中国版“英伟达”，一股难求

Core Viewpoint - The article discusses the rise of domestic GPU companies in China, particularly focusing on Moer Thread, which is dubbed the "Chinese version of Nvidia." It highlights the significant interest in the domestic GPU market driven by the narrative of "domestic substitution" amid increasing geopolitical tensions and technological competition [3][8][29]. Group 1: Company Overview - Moer Thread is recognized as the first domestic GPU company to go public, with its stock subscription on November 24 attracting 4.82 million valid applications and a subscription multiple of 4,126 times, indicating high demand [3][6]. - The company aims to raise 8 billion yuan through its IPO, which is the largest fundraising target for a project under review on the Sci-Tech Innovation Board this year [8][9]. - Moer Thread's stock price is set at 114.28 yuan per share, making it the highest-priced IPO of the year, with an estimated market capitalization of 53.7 billion yuan upon listing [8][9]. Group 2: Market Dynamics - The global GPU market is currently dominated by Nvidia and AMD, but several Chinese companies, including Moer Thread, are emerging as competitors, forming a multi-tiered industry structure [12][13]. - The demand for domestic GPUs surged after the U.S. imposed export restrictions on Chinese tech companies, prompting a wave of entrepreneurship in the GPU sector [14][15]. - The article notes that the domestic GPU market is expected to grow significantly, with projections indicating a market size of 120 billion yuan by 2025, reflecting a 12% year-on-year growth [29]. Group 3: Performance and Challenges - Despite the promising growth, many domestic GPU companies, including Moer Thread, have faced financial difficulties, with significant losses reported in recent years [42][43]. - The article highlights that Moer Thread has not yet achieved profitability, with losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024 [42]. - The reliance on a few major clients for revenue is a concern, as over 90% of Moer Thread's revenue comes from its top five customers, primarily government projects [38][39]. Group 4: Technological Advancements - Domestic GPU companies have made strides in technology, with Moer Thread's products covering various applications from intelligent computing centers to gaming graphics cards [33][34]. - The article emphasizes the importance of software ecosystems, noting that Moer Thread has developed a software platform comparable to Nvidia's CUDA, which is crucial for attracting developers [35][36]. - However, there remains a significant gap in manufacturing processes and energy efficiency compared to Nvidia, with domestic GPUs generally having higher power consumption [35][36]. Group 5: Future Outlook - The narrative of "long-term investment" is crucial for the domestic GPU industry, as companies like Moer Thread and others are expected to continue facing challenges while striving for technological breakthroughs [41][52]. - The supportive policy environment and the potential for high growth in the AI sector provide a favorable backdrop for the continued development of domestic GPU companies [49][50].