Bank of America Securities Initiates Coverage on ILUVATAR COREX with Buy Rating, Sets HK$1013 Price Target

Deep News07-12

Bank of America Securities has issued a research report initiating coverage on ILUVATAR COREX (09903) with a "Buy" rating and a target price of HK$1013. The firm views the company as a leading player in China's general-purpose graphics processing unit (GPGPU) sector, poised to benefit from robust market growth driven by domestic substitution trends. The outlook is further supported by anticipated market share gains from new product launches and customer expansion, as well as revenue scale expansion facilitated by a diversified supply chain strategy.

Bank of America Securities forecasts that ILUVATAR COREX will achieve a compound annual growth rate of 145% in revenue from 2025 to 2028. It projects the company's adjusted net profit to shift from a loss of RMB 438 million in 2025 to a profit of RMB 18 million in 2026. Net profit is expected to increase to RMB 2.338 billion next year and further rise to RMB 5.443 billion in 2028, with a projected net profit margin of 32.3% for 2028.

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