摩尔线程（688795）：新股覆盖研究

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned for significant growth in the GPU market. Core Insights - The company, Moer Thread (688795.SH), focuses on the research, design, and sales of GPUs and related products, with projected revenues increasing significantly from 0.46 billion in 2022 to 4.38 billion in 2024, and an expected revenue of 12.18 billion to 14.98 billion in 2025, indicating a strong growth trajectory [2][8][36]. - The company has developed a proprietary MUSA architecture that enhances its GPU capabilities, allowing for greater versatility and performance in AI computing, which is crucial for the rapidly expanding AI market [30][32]. - The global GPU market is projected to grow from 1.05 trillion in 2024 to 3.61 trillion by 2029, highlighting the strategic importance of domestic GPU production in China [20][32]. Summary by Sections Basic Financial Status - The company achieved revenues of 0.46 billion, 1.24 billion, and 4.38 billion for the years 2022, 2023, and 2024 respectively, with year-over-year growth rates of 169.01% and 253.65% for 2023 and 2024 [8][4]. - The net profit attributable to the parent company was -18.94 billion, -17.03 billion, and -16.18 billion for the same years, with a slight improvement in the loss margin [8][4]. Industry Situation - The GPU industry is experiencing rapid growth, with the market size in China expected to increase from 384.77 billion in 2020 to 1,638.17 billion by 2024, driven by the demand for AI computing [20][24]. - The AI computing GPU market is projected to grow at a compound annual growth rate (CAGR) of 62.5%, reaching 996.72 billion by 2024 [20][24]. Company Highlights - The company is one of the few in China with full GPU development capabilities, leveraging the expertise of its management team, which includes former executives from NVIDIA and AMD [30][32]. - The company has successfully developed and mass-produced four generations of GPUs, achieving performance metrics that are competitive with international standards [30][32]. Fundraising Project Investments - The company plans to invest in three key projects through its IPO, focusing on the development of next-generation AI training and inference chips, graphics chips, and AISoC chips, with a total fundraising target of 800 million [34][36]. Peer Comparison - In 2024, the company is expected to generate 4.38 billion in revenue, which is below the average revenue of comparable companies in the industry, which stands at 28.87 billion [37][39].