Core Insights - The article highlights the emergence of domestic GPU companies, particularly Moores Threads, as they approach a new phase of technological and capital convergence, with the company preparing for an IPO on the Sci-Tech Innovation Board [1][10] - Moores Threads has established itself as a significant player in the semiconductor industry by focusing on self-developed "full-function GPUs," which are gradually reaching international standards in terms of computing power, versatility, and ecosystem compatibility [1][3] Industry Overview - The global GPU market is projected to reach 36,119.74 billion yuan by 2029, with China's GPU market expected to grow to 13,635.78 billion yuan, increasing its global market share from 30.8% in 2024 to 37.8% in 2029 [1] - The AI chip market in China is anticipated to surge from 1,425.37 billion yuan in 2024 to 13,367.92 billion yuan by 2029, with a compound annual growth rate of 53.7% [8] Company Development - Moores Threads has developed the MUSA architecture, which is the first domestic architecture to support AI computing, graphics acceleration, and physical simulation on a single chip, marking a significant technological breakthrough [4][6] - The company has launched several products, including the MTT S80 consumer graphics card and the MTT S5000 AI computing card, which have shown competitive performance against international counterparts [4][5] Financial Performance - Moores Threads' revenue has increased from 45.84 million yuan in 2022 to 432 million yuan in 2024, reflecting a compound annual growth rate of 208% [9] - The company's AI computing business accounts for 77.6% of its revenue, driven by the demand for large model training and GPU cloud services [9] Strategic Positioning - The company has a strong focus on R&D, with an investment of 1.359 billion yuan in 2024, resulting in a research expense ratio of 309.88% [6] - Moores Threads has secured 450 patents, including 442 domestic patents, which positions it well within the GPU intellectual property landscape [6] Market Opportunities - The company is well-positioned to capitalize on the growing demand for GPUs in various sectors, including AI, digital twins, autonomous driving, and virtual reality [8][11] - The ongoing IPO process is expected to provide Moores Threads with additional capital and resources to support its technological advancements and market expansion [10][11]

Group 1: Core Insights - The company, Moer Thread, has submitted its IPO application to the Sci-Tech Innovation Board, marking its entry into the capital market and revealing its growth trajectory and core competitiveness [1] - The latest prospectus showcases Moer Thread's technological accumulation and commercialization potential in the full-function GPU field, highlighting its all-stack technical barriers and impressive growth curve [1][2] Group 2: Technological Advantages - Moer Thread has built a comprehensive technical moat from chip to cluster, with its MUSA architecture supporting AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [2][3] - The MUSA architecture signifies Moer Thread's technological maturity in the domestic full-function GPU sector, with its flagship AI product, MTT S5000, aiming to compete with NVIDIA's H100 in performance [3][4] Group 3: Market Performance - From 2022 to 2024, Moer Thread's revenue surged from 46.09 million to 438.46 million, achieving a compound annual growth rate (CAGR) of 208.44%, reflecting its strong market competitiveness [6] - Despite being in a loss-making position, the company has narrowed its net loss from -1,839.55 million in 2022 to -1,491.94 million in 2024, indicating a 19% reduction in losses [6] Group 4: Strategic Positioning - The company emphasizes strategic losses as a means to build competitive barriers, similar to Tesla's approach, where initial losses are viewed as investments in future market dominance [7][10] - Moer Thread's R&D investment efficiency has improved significantly, with revenue per unit of R&D expenditure increasing from 0.041 to 0.323, a rise of approximately 7.88 times [7] Group 5: Future Prospects - The company plans to raise 8 billion for R&D of three new-generation chips, targeting improvements in computing efficiency, AI computing capabilities, and the development of a self-controlled ecosystem [10] - Moer Thread's path indicates a potential transition from a technology investment phase to a value return phase, with expectations of reaching a J-curve inflection point for profitability [8][10] Group 6: Conclusion - Moer Thread is positioned to break through in the GPU sector, leveraging rapid architectural iterations and a robust patent portfolio to establish a technological moat [11] - The company aims to convert its technological advantages into commercial barriers, potentially leading to a new growth phase [11]

相关研究 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 陈俊兆 (8621)23297818× chenjz@swsresearch.com 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 电子 《AI 推动国产算力，先进制程版图重塑 （AI 硬件深度之一暨 GenAI 系列深度之五 十）》 2025/03/09 《AI+车载:2025 算力与算法新星熠熠!— —2025 年电子&计算机投资策略》 2024/12/17 证券分析师 2025 年 07 月 06 日 沐曦股份及摩尔线程获科创板 IPO 受理，算力自主化趋势再明确 看好 ——AI 算力行业跟踪点评 本期投资提示： 本研 ...

Group 1: Company Overview - Moores Threads has submitted its IPO prospectus to the Sci-Tech Innovation Board, aiming to issue no less than 44.45 million shares, which will account for at least 10% of the total shares post-issue [1] - The company operates under a Fabless model, focusing on the research, design, and sales of full-function GPU chips, while outsourcing manufacturing and testing processes [1] Group 2: Financial Performance - In 2024, the company's revenue exceeded 400 million yuan, with a compound annual growth rate (CAGR) of over 200% in the last three years [2] - Despite rapid revenue growth, the company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and 1.49 billion yuan in the most recent period [8] Group 3: Technological Advancements - The company has developed the MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2][3] - Moores Threads' products are designed to be highly compatible with existing global GPU application ecosystems, significantly reducing migration costs and ensuring stable technology application [3] Group 4: Market Position and Competition - The global integrated circuit industry is dominated by a few foreign companies, with Nvidia and AMD holding significant market shares [2] - The Chinese GPU market has grown rapidly, from 38.48 billion yuan in 2020 to an expected 163.82 billion yuan in 2024, driven by increasing demand for AI applications [7] Group 5: Future Prospects and Challenges - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [6] - The company faces challenges due to being placed on the U.S. Entity List, which restricts its ability to procure U.S. materials and technologies, potentially impacting its operations [8]

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].

| | | Graphics Processing Unit,图形处理器,一种专门在个人电脑、 工作站、游戏机和一些移动设备上做图像和图形相关运算工作的 | | --- | --- | --- | | GPU、图形处理器 | 指 | | | | | 微处理器,目前亦被广泛应用于需要大量并行计算的人工智能计 | | | | 算场景 | 自2020年成立以来，公司以自主研发的全功能GPU为核心，致力于为AI、数字孪生、科学计算等高性能计算领域提供计算加速平 台。公司已成功推出四代GPU架构，并拓展出覆盖AI智算、云计算和个人智算等应用领域的计算加速产品矩阵。 文/梧桐晓编 6月30日，沪深北三大交易所新受理41家IPO，创今年单日受理数量新高！其中上交所新受理了5家申报科创板的企业，其中包括 著名的GPU芯片企业摩尔线程智能科技（北京）股份有限公司。 摩尔线程前身有限公司成立于2020年6月11日，2024年10月28日整体变更为股份公司。公司目前注册资本4.0002亿余元。2024年 末，公司员工人数1126人。 一、公司产品在部分性能指标上已经接近或达到国际先进水平，实现了对部分"卡脖子"领域核心产品的突破 ...

科创板迎来AI芯片上市潮的关键时刻。6月30日晚间，国内GPU领域两大创业公司摩尔线程与沐曦集成 同时披露招股说明书，正式向科创板发起冲刺。其中，因旗下业务与英伟达高度重合，摩尔线程被市场 冠以中国版英伟达的称号，此次该公司拟募集资金80亿元，保荐机构为中信证券。 在AI算力需求爆发与美国芯片管制的双重刺激下，国产GPU站上了前所未有的风口。然而，行业光环 下的财务数据却不容乐观：摩尔线程2022-2024年累计亏损超50亿元。尽管"前辈"寒武纪上市曾点燃市 场热情，但在资本日趋理性的当下，摩尔线程能否重新激发市场热情还未可知。 另一方面，摩尔线程的多名高管均出自英伟达：其中，摩尔线程创始人、董事长、总经理张建中，曾于 2006年4月至2020年9月任英伟达全球副总裁、大中华区总经理；摩尔线程联合创始人、职工董事周苑曾 在2004年10月至2020年9月于英伟达任市场生态高级总监；摩尔线程联合创始人、董事、副总经理张钰 勃曾于2013年10月至2017年11月在英伟达任GPU架构师。 过去几年，人工智能在资本市场迎来吸金热潮，因此在开启上市流程之前，摩尔线程其实已经完成多轮 融资。比较瞩目的是，该公司股东众多 ...

近日，上交所分别披露摩尔线程和沐曦股份两家国产GPU厂商的科创板上市的招股说明书。 据披露，此次摩尔线程融资金额80亿元，保荐机构为中信证券股份有限公司。沐曦股份拟融资39.4亿元，保荐机构为华泰联合证券有限责任公司，两家企业 最后估值均超过200亿元人民币。 目前，国内AI芯片的主要参与者主要包括华为海思、寒武纪、海光信息、壁仞、沐曦、燧原股份、摩尔线程、阿里平头哥等厂商。 其中，专注于GPGPU领域的主要为燧原、沐曦、壁仞、摩尔线程等四家。当前，燧原科技也已进入上市辅导期，壁仞科技则传将转战港交所。 国产GPU产业核心玩家 近年来，随着人工智能技术进入大规模产业化应用阶段，GPU因其独特的大规模并行计算架构和高吞吐量特性，已成为支撑深度学习模型训练与推理、处理 PB级数据的核心算力基础设施。 在中国这一全球数字经济增长极，GPU需求正呈现指数级攀升。中信证券最新研报指出，2025年全球AI算力芯片市场规模将接近3000亿美元。中国GPU市 场规模2025年预计将突破1200亿元，三年增长近50%。 根据招股书披露，摩尔线程和沐曦股份两家企业均成立于2020年，专注于高性能通用GPU领域。其中，摩尔线程已成 ...

本文来自微信公众号：电子工程世界 （ID：EEworldbbs），作者：付斌，题图来自：AI生成 沐曦拟募资39亿元，2022~2024年净亏损分别为7.77亿元、8.71亿元、14亿元；扣非后净亏损分别为7.84亿元、8.9亿元、10.44亿元；研发投入分别为6.478 亿元、6.99亿元和9亿元，累计研发投入金额为22亿元。 摩尔线程计划募资80亿元，2022年~2024年净亏损分别为18.4亿元、16.73亿元、14.92亿元；扣非后净亏损分别为14.12亿元、16.9亿元、15亿元；研发费分 别为11.16亿元、13.34亿元、13.59亿元，合计研发投入金额为38亿元。 两家厂商IPO：烧钱快，赚钱难 昨日沐曦、摩尔线程两家国产GPU公司IPO的消息引发行业关注，其中，GPU的"高投入、高回报"引发了很多人的关注。当然，恭喜国产GPU发展迎来了 不容易的下一个阶段。 GPU到底有多烧钱？ 6月30日，北京GPU企业摩尔线程、上海GPU企业沐曦集成电路，科创板IPO申请双双获上交所受理。随着两家公司叩响IPO大门，国产GPU赛道的"烧 钱"与"造梦"再次成为行业焦点。 国内目前还有多少GPU排着队等着 ...

摩尔线程成立于2020年6月，注册资本为4亿元，获评国家级专精特新"小巨人"企业，以自主研发的全功能GPU为核心，致力于为AI、数字孪 生、科学计算等高性能计算领域提供计算加速平台。 迄今为止，摩尔线程已成功推出四代GPU架构，并拓展出覆盖AI智算、云计算和个人智算等应用领域的计算加速产品矩阵。 该GPU公司无控股股东，法定代表人、实际控制人是其创始人张建中。张建中担任摩尔线程董事长、总经理，曾在2001年到2006年在戴尔（中 国）有限公司全球客户部任总经理，2006年到2020年在英伟达任全球副总裁、大中华区总经理，而后创办摩尔线程。 智东西7月1日报道，6月30日晚间，北京GPU企业摩尔线程、上海GPU企业沐曦集成电路，科创板IPO双双获上交所受理。 摩尔线程创始人、董事长、总经理张建中 | 发行人全称 | 板块 审核状态 | 注册地 行业分类 | 保荐机构 | | 律师事务所 会计师事务所 | 更新日期 > 会适日期 = | | --- | --- | --- | --- | --- | --- | --- | | 新疆钵施然智 | 主板 已问询 | 新疆 专用设备制 | 安信证券 | 上海市锦 | ...