VGT(SZ:300476) Xin Lang Cai Jing·2025-10-29 06:38Core Viewpoint - The company reported significant revenue and profit growth in the first three quarters of the year, driven by AI-related PCB orders from North American clients, although Q3 profits showed a sequential decline, raising market concerns [1][2]. Financial Performance - For the first three quarters, revenue reached 14.12 billion, up 83.4% year-on-year, with net profit attributable to shareholders at 3.245 billion, up 324.4% year-on-year [1]. - Q3 revenue was 5.09 billion, an increase of 79.0% year-on-year and 7.8% quarter-on-quarter, while net profit was 1.1 billion, up 260.5% year-on-year but down 9.9% quarter-on-quarter [1]. Profitability Metrics - Gross margin for the first three quarters was 35.85%, up 14.3 percentage points year-on-year, and net margin was 22.98%, up 13.1 percentage points year-on-year [1]. - In Q3, gross margin was 35.2%, up 12.0 percentage points year-on-year but down 3.6 percentage points quarter-on-quarter, while net margin was 21.7%, up 10.9 percentage points year-on-year but down 4.2 percentage points quarter-on-quarter [1]. Market Dynamics - The company is positioned to benefit from the AI revolution, with strong demand from key clients and ongoing capacity expansion in high-end PCB production [2][3]. - The company has achieved significant technological advancements in high-layer PCB manufacturing, supporting the demand for AI server acceleration cards and other cutting-edge products [2]. Future Outlook - The company anticipates a recovery in Q4 performance due to strong order demand from major clients and the introduction of new ASIC orders [2]. - Long-term projections indicate substantial revenue growth, with expected revenues of 20.39 billion, 32.62 billion, and 47.30 billion for 2025, 2026, and 2027, respectively [3]. Investment Rating - The investment rating is maintained at "Buy," reflecting confidence in the company's ability to capitalize on the growing AI computing demand and its established position within the supply chains of major global tech firms [3].