GO
| HSI1 | 25,311.21 | -18.52 | 216.69B |
| HSCEI1 | 8,450.10 | -12.54 | 66.58B |
| Back Zoom + Zoom - Block Traded | |
|
2026-09-02 12:09:02 CMBI issued a research report saying that ILUVATAR COREX (09903.HK)'s revenue for 1H26 was RMB946 million, up 191.6% YoY and 33.3% HoH. Gross margin plunged from 50.1% in the same period last year to 17.2%, mainly due to the resale of semiconductor components below cost and inventory impairment. The broker noted that after adding back component losses and inventory impairment, adjusted gross margin was about 43%, broadly in line with the 43.9% gross margin of the general-purpose graphics processing unit (GPGPU) business. The decline in gross margin was also affected by the higher contribution from inference product revenue. Net profit for 1H26 was RMB106 million, including RMB760 million in fair value gains from financial assets. The broker lowered its gross margin forecasts for 2026 and 2027 by 16.1 ppts and 0.9 ppts respectively, to reflect component losses and inventory impairment in 1H26, as well as a more conservative product mix outlook. The TP was slightly lowered from HKD878 to HKD872, based on an unchanged 2027 forecast price-to-sales ratio of 25.8x, slightly above the peer average of 21.2x, reflecting its key competitive advantage in scalable delivery capability. The Buy rating was maintained. (ad/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |