VGT(SZ:300476) Xin Lang Cai Jing·2025-04-23 08:41Core Viewpoint - The company has successfully capitalized on the historic opportunities presented by AI computing power, resulting in rapid revenue and net profit growth, maintaining a "buy" rating. Financial Performance - In 2024, the company achieved a revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, a year-on-year increase of 71.96% [1] - The gross profit margin for 2024 was 22.72%, an increase of 2.01 percentage points year-on-year, while the net profit margin was 10.76%, an increase of 2.29 percentage points year-on-year [1] - In Q1 2025, the company reported a revenue of 4.312 billion yuan, a year-on-year increase of 80.31% and a quarter-on-quarter increase of 42.15%, with a net profit of 921 million yuan, a year-on-year increase of 339.22% and a quarter-on-quarter increase of 136.17% [1] - The gross profit margin for Q1 2025 was 33.37%, an increase of 13.89 percentage points year-on-year [1] - The company forecasts a net profit growth of no less than 30% quarter-on-quarter for Q2 2025 and over 360% year-on-year for the first half of 2025 [1] Technological Advancements - The company embraces AI and focuses on the opportunities brought by AI computing technology and data center upgrades, positioning itself at the forefront of global PCB manufacturing technology [2] - The company has made significant advancements in high-end products, including breakthroughs in ultra-high multilayer boards and high-level HDI technologies, and has successfully applied new materials like PTFE [2] Innovation and R&D - In 2024, the company invested 450 million yuan in R&D [3] - The company has achieved mass production of 6-stage 24-layer HDI products and is accelerating the development of the next generation 10-stage 30-layer HDI products [3] - In the automotive electronics sector, the company is a top PCB supplier for the world's largest electric vehicle customer, with sales increasing year-on-year [3] - The company supplies a wide range of PCB products for various automotive components, including safety parts and advanced driver-assistance systems [3] Future Projections - The company is expected to achieve revenues of 16.419 billion yuan, 21.837 billion yuan, and 27.297 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 3.449 billion yuan, 4.712 billion yuan, and 5.974 billion yuan [3] - Corresponding P/E ratios for 2025-2027 are projected to be 19.1, 14.0, and 11.0 [3]