Investment Rating - The report maintains a positive outlook on the domestic AI chip industry, particularly highlighting the advancements of leading companies such as Huawei, Cambricon, and Moore Threads [4]. Core Insights - The domestic AI computing industry is undergoing significant changes in both supply and demand, with a rapid increase in Token consumption driving AI capital expenditure growth [14][5]. - Moore Threads, founded in 2020, focuses on the development of fully functional GPU chips and has a strong team with backgrounds from NVIDIA, positioning itself as a leading player in the domestic AI chip market [4][25]. - The company's products are designed to meet diverse computing needs, integrating AI acceleration, graphics rendering, and other capabilities into a single GPU chip [38][25]. Summary by Sections 1. Domestic AI Chip Industry - The domestic AI Token consumption has increased by 300 times over 1.5 years, with daily consumption surpassing 30 trillion by mid-2025 [14]. - Major internet companies are significantly increasing their AI-related capital expenditures, with Alibaba's projected spending exceeding 380 billion over three years [15][19]. 2. Moore Threads: Ecosystem, Architecture, and Clusters - Moore Threads has launched four generations of GPU architectures, covering AI computing, cloud computing, and personal computing [25][38]. - The company’s AI computing products are primarily delivered in cluster form, with significant revenue growth expected from AI computing cards starting in 2024 [49][50]. 3. Company Positioning and Product Development - Moore Threads' products are positioned as fully functional GPUs, supporting various computing precisions to cater to different application scenarios [38][39]. - The company has a robust product matrix that includes AI computing cards, professional graphics acceleration products, and desktop graphics cards [26][39]. 4. Competitive Landscape - The leading domestic AI chip manufacturers include Huawei, Cambricon, and Moore Threads, with their latest products nearing NVIDIA's H100 performance levels [4][19]. - The report emphasizes the importance of software ecosystems and interconnectivity protocols being developed by companies like Huawei and Haiguang to enhance the overall AI chip ecosystem [6][7]. 5. Financial Performance and Projections - Moore Threads is expected to achieve significant revenue growth, with total revenue projected to reach 7.01 billion in the first half of 2025, a 60% increase from the previous year [42][43]. - The company maintains a stable gross margin of around 70%, with expectations of turning profitable as AI computing cards gain market traction [43][44].
摩尔线程：生态、架构、集群
Shenwan Hongyuan Securities·2025-10-10 10:42