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科创板年内新增最大IPO融资项目拆解:摩尔线程的商业化初探
Hua Er Jie Jian Wen· 2025-07-03 13:09
Core Viewpoint - The competition for the title of "first domestic GPU stock" has begun, with major players like Moer Technology and Muxi Integrated Circuit both advancing towards IPOs, indicating a significant move towards capitalizing the domestic GPU market [1][8]. Group 1: Company Overview - Moer Technology is highlighted as the most notable player among the "four little dragons" of domestic GPUs, with a core team primarily from Nvidia [2]. - The company's MTT S80 graphics card has a single-precision floating-point performance close to Nvidia's RTX 3060, and its self-built GPU computing cluster outperforms similar foreign counterparts [2][12]. Group 2: Financial Performance - In 2024, Moer Technology's revenue reached 438 million yuan, representing a year-on-year increase of over 200% [3]. - Despite the revenue growth, the company incurred a net loss of 1.492 billion yuan due to R&D expenses of 1.359 billion yuan, although this loss has decreased by about 10% year-on-year [4]. Group 3: Fundraising and Investment Plans - Moer Technology plans to raise 8 billion yuan for the development of AI training and inference chips, graphics chips, and AI SoC chips, marking the largest fundraising scale among new IPO projects on the Sci-Tech Innovation Board this year [5][6]. Group 4: Product Strategy and Market Position - Moer Technology's product lineup includes AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC, catering to government, enterprise, and individual consumer needs [9]. - The AI computing products generated 336 million yuan in revenue in 2024, accounting for over 70% of total revenue, benefiting from the rapid growth in demand for large model training and inference deployment [11][12]. Group 5: Competitive Landscape - Moer Technology's revenue in 2024 was only about 60% of Muxi Integrated Circuit's revenue, indicating a competitive challenge [18]. - The company is shifting its strategy to focus more on professional graphics acceleration and AI computing products, as its consumer-grade products have struggled in a competitive market [20][21]. Group 6: Future Outlook - The management anticipates that Moer Technology could achieve profitability as early as 2027, with 440 million yuan in sales contracts already in progress [23][24].
拟募资80亿元!摩尔线程IPO获受理,系科创板年内最大IPO
Bei Jing Shang Bao· 2025-06-30 13:26
Core Viewpoint - Moer Technology is set to become the largest IPO on the Sci-Tech Innovation Board this year, focusing on GPU development and related products, with plans to raise approximately 8 billion yuan for various AI and chip development projects [1][2] Group 1: Company Overview - Moer Technology specializes in the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company was established in 2020 and has developed a fully functional GPU as its core product [1] Group 2: Financial Performance - The company has shown steady revenue growth, with projected revenues of approximately 46.09 million yuan, 124 million yuan, and 438 million yuan for the years 2022, 2023, and 2024 respectively [1] - Corresponding net profits are projected to be approximately -1.84 billion yuan, -1.67 billion yuan, and -1.49 billion yuan for the same years, indicating a reduction in losses [1] Group 3: R&D Investment - Moer Technology maintains a high R&D expenditure ratio, with rates of 2422.51%, 1076.31%, and 309.88% for the years 2022, 2023, and 2024 respectively [2] Group 4: Ownership Structure - As of the signing date of the prospectus, Moer Technology does not have a single shareholder holding more than 30% of the shares, and there is no controlling shareholder [2] - Zhang Jianzhong directly holds 11.06% of the shares and, through agreements with other platforms, controls a total of 36.36% of the shares, making him the actual controller of the company [2]