Shenwan Hongyuan released a research report maintaining its earnings forecasts for ILUVATAR COREX (09903), projecting net profit attributable to parent of 103 million, 1.696 billion, and 3.264 billion yuan for 2026-2028, corresponding to 629x, 38x, and 20x PE, and reiterating its "Buy" rating.
The firm believes the company's GPGPU products focus on TCO and computational efficiency adaptation for business scenarios, giving them a competitive edge, and expects the company to fully benefit from the strong momentum in domestic computing power.
Domestic foundation models are entering a new round of intensive iteration, with DeepSeek releasing V4.1-Flash and open-sourcing a full suite of infrastructure components for the Ascend platform, while Moonshot AI has previewed Kimi K3.1, among others. Domestic models continue to narrow the gap with leading overseas models in Agent Engineering, Coding, and complex reasoning capabilities.
Model iteration is driving sustained rapid growth in inference demand, while domestic computing power supply remains persistently tight.
The firm believes that against the backdrop of computing power being in short supply, the company is well positioned to capture the core inference computing power needs of major internet companies, its order visibility is expected to improve significantly, and future results may exceed expectations.
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