VGT(300476) 开源证券·2024-08-19 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in profitability in Q2 2024, with a year-on-year revenue growth of 32.29% and a net profit increase of 33.23% in the first half of 2024. The company is expected to benefit from the growing demand for AI-related products [1][2] - The acquisition of APCB Electronics Thailand is aimed at enhancing the company's global supply capabilities and meeting overseas delivery demands, which is expected to drive domestic order growth [3] Financial Performance Summary - In H1 2024, the company achieved a revenue of 4.855 billion yuan, with a net profit of 459 million yuan, and a gross margin of 20.61% [1] - For Q2 2024, revenue reached 2.464 billion yuan, with a net profit of 249 million yuan, reflecting a year-on-year growth of 13.6% and a quarter-on-quarter growth of 18.99% [1] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 1.175 billion yuan, 1.492 billion yuan, and 1.932 billion yuan respectively, with corresponding EPS of 1.36, 1.73, and 2.24 yuan [1][4] Business Development - The company is accelerating its layout in AI-related products, which is anticipated to significantly benefit from the demand for AI terminal applications [1][2] - The company has successfully entered mass production of high-end AI data center products and has optimized equipment for high-layer precision HDI and PCB, laying a solid foundation for the next generation of AI servers and communication products [2] Acquisition Plans - The company plans to acquire 100% of APCB Electronics Thailand for no more than 279 million yuan and will inject an additional 500 million yuan into the company post-acquisition to support its operations [3]