申购热度超摩尔线程，688802即将上市

Core Viewpoint - The market's enthusiasm for domestic GPU companies is being tested with the upcoming IPO of Muxi Co., Ltd. (688802.SH), following the impressive debut of Moer Thread (688795.SH) which saw a market capitalization of approximately 300 billion yuan on its first day [2][4]. Group 1: IPO Details - Muxi Co., Ltd. announced an IPO with a final online subscription rate of 0.03348913%, slightly lower than Moer Thread's 0.03635% [2]. - The company plans to issue 40.1 million shares at a price of 104.66 yuan per share, resulting in a market capitalization of 41.874 billion yuan post-issue [2]. - If market sentiment mirrors that of Moer Thread, Muxi's stock price could rise to approximately 595 yuan, leading to a market valuation exceeding 230 billion yuan, indicating a valuation premium of nearly 190 billion yuan [2]. Group 2: Investor Interest and Market Sentiment - Muxi Co., Ltd. has attracted significant interest from major strategic investors, including the National Artificial Intelligence Industry Investment Fund and major tech companies like JD.com and Meituan [2][5]. - The initial effective subscription multiple for Muxi was approximately 4498.38 times, surpassing Moer Thread's 4126.49 times, indicating strong investor demand [4]. - The market is highly optimistic about Muxi's potential, with discussions in investor forums suggesting that profits from a single subscription could exceed 220,000 yuan if the stock performs similarly to Moer Thread [4]. Group 3: Financial Projections and Business Model - Muxi Co., Ltd. has set a target to reach breakeven as early as 2026, providing a clearer timeline for profitability compared to Moer Thread, which has not specified a timeline [3][7]. - The company has reported significant revenue growth, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [7]. - For the first half of 2025, Muxi's revenue reached 915 million yuan, a year-on-year increase of 404.51%, with expectations of continued growth in the latter half of the year [7].