观察 | 壁仞上市，态度分裂：普通人该不该打新？

Group 1 - The core viewpoint is that Wallran Technology is a "capital + technology" dual-driven company, with the founder's capital operation ability being a hidden advantage [56] - Wallran has raised over 9 billion RMB in financing over five years, with significant backing from top-tier VCs [7] - The company has a strong team led by founder Zhang Wen, who has successfully recruited talent from major companies like AMD and NVIDIA [9][11] Group 2 - Wallran's financial losses appear alarming, with over 6 billion RMB in losses over three and a half years, but excluding redemption liabilities, the actual loss is around 3.7 billion RMB [17][22][23] - The adjusted net loss is narrowing year by year, indicating improving cash generation capabilities [26][30] - Wallran's revenue for 2024 is projected at 337 million RMB, with a gross margin of 53% and a backlog of over 1.2 billion RMB in orders [28] Group 3 - The current market environment presents a golden opportunity for domestic GPUs, especially after the U.S. restrictions on NVIDIA products [31][32] - Wallran's BR100 chip claims to have peak performance exceeding NVIDIA's A100, and the upcoming BR166 is expected to double the performance of BR106 [36][39] - Investing in domestic GPUs is not just about current competition with NVIDIA but about the necessity of a self-sufficient computing supply chain in China [40][41] Group 4 - For ordinary investors, it is advised to remain calm regarding the initial price surge on Wallran's listing day and to consider the differences in positioning among the four major GPU companies [43][44] - Wallran is currently valued at approximately 16 billion RMB, which is relatively inexpensive compared to its peers, but investors should assess liquidity and market sentiment post-listing [45] - The significance of Wallran's listing extends beyond mere investment; it reflects a broader trend where computing power is becoming essential for AI-related businesses [52][54]