BoA Securities' first coverage of domestic computing power target ILUVATAR COREX (09903): AI domestication dividends continue to be released, target price of HK$1013.

Recently, the international investment bank Bank of America Securities (BofA) completed the first coverage of ILUVATAR COREX (09903), with a target price of HK$1013. The report pointed out that ILUVATAR COREX is a leading domestic general-purpose computing GPU (GPGPU) manufacturer, with two major product lines: Tian Gai and Zhi Kai. Institutional investors are optimistic about the company's development based on three core logics: first, under the trend of domestic substitution, the company is fully benefiting from the rapid expansion of the domestic AI accelerator chip market; second, with the landing of new products and continuous development of large-scale end customers, the company's market share will steadily increase; third, a diversified supply chain layout to support continuous revenue growth. The domestic demand for AI computing power continues to expand, the demand for inference scenario computing power is growing rapidly, coupled with restrictions on the import of high-end GPU from overseas and the support of domestic semiconductor support policies, domestication has become a long-term structural trend. Institutional investors predict that the size of the domestic AI accelerator chip market will increase from $32 billion in 2025 to approximately $90 billion in 2028, with a compound annual growth rate of 41%. ILUVATAR COREX products cover training and inference across all scenarios, and are expected to fully grasp the industry's growth opportunities.