首日大涨468.78%，中国“英伟达”被抢疯了

Core Viewpoint - The article discusses the recent IPOs of two Chinese GPU companies, Moer Technology and Nuxi, highlighting their market reception and potential investment opportunities in the context of the AI and GPU sectors [5][10]. Group 1: Moer Technology's IPO - Moer Technology's IPO was highly sought after, with a final subscription rate of only 0.036%, indicating strong investor interest [6]. - On its first trading day, Moer Technology's stock surged by 468.78% [7]. - The company is perceived positively due to the rapid approval process, taking only 122 days from acceptance to registration, which sets a record for the Sci-Tech Innovation Board [8]. - The pricing of Moer Technology's shares at 114.28 yuan reflects a price-to-sales (PS) ratio of approximately 38 times based on projected revenues of 1.4 billion yuan in 2025, which is considered attractive compared to competitors [9]. - The current structural bull market and the profitability of the AI sector have led to heightened interest in GPU technology [9]. Group 2: Nuxi's IPO and Market Dynamics - Nuxi, another domestic GPU manufacturer, has also seen significant interest, with a subscription multiple of 2227.6 times, surpassing Moer Technology's 1600 times [10]. - Nuxi's strategy focuses on rapid commercialization in the training and inference segment, while Moer Technology aims for a full-stack GPU approach [12][14]. - Nuxi's revenue is projected to grow significantly, from 430,000 yuan in 2022 to 743 million yuan in 2024, indicating a strong growth trajectory [16]. Group 3: Comparative Analysis - Moer Technology is likened to NVIDIA, while Nuxi is compared to AMD, reflecting their respective market positions and technological focuses [12]. - Moer Technology's full-stack approach allows it to cater to both AI and consumer gaming markets, enhancing its competitive edge [13][17]. - Nuxi's focus on specific applications may limit its market scope compared to Moer Technology's broader strategy [19]. Group 4: Financial Performance and Valuation - Both companies are currently unprofitable, with Nuxi projected to incur losses of approximately 3.057 billion yuan over three years [22]. - Moer Technology's revenue is expected to reach between 1.218 billion and 1.498 billion yuan in 2025, with a growth rate of 177.79% to 241.65% [27]. - The article suggests that Moer Technology's future market value could reach 856.68 billion yuan based on a PS ratio of 33 times, while Nuxi's valuation may be around 656.73 billion yuan at a PS ratio of 23 times [28][29]. Group 5: Market Sentiment and Future Outlook - Moer Technology's stock performance has exceeded expectations, with a market capitalization reaching around 300 billion yuan on its first day [30]. - The article emphasizes the importance of the upcoming years (2026 and 2027) for both companies, as their performance will determine the shift from a PS-based valuation to a PE-based valuation [32].