ILUVATAR COREX (09903) surged 30%, with Morgan Stanley issuing an initial "hold" rating and a target price of HKD 620.

On April 8th, the stock price of domestic GPU concept stock ILUVATAR COREX (09903) surged by 30%. Morgan Stanley issued its first coverage report, giving the company a "hold" rating and a target price of HK$620, corresponding to the target price for June next year and a 20 times one-year dynamic market-to-sales ratio. Morgan Stanley pointed out that in the uncertain background of NVIDIA GPU supply, ILUVATAR COREX has sufficient supply and is expected to obtain more design orders from leading domestic cloud service providers; its products are compatible with relevant infrastructure architecture, and the introduction of PD separation technology will significantly improve inference efficiency. The bank forecasts that the company's compound annual growth rate of sales from 2026 to 2028 will reach 102%, with revenues of 2.951 billion yuan and 5.569 billion yuan in 2026 and 2027 respectively, and achieving an adjusted profit of 731 million yuan in 2027.