第一财经·2025-12-05 03:23Core Viewpoint - The article discusses the recent IPO of Moer Thread (688795.SH), highlighting its significant opening price increase and market valuation, while drawing parallels with the earlier IPO of Cambricon (688256.SH) and the challenges both companies face in achieving profitability in the high-end chip sector [3][10]. Financial Comparison - Both Moer Thread and Cambricon started with substantial net losses post-IPO, reflecting the high investment and long cycle nature of the chip design industry. Cambricon reported cumulative losses exceeding 1.6 billion yuan from 2017 to 2019, while Moer Thread's losses from 2022 to 2024 are projected to reach 17.03 billion yuan [6][7]. - Research and development (R&D) expenses are a significant financial characteristic for both companies. Cambricon's R&D expenses were 380.73%, 205.18%, and 122.32% of its revenue from 2017 to 2019, while Moer Thread's R&D expenses from 2022 to 2024 totaled 3.809 billion yuan, accounting for 626.03% of its revenue [7][8]. Revenue Growth - Both companies have shown rapid revenue growth, but from a low base. Cambricon's revenue grew from 7.84 million yuan to 444 million yuan from 2017 to 2019, while Moer Thread's revenue is projected to grow from 46.088 million yuan in 2022 to 438 million yuan in 2024 [8][9]. Market Expectations - The market has high expectations for Moer Thread, as evidenced by its opening day stock price surge of nearly five times, indicating a greater initial market enthusiasm compared to Cambricon [5][6]. - Despite the high valuations, the article emphasizes that achieving profitability in the chip industry is fraught with challenges, including the need for ecosystem development and customer expansion, which may take longer for Moer Thread compared to Cambricon [11][12]. Industry Insights - The article highlights the broader trend in the high-end chip design sector, where companies often undergo a phase of "losses for future gains" as they invest heavily in R&D and market positioning. This pattern is evident in both Cambricon and Moer Thread's journeys [12].