VGT(SZ:300476) Xin Lang Cai Jing·2025-08-29 00:48Core Viewpoint - The company has experienced significant revenue and profit growth in the first half of 2025, driven by advancements in AI computing and high-end PCB products [1][2]. Financial Performance - The company's revenue for the first half of 2025 reached 9.031 billion yuan, representing an 86.00% year-on-year increase [1][2]. - The net profit attributable to shareholders was 2.143 billion yuan, with a year-on-year growth of 366.89%, while the net profit after deducting non-recurring items was 2.149 billion yuan, also showing a significant increase of 365.69% [1][2]. - In Q2 alone, the revenue was 4.719 billion yuan, marking a 91.51% year-on-year increase and a 9.42% quarter-on-quarter increase [1][2]. - The net profit for Q2 was 1.222 billion yuan, reflecting a year-on-year growth of 390.14% and a quarter-on-quarter growth of 32.78% [1][2]. Profitability - The gross margin for the first half of 2025 was 36.22%, an increase of 15.61 percentage points year-on-year, driven by the rise in high-value products and improved HDI yield [2]. - The net profit margin was 23.73%, up 14.28 percentage points year-on-year [2]. Technological Advantages - The company has a strong technical foundation in multilayer boards and HDI, with leading performance indicators in the industry [2]. - It has achieved mass production capabilities for 70-layer high-precision multilayer boards and 28-layer 8-stage HDI boards, with ongoing development for next-generation 30-layer 10-stage HDI boards [2]. Capacity Expansion - The company is actively expanding high-end production capacity, with projects in Vietnam and updates to HDI equipment, expected to add annual capacities of 150,000, 320,000, and 120,000 square meters respectively [3]. - The Vietnam HDI project focuses on AI applications, aiming to produce HDI products for AI servers, GPU chips, and high-frequency transmission [3]. - The Thai multilayer project, with a total investment of 1.402 billion yuan, is set to produce high multilayer products for servers and consumer electronics, with over 60% of the output being multilayer boards with more than 14 layers [3]. Investment Outlook - The company is projected to have EPS of 5.95 yuan and 8.25 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 36 and 26 times [4].