VGT(300476) 平安证券·2024-10-29 14:56Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [2][5]. Core Insights - The company achieved record-high operating performance, with a revenue of 7.7 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 34.02%. The net profit attributable to shareholders reached 760 million yuan, up 30.54% year-on-year [4][5]. - The AI HDI (High-Density Interconnect) business is experiencing sustained growth, opening up long-term growth opportunities. The company has focused on innovation and is actively developing new technologies and products in AI servers, AI computing cards, and related fields [5][6]. - The company’s R&D investment for the first three quarters of 2024 was 329 million yuan, an increase of 11.91% year-on-year, reflecting its commitment to technological advancement [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 7.7 billion yuan and a net profit of 760 million yuan, with gross and net profit margins of 21.55% and 9.93%, respectively [4][5]. - In Q3 2024 alone, the company achieved a revenue of 2.84 billion yuan, a year-on-year increase of 37.07%, and a net profit of 310 million yuan, up 26.7% year-on-year [5]. Future Projections - The company forecasts earnings per share (EPS) of 1.32 yuan, 2.26 yuan, and 2.54 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 34.7, 20.3, and 18.1 [5][6]. - The projected revenue for 2024 is 11.83 billion yuan, with a year-on-year growth rate of 49.2% [6][12]. R&D and Innovation - The company is advancing in AI-related technologies, with ongoing development in next-generation transmission protocols and high-capacity optical transmission technologies [5]. - The company has successfully scaled production of high-end AI data center products, including 5-layer and 6-layer HDI products, and is in the early stages of producing 1.6T optical modules [5].