688795.SH · A-shares
688795.SH Moore Threads: domestic GPU graphics/compute narrative
Moore Threads One of few listed domestic GPU names already in tech top-20 mcap context—small revenue base prices a localization option; watch product readiness, ecosystem, and anchor orders.
Cite a section with a deep link, e.g. /en/r/moore-threads-688795-research#thesis
Snapshot
- Price
- CNY 600
- Mkt cap
- CNY 290.0B
- Revenue
- CNY 1.5B
- GPU adoption momentum
- 1.8
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Moore Threads One of few listed domestic GPU names already in tech top-20 mcap context—small revenue base prices a localization option; watch product readiness, ecosystem, and anchor orders.
Business
Model: GPU chips/boards/systems. Flagships: graphics and general-purpose GPU lines. Edge: localization window. Strategy: drivers/software stack; AI inferencing and workstation use cases.
Value chain
GPU fabless; upstream advanced nodes/HBM/OSAT; downstream OEMs/enterprise. Risks: process/advanced packaging; CUDA ecosystem; long quals.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 600 | 688795.SH · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Narrative-option valuation; extreme volatility—event-driven, not steady-state PE.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Volume: GPU units; price: ASP; cost: tape-outs and ecosystem spend.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 定位 | 国产 GPU | 稀缺 | 高估值 |
| 收入 | 基数小 | 高增预期 | 兑现是关键 |
| 竞争 | 海光/寒武纪/壁仞等 | 路线差异 | 生态战 |
| 风险 | 产品成熟度 | 高 | 上市初期波动 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 摩尔线程 | GPU | — | 稀缺上市 | 生态早期 |
| 寒武纪 | AI 加速 | 高 | 训练/推理 | 非图形主线 |
| 海光 | DCU | 中高 | 服务器 | 架构不同 |
| 英伟达 | 全球标准 | 高 | CUDA | 对华限制 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 创始人/CEO | 核心团队 | 创业型 | 技术导向 |
| CFO | 财务负责人 | 上市后 | 治理磨合 |
| 生态 | 软件负责人 | 关键 | 开发者体验 |
Stability: Recently listed; governance/disclosure still seasoning.
Outlook
Track launches, benchmarks, customer wins, revenue recognition, lock-up selling.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.mthreads.com/
- https://www.sse.com.cn/ {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
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