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Shanghai Iluvatar Corex (9903) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Shanghai Iluvatar Corex stock HK$37.77, price HK$70.10, that is 46.1% below the price, quality 35 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology HK · Based in China

SI Shanghai Iluvatar Corex logo Thin data Nov 10, 2026

Shanghai Iluvatar Corex

9903 · HK
Weakest Setup

Our calculation puts a fair price 46% below what the stock costs today.

Low debt
Expensive Growth (revenue 3y +76.1 %/yr in CNY)
Fair value HK$37.77 · Strongly overvalued
Quality 35/100
Loss-making · -17.4% net margin (TTM)
Negative free cash flow
Trails peers (1/10)
Narrow moat 5/100
Thin data
⟳ CyclicalEstimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$264.33 HK$52.27 Fair Value HK$37.77 Jan 2026 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

10‑month range HK$52.27 – HK$264.33 · fair‑value band HK$28.33 – HK$47.21 · the HK$70.10 price screens above the HK$37.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. engages in the research, design, and deployment of advanced GPGPU products and AI computing solutions in China.

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It offers various GPGPU chips and accelerators, along with its proprietary and full-stack software development kits, including performance-optimized libraries, AI training frameworks and inference engines, enabling powerful AI applications across training and inference scenarios.

It primarily develops and sell GPGPU accelerators, the accelerators integrate GPGPU chips with memory modules, PCB, and other critical components, forming complete computing accelerators that are ready for direct application in the end computing systems.

TG Series, a training-focused product line; and ZK series, a specialized product line designed for cloud and edge inference applications. The AI Computing Solutions provides GPGPU Servers and GPGPU Clusters. The company sells its products through direct sales force and distributors.

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. was founded in 2015 and is based in Shanghai, China.

Stock analysis

Shanghai Iluvatar Corex (9903) currently trades at HK$70.10, while our estimate is HK$37.77, 46% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: HK$28.33 (bear) to HK$47.21 (bull), the price of HK$70.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Shanghai Iluvatar Corex reported revenue of 1.0B CNY in FY2025 versus 189M CNY in FY2022, a compound +76.1%/yr. Reported net income was −1.0B CNY in FY2025.

Key figures

Market cap HK$53.5B (≈ $6.8B) Mid · P/S ratio 30.3 · Net margin −97.1% · Return on equity −6.9% · Return on assets (EBIT) −45.0% (4-year average) · Operating margin −68.5% · Revenue (TTM) 1.7B CNY · Revenue growth (YoY) +192%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (medium confidence).

What moves the price

For context, the median of 10 Technology peers we cover trades at −10% fair-value upside, at −46%, 9903 screens richer than that median.

Fair Value

Bear HK$28.33 Fair Value HK$37.77 Bull HK$47.21
Price HK$70.10 · Downside -46.1%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 35/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 84
Are margins and returns getting better?
Cashflow 15
Do the profits arrive as real cash?
Financial strength 92
Debt, balance sheet and risk of trouble
Investment 1
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 40
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+91.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+76.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−288.9% (2022) → −95.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

9903 screens overvalued: fair value 46% below the price. Compare with NVIDIA Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductors · 399 stocks

Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside −46.1% · Below median
Profitability
Return on assets −25.7% · Bottom 25%
Net margin (12 months) −17.4% · Bottom 25%
Operating margin (12 months) −68.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 191.6% · Top 25%
Balance sheet
Debt / equity 0.16× · Above median

Valuation Multiplesvs Semiconductors median · lower = cheaper

P/B 19.32× · Priciest 25%
P/S (12 months) 27.47× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 100
PAST (return on equity)0 · sector 24
HEALTH (low debt)92 · sector 96
DIVIDEND (yield)0 · sector 19

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
SK hynix Inc 000660 1,212,000 KRW 1,501,896 KRW +24% vs 9903
NVIDIA Corporation NVDA $168.89 $196.54 +16% vs 9903
Taiwan Semiconductor Manufacturing Company TSM $396.48 $427.48 +8% vs 9903
Broadcom Inc AVGO $331.98 $300.84 −9% vs 9903
Intel Corporation INTC $58.13 $52.14 −10% vs 9903
Micron Technology, Inc MU $725.11 $619.48 −15% vs 9903
Analog Devices, Inc ADI $393.30 $262.04 −33% vs 9903
Marvell Technology, Inc MRVL $154.39 $87.64 −43% vs 9903
Advanced Micro Devices, Inc AMD $515.21 $148.02 −71% vs 9903
Texas Instruments Incorporated TXN $300.52 $81.25 −73% vs 9903

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Shanghai Iluvatar Corex: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Shanghai Iluvatar Corex Fair Value". https://www.fairvalue-calculator.com/stock/9903

Frequently asked questions

Is Shanghai Iluvatar Corex (9903) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is HK$37.77 versus a price of HK$70.10, about 46% lower (overvalued).
What is the fair value of 9903?
Our estimate for Shanghai Iluvatar Corex is HK$37.77 (as of Nov 10, 2026), built from audited fundamentals. The current price: HK$70.10.
What is the quality score of 9903?
Shanghai Iluvatar Corex has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Shanghai Iluvatar Corex (9903)?
Our calculated price target is the estimate of HK$37.77 (as of Nov 10, 2026). Cautious scenario HK$28.33, optimistic scenario HK$47.21. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Shanghai Iluvatar Corex stock forecast for 2026?
Our estimate puts fair value at HK$37.77, about 46% lower versus a price of HK$70.10 (overvalued). Cautious scenario HK$28.33, optimistic scenario HK$47.21. The calculation is refreshed regularly with new filings.
What is the revenue of Shanghai Iluvatar Corex (9903)?
Shanghai Iluvatar Corex reported trailing-twelve-month revenue of about 1.7B CNY (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Shanghai Iluvatar Corex (9903)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shanghai Iluvatar Corex it is HK$37.77 per share (as of Nov 10, 2026), against a price of HK$70.10.
Is Shanghai Iluvatar Corex stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 9903 trades above its calculated fair value: price HK$70.10, fair value HK$37.77, a gap of about −46% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 9903?
No. The price is what the market pays today (HK$70.10); the fair value is what the company's own numbers justify (HK$37.77). For Shanghai Iluvatar Corex the two are HK$32.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shanghai Iluvatar Corex worth?
The market values Shanghai Iluvatar Corex at about HK$53.5B (market capitalisation, as of Nov 10, 2026). Per share that is HK$70.10; our models calculate a fair value of HK$37.77 per share.
What do the bullish and bearish scenarios say about 9903?
Our models span a range for Shanghai Iluvatar Corex: cautious scenario HK$28.33, base HK$37.77, optimistic HK$47.21 per share (as of Nov 10, 2026, price HK$70.10). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shanghai Iluvatar Corex (9903)?
Balance-sheet figures for Shanghai Iluvatar Corex (as of Nov 10, 2026): return on equity −6.9%, debt of 0.16 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
Which stocks are comparable to Shanghai Iluvatar Corex?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Shanghai Iluvatar Corex stock attractive at the current price?
The data as of Nov 10, 2026: price HK$70.10, calculated fair value HK$37.77 (−46%), Quality Score 35/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Shanghai Iluvatar Corex itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Shanghai Iluvatar Corex (9903)?
The closing price on Nov 10, 2026 was HK$70.10. Our estimate is HK$37.77, about 46% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shanghai Iluvatar Corex right now?
The price sits above even our optimistic bull case (HK$47.21). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Shanghai Iluvatar Corex

How large is the market capitalisation of Shanghai Iluvatar Corex (9903)?
The market capitalisation of Shanghai Iluvatar Corex is HK$53.5B (≈ $6.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Shanghai Iluvatar Corex (9903)?
The price-to-sales ratio of Shanghai Iluvatar Corex is 30.3 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Shanghai Iluvatar Corex (9903)?
The net margin of Shanghai Iluvatar Corex is −97.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Shanghai Iluvatar Corex (9903)?
The return on equity (ROE) of Shanghai Iluvatar Corex is −6.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Shanghai Iluvatar Corex (9903)?
On an EBIT basis the return on assets of Shanghai Iluvatar Corex is −45.0% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Shanghai Iluvatar Corex (9903)?
The operating margin of Shanghai Iluvatar Corex is −68.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shanghai Iluvatar Corex (9903)?
Revenue at Shanghai Iluvatar Corex is growing +192% versus a year earlier (3y avg +76.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Shanghai Iluvatar Corex (9903) generate?
The free cash flow of Shanghai Iluvatar Corex is −1.4B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Shanghai Iluvatar Corex (9903) carry?
The net debt of Shanghai Iluvatar Corex is 294M CNY (fiscal year 2024). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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