Core Viewpoint - Moore Threads has officially launched on the STAR Market, becoming the first domestic GPU stock, with an IPO price of 114.28 yuan per share and raising 8 billion yuan, marking the highest IPO price in A-shares this year and the largest IPO on the STAR Market [1][2] Company Overview - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, and has rapidly grown from a startup to one of the "Four Little Dragons" of domestic GPUs in five years [1][3] - The company focuses on the development and innovation of full-function GPUs, utilizing its self-developed MUSA architecture to achieve significant technological breakthroughs [4] Financial Performance - Moore Threads has successfully mass-produced five chips and completed four iterations of its GPU architecture, creating a diverse product matrix covering various application fields [6] - Revenue projections show significant growth, with expected revenues of 460.883 million yuan in 2022, 1.24 billion yuan in 2023, and 4.38 billion yuan in 2024, with the first half of 2024 already reaching 700 million yuan [6][8] - The company anticipates revenues of 1.218 billion to 1.498 billion yuan for the full year of 2025, representing a growth of 177.79% to 241.65% compared to 2024 [6] Market Position and Future Outlook - The AI computing products are expected to become the core products of Moore Threads, with revenue contributions of 77.63% in 2024 and 94.85% in the first half of 2025, driven by increased market demand for large model training and GPU cloud services [7] - Despite ongoing losses, with net profits projected to remain negative until at least 2027, the company is optimistic about its future trajectory following its IPO [8]
2800亿，摩尔线程IPO震撼资本市场