VGT(SZ:300476) Caixin Securities·2024-08-21 04:30Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [9]. Core Views - The company reported a revenue of 4.855 billion yuan for the first half of 2024, representing a year-on-year growth of 32.29%, and a net profit of 459 million yuan, up 33.23% year-on-year [4]. - The acquisition of MFS Group is highlighted as a key driver for performance growth, with MFS Group achieving a revenue increase of 13% and a net profit growth of 104% in the first half of 2024 [4][6]. - The company successfully commenced mass production of advanced HDI products and 28-layer boards, with expectations for increased volume in the second half of the year [4][5]. - Continuous investment in R&D, totaling 198 million yuan in the first half of 2024, focuses on high-end technologies such as AI computing and next-generation communication protocols [5][6]. - The company is expanding its overseas production capacity through acquisitions and new investments in Vietnam, enhancing its global competitiveness [6]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 11.382 billion yuan, 14.086 billion yuan, and 16.790 billion yuan, respectively, with corresponding net profits of 1.139 billion yuan, 1.586 billion yuan, and 1.921 billion yuan [7]. - The earnings per share (EPS) are expected to be 1.32 yuan for 2024, 1.84 yuan for 2025, and 2.23 yuan for 2026 [7]. - The price-to-earnings (P/E) ratios are projected to be 26.26 for 2024, 18.86 for 2025, and 15.57 for 2026, indicating a favorable valuation trend [7].