摩尔线程上市首日“高开高走、随后回调”

Core Viewpoint - The listing of Moer Thread (688795.SH), the first domestic GPU company, on December 5 saw a remarkable first-day surge of 468.78%, reflecting strong market confidence in China's high-end chip development and the demand for domestic computing power [1][3]. Group 1: Listing Performance - Moer Thread's total share capital is approximately 47.00282 million shares, with 70 million shares issued in the IPO, all being new shares [2]. - On the first trading day, the stock opened at a peak of 688 yuan per share but closed at 600.5 yuan, resulting in a cumulative increase of 425.46% [2][3]. - The company’s chairman, Zhang Jianzhong, earned approximately 120 million yuan through the strategic placement, although the shares are locked for 12 months [2]. Group 2: Subscription Frenzy - The subscription for Moer Thread was extremely popular, with 4.8266 million investors participating and effective subscriptions reaching 46.217 billion shares, leading to a final issue price of 114.28 yuan per share, the highest this year [4][5]. - The offline market was also robust, with 267 institutions participating and a subscription multiple of 1572 times [4]. - The core drivers of this subscription enthusiasm were identified as "scarcity, hard power, and policy support" [5]. Group 3: Company Financials - Moer Thread is currently in a loss-making state, but the losses are decreasing year by year, with a projected revenue of 4.38 billion yuan in 2024 and a net loss of 1.618 billion yuan [6][7]. - The company has shown significant revenue growth, with a compound annual growth rate of 208.44% over the past three years [6]. - The gross margin has reached 69%, indicating competitive product strength, and the domestic AI chip market is expected to exceed one trillion yuan [8]. Group 4: Future Outlook - The company's ability to achieve its revenue targets and potentially turn profitable by 2026 will be crucial for its valuation [7]. - The development of its ecosystem and the ability to attract developers will determine its long-term competitiveness [7]. - Continued investment in chip R&D and ecosystem building is essential for Moer Thread to capitalize on the market opportunity and achieve profitability by around 2027 [8].