VGT(SZ:300476) Xin Lang Cai Jing·2025-06-16 05:14Group 1: Company Performance - The company achieved a revenue of 10.73 billion yuan in 2024, representing a year-on-year growth of 35.3%, with a CAGR of 22.5% from 2019 to 2024 [1] - The net profit attributable to shareholders reached 1.15 billion yuan in 2024, showing a year-on-year increase of 72.0%, with a CAGR of 20.0% from 2019 to 2024 [1] - In Q1 2025, the company reported a revenue of 4.31 billion yuan, up 80.3% year-on-year, and a net profit of 0.92 billion yuan, reflecting a significant growth of 339.2% [1] Group 2: Industry Growth - The global PCB market is projected to grow from 73.565 billion USD in 2024 to 94.661 billion USD by 2029, with a CAGR of 5.2% [2] - The market for PCBs with 18 layers and above is expected to reach 5.02 billion USD by 2029, growing at a CAGR of 15.7% from 2024 to 2029 [2] - The global HDI market is anticipated to grow from 10.54 billion USD in 2023 to 14.83 billion USD by 2028, with a CAGR of 7.1% [2] Group 3: Demand Drivers - The PCB market for servers and data storage is expected to reach 10.9 billion USD in 2024 and 18.9 billion USD by 2029, with a CAGR of 11.6% [3] - The PCB market for AI/HPC server systems is projected to grow from nearly 0.8 billion USD in 2023 to 3.17 billion USD by 2028, with a CAGR of 32.5% [3] - High-end HDI products are expected to be the fastest-growing segment in the PCB market related to AI servers over the next five years [3] Group 4: Strategic Positioning - The company has entered the supply chains of major North American cloud giants such as NVIDIA, AMD, Intel, Tesla, Microsoft, Bosch, Amazon, and Google [4] - The company is prepared for high-end AI data center products and has achieved mass production of advanced HDI and multi-layer products [4] - The company is expected to capture a significant market share in the AI PCB wave due to its leading technology, production yield, and rapid delivery capabilities [4] Group 5: Profit Forecast - The company is projected to achieve net profits of 5.535 billion yuan, 7.012 billion yuan, and 8.591 billion yuan from 2025 to 2027, with corresponding P/E ratios of 16.52, 13.04, and 10.65 [4]