“中国版英伟达”，发行价定了

Core Viewpoint - The article discusses the initial public offering (IPO) of Moore Threads, with the share price set at 114.28 yuan, leading to a market capitalization of approximately 53.715 billion yuan at the time of listing [2]. Group 1: IPO Details - Moore Threads announced an IPO price of 114.28 yuan per share, resulting in a market value of about 53.715 billion yuan upon listing [2]. - The expected total fundraising amount is approximately 7.9996 billion yuan, with a net amount of around 7.5761 billion yuan after deducting issuance costs [2]. Group 2: Financial Performance and Projections - As of the announcement date of the prospectus, Moore Threads has not yet achieved profitability. If the company remains unprofitable at the time of listing, it will be classified under the Sci-Tech Innovation Board's growth tier [4]. - The projected revenue for Moore Threads in 2024 is 438 million yuan. From 2022 to 2024, the total R&D investment is expected to be 3.81 billion yuan, which is approximately 626.03% of the cumulative revenue over the last three years [5]. - The company meets the listing standards outlined in the prospectus, which require a minimum market value of 1.5 billion yuan, annual revenue of at least 200 million yuan, and R&D investment constituting no less than 15% of cumulative revenue over the last three years [5]. Group 3: Valuation Metrics - The IPO price of 114.28 yuan per share corresponds to a diluted static price-to-sales (P/S) ratio of 122.51 times for 2024, which is higher than the average P/S ratio of comparable companies in the industry [5]. - Comparisons with other companies show that Moore Threads' P/S ratio is significantly higher than that of peers, indicating potential risks of stock price decline for investors [5].