格林布拉特在2005年出版了《股市稳赚》一书，将自己的投资经验浓缩为一个简单易懂的"神奇公式"： 从资产收益率高和市盈率低的综合排名中，选择前20-30只股票，形成一个组合，分别买入并持有一年 后卖出。这个公式完全遵从价值投资的本质：用便宜的价格买入好企业。 格林布拉特使用的是EBIT（息税前收益）/EV（市值+净有息负债），得出的结果是一个百分比，他称 之为收益率。可以这样解释，EV代表买下这个企业的总付出（即总市值加上买下企业后需要承担的原 有的债务）。这个百分比说明了这个生意目前买下来，能够给我们带来什么样的回报率。为什么不用 PE（每股收益/股价，或净利润/市值）？因为PE中间关键的每股收益或是净利润，不如息税前收益更能 说明企业总体盈利能力。 多数投资者倾向于通过看PE的高低判断股价的高低，但其实PE的倒数更能说明问题。举例来说，20倍 PE，其倒数为5％，即这只股票的收益率为5％，收回成本要20年。而10倍PE的收益率为10％，收回成 本为10年。10倍PE的收益率已经高于国债长期收益率5％达两倍，股票当然是便宜了。 什么是好企业？ 乔尔·格林布拉特认为，好企业就是资本回报率高（ROIC）的企业。 ...

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].

Core Viewpoint - The news highlights the significant market interest in the IPOs of two Chinese GPU companies, Moer Technology and Nuxi, with Moer Technology's stock surging 468.78% on its debut, reflecting strong investor confidence in the AI and GPU sectors [3][26]. Group 1: Moer Technology's IPO - Moer Technology's IPO saw a subscription frenzy, with a final winning rate of only 0.036%, attracting approximately 4.83 million investors [2]. - The company set a record for the fastest registration on the Sci-Tech Innovation Board, completing the process in just 122 days, which is seen as a positive signal from regulators [4]. - The IPO price of 114.28 yuan is considered attractive compared to its projected revenue of 1.4 billion yuan in 2025, resulting in a price-to-sales (PS) ratio of about 38 times, which is lower than competitors like Cambricon [4][25]. Group 2: Nuxi's IPO - Nuxi's initial inquiry showed strong demand, with 288 institutional investors submitting bids for a total of 57.17 billion shares, resulting in a subscription multiple of 2227.6 times, surpassing Moer Technology's 1600 times [6]. - Nuxi aims to quickly commercialize its training and inference products, focusing on a narrower market segment compared to Moer Technology's broader full-stack approach [10][11]. Group 3: Comparison of Business Models - Moer Technology aims to be the "NVIDIA of China," focusing on a full-stack GPU approach, while Nuxi is likened to "AMD," concentrating on training and inference [7][8]. - Moer Technology's full-stack strategy allows it to cater to both AI and consumer gaming markets, enhancing its market appeal [9][12]. - Nuxi's strategy is driven by the need for rapid commercialization due to shareholder pressure, which may limit its long-term growth potential compared to Moer Technology [10][11]. Group 4: Financial Performance and Valuation - Both companies are currently unprofitable, with Nuxi projected to lose approximately 3.06 billion yuan over three years, while Moer Technology is also expected to face similar losses [19]. - Moer Technology's revenue is forecasted to grow significantly, with estimates of 1.22 billion to 1.50 billion yuan in 2025, while Nuxi is expected to reach 2.84 billion yuan in the same year [25]. - The market is currently valuing these companies based on future potential rather than current earnings, with Moer Technology's market cap expected to reach 856.68 billion yuan based on a PS ratio of 33 times [25][22]. Group 5: Market Sentiment and Future Outlook - The strong debut of Moer Technology is expected to create a positive sentiment for Nuxi's upcoming IPO, potentially leading to a higher valuation for Nuxi [28]. - Investors are advised to focus on the critical years of 2026 and 2027, as the performance of both companies during this period will determine their long-term viability and valuation metrics [28].