Iluvatar CoreX - H: CSP design-wins and next generation GPU ramp to accelerate sales growth; remain OW

Research evidence excerpt

Iluvatar CoreX - H: CSP design-wins and next generation GPU ramp to accelerate sales growth; remain OW

Asia Pacific Equity Research

28 June 2026

Overweight

Iluvatar CoreX - H 9903.HK, 9903 HK

Price (26 Jun 26): HK$684.00

CSP design-wins and next generation GPU ramp to

▲ Price Target (Jun-27): HK$920.00

accelerate sales growth; remain OW Prior (Jun-27): HK$620.00

With higher ASP and margin, volume ramp up of next generation high- China

end GPU could drive Iluvatar CoreX’s sales/earnings from end 2026, in Technology

our view. We revised up 2027/28E sales by 52% and 40%, AC Billy Feng

respectively, and now model 125%/241% sales/earnings CAGR during (86-21) 6106 6359

2026-28E, thanks to 1) less disrupted supply, 2) CSP design-wins and billy.feng@jpmorgan.com

3) upside potential from upcoming products. Our new Jun-27 PT of SAC Registration Number: S1730520030005

HK$920.0 is based on an unchanged 20x P/S multiple; maintain OW. Ri Xu

(86-21) 6106 6318

• On-track design-wins. With secured foundry supply and optimized ri.xu@jpmchase.com

inference performance (a key beneficiary of Prefill/Decode SAC Registration Number: S1730522100001

disaggregation trend), Iluvatar CoreX has successfully cut into the Cherry Liu

supply chain of top CSP customers, such as ByteDance (Reuters (86-21) 6106-6200

ye.liu@jpmorgan.com

report). Meanwhile, its V100X is also qualified by China Information SAC Registration Number: S1730521090001

Technology Security Evaluation Center (CITSEC) as secured local J.P. Morgan Securities (China) Company Limited

inference GPU; this suggests the company is eligible for more

government sponsored projects, in our view. We now model Key Changes (FYE Dec)

c.Rmb3bn revenue in 2026E, which is largely driven by sales of Prev Cur Δ

existing products. Adj.