It's clearly based on a Fateh-110, but look at the nose section. The Fateh-110 has a tapered tip on the nose of the warhead but this missile does not. I dont want to jump to conclusions but it looks like a Electro-Optic seeker.
Now since it is based on the Fateh-110, we know it doesnt have the range compared to China's attempt to build an anti-carrier missile, but it also doesnt need to be as complicated because of its shorter range.
Here's how I believe such a missile works:
1. Recon assets (UAVs, satellites, etc) take images of the intended target
2. Said imagery is stored in the missiles onboard computer
3. Missile is fired, onboard INS takes the missile towards the general location of target
4. Onboard TV seeker than attempts to match the stored image with live images taken by the missile's seeker
More or less, its called Electro-Optic Correlation. The Soviets tested a version of a Scud with such a system and the Iskander is claimed to be available with a similar seeker.
When it comes to accuracy, the EO guided Scud variant (Called the Scud VTO) was claimed to have a CEP of 50 meters, which I think is reasonable to assume for this Iranian missile, maybe better, which is in theory good enough to hit most large naval vessels.
But there is a problem with this system, it's very difficult to use against a moving target. This is because if the intended target was moving when it was photographed, there is a decent chance the even using GPS the missile's INS will take it too far off target for its TV seeker to be able to 'see' it because of the limit of the seekers boresight.
This problem would be even worse if the target was imaged stationary but begins to move afterwards and could be some distance away from its original location and even further out of the missile seekers field of view.
These are some of the same issues the Chinese are trying to work out with their DF-21D though theirs is even more complicated and designed to deal with moving targets (to a degree).
Personally, I am very impressed by this but I dont think its quite a "carrier killer" just yet. Due to limitations of space for the needed electronics and limitations in TV seekers (such as unable to use them at night), I think this weapon is more oriented at hitting a stationary target. Still though, a very serious development indeed!