External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Iluvatar CoreX delivered 1H26 revenue of RMB945.7mn (+191.6% YoY/+33.3% HoH).</li><li>GPM fell to 17.2% from 50.1% in 1H25 due to below-cost semiconductor component sales and an inventory write-down.</li><li>Adding back the component gross loss and write-down, adjusted GPM was ~43%, broadly in line with the GPGPU segment’s 43.9%, but below 50.3%/57.0% in 1H25/2H25 due to a heavier inference mix. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Iluvatar CoreX delivered 1H26 revenue of RMB945.7mn (+191.6% YoY/+33.3% HoH).GPM fell to 17.2% from 50.1% in 1H25 due to below-cost semiconductor component sales and an inventory write-down.Adding back the component gross loss and write-down, adjusted GPM was ~43%, broadly in line with the GPGPU segment’s 43.9%, but below 50.3%/57.0% in 1H25/2H25 due to a heavier inference mix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Iluvatar CoreX (9903 HK) - Trust the Process; 2H26 Ramp Ahead

<ul><li>We raise our TP for Iluvatar CoreX to HK$878 based on 25.8x 2027E P/S.</li><li>We favor the Company among China’s emerging AI accelerator vendors for its demonstrated ability to scale shipments, secure sizeable orders and build a broad customer base.</li><li>We believe the recent ByteDance order (according to Reuters) provides greater visibility into its near-term revenue trajectory, while the newly launched TG300 GPU adds a new growth driver for 2027E and beyond. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our TP for Iluvatar CoreX to HK$878 based on 25.8x 2027E P/S.We favor the Company among China’s emerging AI accelerator vendors for its demonstrated ability to scale shipments, secure sizeable orders and build a broad customer base.We believe the recent ByteDance order (according to Reuters) provides greater visibility into its near-term revenue trajectory, while the newly launched TG300 GPU adds a new growth driver for 2027E and beyond. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Iluvatar CoreX (9903 HK) - Strong Order Momentum and New Product to Extend Growth Runway

<ul><li>We initiate coverage on Shanghai Iluvatar CoreX Semiconductor at BUY, with TP at HK$694.</li><li>We think the key change in China’s AI compute market is no longer just faster localization, but a deeper shift in how compute is deployed and monetized: As AI infrastructure becomes more system-driven, software compatibility, workload specialization, and deployment readiness are beginning to matter as much as peak silicon performance.</li><li>In that context, the Company stands out as a well-positioned domestic GPGPU (general-purpose computing on graphics processing unit) challenger, with 1) dual product lines across training and inference, 2) a mature hardware-software co-design platform, and 3) growing commercial adoption across multiple industry verticals. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate coverage on Shanghai Iluvatar CoreX Semiconductor at BUY, with TP at HK$694.We think the key change in China’s AI compute market is no longer just faster localization, but a deeper shift in how compute is deployed and monetized: As AI infrastructure becomes more system-driven, software compatibility, workload specialization, and deployment readiness are beginning to matter as much as peak silicon performance.In that context, the Company stands out as a well-positioned domestic GPGPU (general-purpose computing on graphics processing unit) challenger, with 1) dual product lines across training and inference, 2) a mature hardware-software co-design platform, and 3) growing commercial adoption across multiple industry verticals. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Iluvatar CoreX (9903 HK) - A System-Level Challenger in China’s Evolving AI Compute Stack Space

China

Iluvatar CoreX designs high-performance semiconductor chips, specifically general-purpose computing on graphics processing units (GPGPUs), and provides AI computing solutions. Its product portfolio includes GPGPU chips and accelerators for both training and inference scenarios, along with customized AI computing solutions such as GPGPU servers and clusters. The company was founded in December 2015 and is headquartered in Shanghai, China.

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Iluvatar CoreX (9903 HK)