摩尔线程今日启动申购：「中国英伟达」领跑全功能GPU，正聚焦AI算力领域

Core Viewpoint - The article highlights that Moer Technology is set to become the first A-share listed company with "full-function GPU" as its core asset, marking a significant milestone in the domestic high-end AI chip sector [2][3]. Company Overview - Founded in 2020, Moer Technology focuses on the independent research and design of full-function GPUs, positioning itself as a leading player in the domestic high-end AI chip market [4]. - The company's strategic choice of "full-function GPU" distinguishes it from competitors that focus on AI computing, such as GPGPU or ASIC chips, by integrating multiple functionalities into a single chip [5]. Product and Technology - The full-function GPU integrates four major engines: AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video encoding/decoding, catering to diverse computing needs [6]. - The MUSA unified system architecture, developed by Moer Technology, serves as the technical foundation for its full-function GPUs, ensuring compatibility with mainstream ecosystems and allowing developers to migrate existing models without rewriting code [6]. - Moer Technology has launched four generations of GPU architecture chips since its inception, with the latest "Pinghu" architecture featuring 8,192 shading cores and 512 tensor cores, supporting FP8 precision and a memory bandwidth of 800 GB/s [7]. Financial Performance - In the first half of 2023, Moer Technology achieved a revenue of 702 million yuan, nearly 1.6 times its projected full-year revenue for 2024, and surpassing the total revenue from 2022 to 2024 [7]. - The company has shown a trend of narrowing losses from 2023 to 2024, indicating improved commercial conversion efficiency and initial scale effects [8]. - The revenue from AI computing products has rapidly increased, with a total of 1 billion yuan generated from 2022 to 2024, reflecting a strategic focus on the high-growth AI computing sector [8]. Market Position and Ecosystem - Moer Technology's KUAE intelligent computing cluster, based on its self-developed full-function GPU, supports interconnectivity of up to 10,240 GPUs, showcasing its capability to provide large-scale computing infrastructure [9][10]. - The company has initiated the "Moer Academy" developer program and completed compatibility certification for over a hundred domestic software solutions, enhancing its ecosystem and attracting more developers [10]. - The initiation of Moer Technology's IPO signifies a systematic valuation assessment of domestic GPU enterprises in the capital market, amidst increasing global competition for AI computing resources [11].