Bank of America Securities: Initiates coverage of ILUVATAR COREX (09903) with a "buy" rating and a target price of HK$1013.

Bank of America Securities released a research report stating that it is initiating coverage on ILUVATAR COREX (09903) with a "buy" rating and a target price of 1013 Hong Kong dollars. The company is considered a leading general-purpose graphics processing unit (GPGPU) enterprise in China, expected to benefit from the growing Chinese AI accelerator market under the trend of localization. With the launch of new products and customer expansion driving market share increase, as well as a diversified supply chain strategy supporting revenue expansion, the company's prospects are promising. Bank of America Securities predicts that ILUVATAR COREX will achieve a compound annual growth rate of 145% in revenue from 2025 to 2028. Adjusted net profit is expected to shift from a loss of 438 million yuan in 2025 to a profit of 18 million yuan in 2026, with net profit projected to increase to 2.338 billion yuan next year and further to 5.443 billion yuan in 2028, with a net profit margin of 32.3% expected in 2028.