Core Viewpoint - The initial public offering (IPO) of Moer Thread, priced at 114.28 yuan per share, has raised concerns due to its high price-to-sales ratio compared to industry peers, indicating potential risks for investors [1] Group 1: Company Overview - Moer Thread's total market capitalization at listing is 53.715 billion yuan, with a projected diluted price-to-sales ratio of 122.51 times for 2024, significantly higher than its comparable companies [1] - The company reported a loss of 1.492 billion yuan in the previous year and 271 million yuan in the first half of this year [4] - Moer Thread's revenue for the previous year was 438 million yuan, which is comparable to its peer Jingjiawei, which reported 466 million yuan [4] Group 2: Comparable Companies - Comparable companies listed include Nvidia, AMD, Qualcomm, and domestic firms such as Haiguang Information, Cambrian, and Jingjiawei, with Nvidia having a price-to-sales ratio of 34.73 times, AMD at 14.11 times, and Qualcomm at 4.57 times [1][3] - Haiguang Information and Cambrian reported revenues of 9.162 billion yuan and 1.174 billion yuan respectively, with Cambrian achieving profitability in the last quarter of the previous year [4] - The average price-to-sales ratio of the three overseas companies is 111.23 times, while Moer Thread and Cambrian exceed this average [4] Group 3: Market Context - The AI chip market is experiencing increased demand, with Moer Thread focusing on GPU and related products for AI, cloud, and data center applications [5] - The competitive landscape is challenging, with Nvidia holding over 80% of the global market share, indicating a duopoly with AMD in the AI chip sector [7] - Moer Thread's third-quarter loss expanded to 453 million yuan, reflecting ongoing financial challenges in a competitive market [7]

2025.11.24 本文字数：1690，阅读时长大约4分钟 作者 |第一财经 郑栩彤 作为年内发行价最高的新股，"百元股"摩尔线程今日开始申购，投资者中一签需要缴纳57140元。 若按114.28元/股的发行价测算，摩尔线程上市时的总市值达到537.15亿元。不过，摩尔线程此前在公告 中也提醒，本次发行价对应的公司2024年摊薄后静态市销率为122.51倍，高于同行业可比公司2024年静 态市销率平均水平，存在未来发行人股价下跌给投资者带来损失的风险。 摩尔线程列出的主营业务及经营模式相近的可比上市公司，包括海外公司英伟达、AMD、高通，以及 国内的海光信息、寒武纪、景嘉微。其中，截至11月19日，英伟达、AMD、高通的市销率分别为34.73 倍、14.11倍、4.57倍。 | 证券代码 | 证券简称 | T-3 日股票收 | 市值 | 2024 年营业收 | 对应市销率 | | --- | --- | --- | --- | --- | --- | | | | 盘价(元/股) | (亿元) | 入(亿元) | (倍) | | 688041.SH | 海光信息 | 213.03 | 4,951.54 | 9 ...

2025.11. 24 若按114.28元/股的发行价测算，摩尔线程上市时的总市值达到537.15亿元。不过，摩尔线程此前 在公告中也提醒，本次发行价对应的公司2024年摊薄后静态市销率为122.51倍，高于同行业可比公 司2024年静态市销率平均水平，存在未来发行人股价下跌给投资者带来损失的风险。 摩尔线程列出的主营业务及经营模式相近的可比上市公司，包括海外公司英伟达、AMD、高通，以 及国内的海光信息、寒武纪、景嘉微。其中，截至11月19日，英伟达、AMD、高通的市销率分别为 34.73倍、14.11倍、4.57倍。 | 证券代码 | 证券简称 | T-3 日股票收 | 市值 | 2024 年营业收 | 对应市销率 | | --- | --- | --- | --- | --- | --- | | | | 盘价(元/股) | (亿元) | 入(亿元) | (倍) | | 688041.SH | 海光信息 | 213.03 | 4.951.54 | 91.62 | 54.04 | | 688256.SH | 寒武纪 | 1,332.00 | 5,616.85 | 11.74 | 478.25 | | 300 ...

AI芯片基本形成由英伟达和AMD组成的"一超一强"寡头垄断格局，市场竞争激烈。 作为年内发行价最高的新股，"百元股"摩尔线程今日开始申购，投资者中一签需要缴纳57140元。 若按114.28元/股的发行价测算，摩尔线程上市时的总市值达到537.15亿元。不过，摩尔线程此前在公告中也提醒，本次发行价对应的公司2024年摊薄后静态 市销率为122.51倍，高于同行业可比公司2024年静态市销率平均水平，存在未来发行人股价下跌给投资者带来损失的风险。 摩尔线程列出的主营业务及经营模式相近的可比上市公司，包括海外公司英伟达、AMD、高通，以及国内的海光信息、寒武纪、景嘉微。其中，截至11月 19日，英伟达、AMD、高通的市销率分别为34.73倍、14.11倍、4.57倍。 | 证券代码 | 证券简称 | T-3 日股票收 | 市值 | 2024 年营业收 | 对应市销率 | | --- | --- | --- | --- | --- | --- | | | | 盘价(元/股) | (亿元) | 入(亿元) | (倍) | | 688041.SH | 海光信息 | 213.03 | 4,951.54 | 91.62 | ...

Core Insights - The "2025 Photonic Organization Inner Mongolia Summit" was held in Hohhot, focusing on the development of AI and computing power in Inner Mongolia [1][3] - The summit emphasized the importance of building a domestic computing power ecosystem to support high-quality development in the AI industry [3][4] Group 1: Event Overview - The summit featured key leaders from the Inner Mongolia government and the Photonic Organization, highlighting the collaboration between public and private sectors [1][5] - The event included the unveiling of the "Inner Mongolia Innovation Center" and the "Inner Mongolia AI Large Model Ecological Innovation Center," aimed at promoting localized AI applications [3][4] Group 2: Industry Developments - The Photonic Organization has gathered over 6,000 ecosystem partners since its inception, focusing on collaborative innovation in domestic computing technology [3] - The establishment of the "Zhilian Inner Mongolia·Haiguang AI Ecological Innovation Alliance" aims to enhance the cohesion and sustainability of the domestic computing ecosystem [4] Group 3: Strategic Initiatives - The Inner Mongolia government is leveraging the "East Data West Computing" strategy to enhance its computing power, algorithms, and data capabilities [3] - Haiguang Information is accelerating its strategic layout in Inner Mongolia, integrating AI and computing infrastructure to support the digital transformation of the region [4]

Core Insights - Yingstone Innovation reported a significant increase in R&D investment, exceeding 1 billion yuan in the first three quarters, surpassing its total profit for the previous year, which was 999.5 million yuan in 2024 [1] - The Sci-Tech Innovation Board, where Yingstone was listed, focuses on supporting high-tech industries and companies with strong technological innovation and stable business models [1] R&D Investment Trends - Among 35 companies on the ChiNext board with a net profit over 500 million yuan last year, 10 companies reported R&D investments exceeding their entire net profit from the previous year [2] - 22 companies had R&D expenses accounting for over 10% of their revenue, with 9 of those exceeding 20% [2] Leading Companies in R&D Investment - The top five companies in R&D investment for the first three quarters include Haiguang Information, Zhongwei Company, Transsion Holdings, United Imaging Healthcare, and Baile Tianheng, with the first three being in the electronics sector, particularly in semiconductor chip design and manufacturing [4][6] - Haiguang Information led with an R&D investment of 2.935 billion yuan, representing 30.92% of its revenue, and its net profit reached 1.961 billion yuan in the first three quarters, exceeding its total profit from the previous year [6] Biopharmaceutical Sector Insights - Baile Tianheng, a biopharmaceutical company, reported an R&D investment of 1.772 billion yuan, a 90.23% increase year-on-year, accounting for 85.79% of its revenue [8] - Despite high R&D spending, Baile Tianheng's revenue dropped by 63.52% to 2.066 billion yuan, resulting in a net loss of 495 million yuan [8] Semiconductor Industry Focus - Several companies, including Jinghe Integrated, Zhongwei Company, and Haiguang Information, have made "All in" investments in R&D, with their expenditures surpassing last year's net profits [10] - Jinghe Integrated's R&D investment reached 1.079 billion yuan, more than double its previous year's net profit, while Zhongwei Company invested 2.523 billion yuan, 156% of its last year's net profit [12] Digital Chip Design Developments - Companies like Fudan Microelectronics and Amlogic have also invested heavily in R&D, exceeding their previous year's net profits [13] - The focus on artificial intelligence and high-performance computing is driving significant growth in the semiconductor sector, with a strong emphasis on domestic production and technological independence [13]

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% from the current price [3][11]. Core Insights - The company reported a revenue of 9.49 billion RMB for the first three quarters of 2025, representing a year-on-year growth of 54.7%. The net profit attributable to shareholders was 1.96 billion RMB, up 28.6% year-on-year [8]. - The third quarter saw a revenue of 4.03 billion RMB, with a year-on-year growth of 69.6%, although profit performance was slightly below expectations due to a decline in gross margin [8]. - The company is optimistic about future performance, driven by the rapid growth of its DCU products and a favorable market environment for domestic computing power due to trade conflicts [8]. Summary by Sections Company Overview - The company operates in the communication industry, with a current A-share price of 228.25 RMB and a market capitalization of 530.53 billion RMB [2]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 60.03%, which is a decline of 8.9 percentage points year-on-year. The increase in sales expenses to 3.18% also impacted profitability [8]. - The company expects net profits for 2025 to reach 3.20 billion RMB, with a year-on-year growth of 65.81% [10]. Product Portfolio - The company's product mix is heavily weighted towards high-end processors, accounting for 99.92% of its offerings, with technical services making up the remaining 0.08% [4]. Market Outlook - The report highlights the potential for growth in the CPU and DCU product lines, driven by the "信创+AI" initiative and increasing domestic demand for computing power due to geopolitical factors [8].

Macro Strategy - The report discusses the potential benefits of monetary policy easing, such as interest rate cuts, on equity assets, emphasizing that investor expectations for future corporate profits may be more critical than discount rates in DCF models [1][9] - It highlights that if monetary easing coincides with improved profit expectations and economic recovery, equity markets may perform better despite a bearish bond market [1][9] - Defensive stocks are likely to benefit more from monetary easing compared to growth stocks, which require specific conditions to see direct benefits [1][9] Company Analysis High Energy Environment (603588) - The company reported a significant increase in non-recurring profit by 29% in Q3 2025, driven by rising metal prices and improved operational efficiency [3][13] - Revenue for the first three quarters of 2025 was 10.16 billion yuan, a decrease of 11.28% year-on-year, while net profit reached 646 million yuan, an increase of 15.18% [3][13] - The forecast for net profit from 2025 to 2027 is set at 800 million, 910 million, and 1.05 billion yuan, with corresponding PE ratios of 14.5, 12.8, and 11.1 [3][13] Fuan Energy (002911) - The company’s revenue for the first three quarters of 2025 was 23.501 billion yuan, a year-on-year increase of 5.38%, with net profit reaching 490 million yuan, up 6.07% [4][14] - The company plans to maintain a dividend payout ratio of no less than 65% from 2025 to 2027, ensuring shareholder returns [4][14] - The forecast for net profit from 2025 to 2027 is 872 million, 922 million, and 976 million yuan, with PE ratios of 19.3, 18.2, and 17.2 [4][14] Minshida (920394) - The company reported a 38% year-on-year increase in non-recurring profit for the first three quarters of 2025, with revenue of 343 million yuan, a 21.77% increase [5][16] - The sales gross margin improved to 40.37%, reflecting strong operational performance [5][16] - The forecast for net profit from 2025 to 2027 is 134 million, 171 million, and 216 million yuan, with PE ratios of 45, 35, and 28 [5][16] 361 Degrees (01361.HK) - The company experienced a 10% increase in offline sales for its main brand and children's clothing, with a 20% increase in e-commerce sales [7][18] - The forecast for net profit from 2025 to 2027 is 1.3 billion, 1.46 billion, and 1.62 billion yuan, with low PE ratios of 8 for all three years [7][18] Haiguang Information (688041) - The company reported a revenue of 9.49 billion yuan for the first three quarters of 2025, a year-on-year increase of 54.65%, with a net profit of 1.961 billion yuan, up 28.56% [8][19] - The company is positioned to benefit from the growing demand for AI applications and has a comprehensive product matrix in the GPU sector [8][19] - The forecast for net profit from 2025 to 2027 is adjusted to 3.116 billion, 4.617 billion, and 6.529 billion yuan [8][19]

Group 1 - The report highlights the strategic acquisition of Venator UK's titanium dioxide business assets by Longbai Group, aiming to enhance its European operations and global footprint [6][7][8] - Longbai Group plans to establish subsidiaries in Malaysia and the UK, investing $5 million and $50 million respectively, to further its globalization strategy [4][9] - The titanium dioxide market is experiencing price increases, with the current market price for sulfate titanium dioxide ranging from 12,700 to 13,800 RMB per ton, indicating a positive market trend for Longbai Group [10] Group 2 - Haiguang Information reported a significant revenue growth of 54.65% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 revenue growth reaching 69.60% [12][13] - The company is expanding its market presence through partnerships with key industry players, which is driving its revenue and profit growth [13][15] - Haiguang's CPU and DCU segments are expected to see substantial growth, particularly with increasing demand from government and internet sectors [16] Group 3 - The report indicates that the advertising business of Baidu is under short-term pressure, while AI SaaS is positively impacting cloud services [31][32] - Baidu's core revenue is projected to decline by 8% in Q3 2025, with online marketing revenue expected to drop by 22% [31][34] - The company is focusing on AI-driven search transformation to enhance user engagement and satisfaction, which may provide long-term growth potential [32] Group 4 - The report discusses the mechanical industry, specifically the Japanese motorcycle market, which saw a total production of 639,000 units in 2024, a decrease of 6.4% year-on-year [21] - The domestic sales of motorcycles in Japan totaled 368,000 units in 2024, reflecting a decline of 9.2% year-on-year [22] - The report emphasizes the export dynamics and overseas production capacity of Japanese motorcycle manufacturers, with a total export volume of 484,000 units in 2024 [24] Group 5 - Zhongke Shuguang reported a revenue of 8.804 billion RMB for the first three quarters of 2025, with a year-on-year growth of 9.49% [26][27] - The company's non-recurring net profit increased by 66.79% year-on-year, indicating a significant improvement in its core business profitability [27][28] - The launch of the Shuguang AI supercluster system is expected to enhance the company's competitive position in the AI computing infrastructure market [28] Group 6 - The report indicates that the coal price is expected to show a long-term upward trend due to rising production costs and increased taxation [43][46] - The coal industry has experienced a consistent upward price trend over the past 30 years, driven by factors such as labor costs and environmental investments [44][46] - The report suggests that the coal price will continue to face upward pressure in the long term, despite potential fluctuations [46] Group 7 - The report highlights the growth of the cloud computing and network security sectors, with a focus on AI-driven opportunities for companies like Deepin Technology [47] - Deepin Technology has seen a significant increase in its cloud computing revenue, which now constitutes 46.36% of its total revenue, reflecting its strategic shift towards cloud services [47]

Company Overview - The report highlights that Haiguang Information (688041.SH) achieved a revenue of 9.49 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 54.65%. The net profit attributable to shareholders reached 1.96 billion yuan, up 28.56% year-on-year, while the net profit excluding non-recurring items was 1.82 billion yuan, an increase of 23.18% [5][6]. Financial Performance - In Q3 2025, the company reported a revenue of 4.03 billion yuan, marking a significant year-on-year growth of 69.60%. The net profit attributable to shareholders for the quarter was 760 million yuan, reflecting a 13.04% increase year-on-year, and the net profit excluding non-recurring items was 727 million yuan, up 10.56% [5][6]. - The gross margin for the first three quarters of 2025 was 60.10%, a decrease of 5.54 percentage points compared to the same period last year. The net profit margin was 29.93%, down 4.40 percentage points year-on-year [5]. Market Position and Strategy - The company is expected to maintain high revenue growth due to a strong backlog of contracts, with contract liabilities amounting to 2.8 billion yuan as of September 2025, indicating substantial pre-revenue from new contracts. Additionally, inventory reached 6.50 billion yuan, up from 6.01 billion yuan at the end of June 2025, reflecting confidence in future operations [5]. - Haiguang Information is positioned to benefit from the accelerated domestic substitution of CPU and AI chips. The company has secured significant orders, including a 3 billion yuan order from Industrial and Commercial Bank of China and a 2.78 billion yuan budget for general server procurement from China Unicom [5]. Industry Insights - The report discusses the promising results of sac-TMT in clinical trials for HR+/HER2- breast cancer and EGFR mutation NSCLC, indicating superior overall survival (OS) benefits compared to traditional chemotherapy. The ORR for sac-TMT in NSCLC was 60.6%, with a progression-free survival (PFS) of 8.3 months [8][9]. - The safety and tolerability of sac-TMT were found to be good, with no significant drug-related interstitial lung disease or pneumonia reported in the trials [8][9]. Investment Outlook - The investment recommendation for Haiguang Information is to maintain a "Buy-A" rating, with adjusted earnings per share (EPS) forecasts for 2025-2027 at 1.22, 1.93, and 2.61 yuan, respectively. The corresponding price-to-earnings (PE) ratios are projected to be 191.61, 120.66, and 89.35 [6].