摩尔线程被抢疯了，国产GPU第二个“寒王”诞生？

Core Viewpoint - Investors are betting not on the current profitability of Moore Threads but on the potential reflection of Nvidia's trillion-dollar market value in the domestic market [5][21]. Group 1: Company Overview - Moore Threads officially opened subscription on the Sci-Tech Innovation Board on November 24, with an issue price of 114.28 yuan per share, making it the "most expensive new stock of the year" [6]. - The company achieved a market capitalization of 53.7 billion yuan, setting multiple records on the Sci-Tech Innovation Board, indicating strong investor confidence in the "first domestic GPU stock" [6]. - The IPO process was remarkably fast, taking just over 100 days from acceptance to public offering [8]. Group 2: Financial Performance - According to the prospectus, Moore Threads is projected to achieve a revenue of 438 million yuan in 2024, with explosive growth expected to reach 702 million yuan in the first half of 2025 [12]. - The gross margin is expected to rebound significantly to around 70% in 2024, indicating that its core products have successfully established a commercial loop [12]. - The online issuance had a final winning rate of 0.03635054%, with 4.8266 million investors participating, and the offline subscription was oversubscribed by approximately 1600 times, raising a total of 8 billion yuan [12]. Group 3: Market Context - Since 2019, U.S. technology sanctions have intensified, particularly in the high-end GPU sector, leading to a shortage of chips in domestic AI, cloud computing, and autonomous driving industries [13]. - The emergence of domestic GPU companies like Moore Threads has attracted top talent from international firms such as Nvidia and AMD [13]. - The year 2020 is regarded as the "year of domestic GPUs," with significant investment activity and a high capital threshold for chip development [16]. Group 4: Competitive Landscape - Moore Threads is compared to Cambricon, another domestic AI chip pioneer, with both facing challenges related to R&D investment and profitability [18]. - Despite revenue growth, Moore Threads is expected to incur a net loss of approximately 270 million yuan in the first half of 2025 due to high R&D expenditures [18]. - The company faces competition in building a software ecosystem, which is crucial for success in the GPU market, as Nvidia has a well-established CUDA ecosystem [20]. Group 5: Future Outlook - The market is optimistic about Moore Threads' potential to replicate or even surpass the success of Cambricon, with the 53.7 billion yuan market cap seen as just the starting point [21]. - The listing of Moore Threads signifies a transition for domestic GPUs from the "PPT financing" era to a phase where they are tested in the secondary market [21].