HK Stock Market Move | ILUVATAR COREX(09903) rose more than 35% in the afternoon, with its core GPU business becoming the main source of revenue. JP Morgan is optimistic about the company's ability to receive more orders.

ILUVATAR COREX (09903) rose by more than 35% in the afternoon, with a 35.58% increase as of the time of writing, reaching 298 Hong Kong dollars, with a turnover of 5.64 billion Hong Kong dollars. On the news front, ILUVATAR COREX recently released its performance, with annual revenue of 1.034 billion yuan, a year-on-year increase of 91.6%; gross profit of 558 million yuan, a year-on-year increase of 110.5%. The core general GPU business has become the core revenue support, with annual revenue of 923 million yuan, a year-on-year increase of 149.6%, accounting for 89.3% of total revenue. Among them, the Tianji training series revenue was 584 million yuan, a year-on-year increase of 116.7%, and the Zhikai reasoning series revenue was 339 million yuan, a significant increase of 238.2%, and both training and reasoning tracks achieved rapid breakthroughs. JPMorgan pointed out that amid the uncertain background of NVIDIA GPU supply, ILUVATAR COREX has sufficient supply and is expected to receive more design orders from domestic top cloud service providers; its products are compatible with related infrastructure architecture, and the introduction of PD Separation technology promotes a significant improvement in reasoning efficiency. The bank expects 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 respectively in 2026 and 2027. In 2027, it is expected to achieve an adjusted profit of 731 million yuan.