chinese version of NVIDIA" and is recognized as the "first stock of general-purpose GPU in China," attracting significant market speculation [1][5] - The company has accumulated losses of nearly 6 billion CNY over three years and relies heavily on external funding [1][5] Market Positioning - The core logic behind market optimism for Moole Thread lies in its strategic rarity in the domestic general-purpose computing sector, which is a key reason for its comparison to NVIDIA [1][5] - The company has a full-stack self-research technology route, with capabilities from architecture definition to packaging and testing, and has developed a series of GPU architectures [2][5] Product Development - Moole Thread has launched four generations of GPU architectures, with the latest "Pinghu" achieving an FP32 Vector computing power of 32T, surpassing NVIDIA's A100 but below the H100 [2][5] - The company has made significant breakthroughs in cutting-edge technologies such as FP8 efficient computing, positioning itself among the few domestic manufacturers with such capabilities [2][5] Business Model - The company adopts a Fabless model, focusing on the research, design, and sales of GPU chips while outsourcing manufacturing and packaging to specialized firms, optimizing operational and capital efficiency [3][5] Financial Performance - Moole Thread has shown rapid revenue growth, with projected revenues of 0.46 billion CNY in 2022, 1.24 billion CNY in 2023, and expected revenues of 4.38 billion CNY and 7.85 billion CNY in the first three quarters of 2024 [6][8] - The company’s gross margin has improved significantly, from -70% in 2022 to 61.9% in the first three quarters of 2025, indicating the emergence of scale effects [9][10] Market Potential - The AI chip market in China is projected to reach 1.33 trillion CNY by 2029, with GPUs expected to account for 77.3% of this market [15][18] - The geopolitical risks have created historic opportunities for domestic companies, with predictions that local AI chip suppliers will capture 55% of the market by 2027 [15][18] Valuation and Risks - The market has priced in high expectations for Moole Thread's future growth, with a market capitalization that reflects a significant premium based on anticipated performance [19][20] - The company faces challenges such as profitability uncertainty, reliance on external funding, and a competitive landscape that has intensified with the entry of major players [23][24]
摩尔线程，冲得越高盘得越久