VGT(300476) 开源证券·2024-10-29 15:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 28.42 billion yuan, a year-on-year increase of 37.07% and a quarter-on-quarter increase of 15.36% [4]. - The company is accelerating its overseas strategic layout, including plans to establish a new production base in Vietnam and the acquisition of APCB Electronics Thailand [6]. - The company is focusing on AI-related products, which are expected to benefit from the growing demand for AI terminal applications [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 76.98 billion yuan, representing a year-on-year growth of 34.02% [4]. - The net profit attributable to the parent company for Q3 2024 was 3.06 billion yuan, with a year-on-year increase of 26.70% and a quarter-on-quarter increase of 22.52% [4]. - The gross margin for Q3 2024 was 23.17%, showing a year-on-year decrease of 0.77 percentage points but an increase of 1.48 percentage points from the previous quarter [4]. Financial Forecasts - The company forecasts net profits for 2024, 2025, and 2026 to be 11.75 billion yuan, 14.92 billion yuan, and 19.32 billion yuan respectively, with corresponding EPS of 1.36 yuan, 1.73 yuan, and 2.24 yuan [4]. - The current price-to-earnings (P/E) ratios are projected to be 33.7, 26.5, and 20.5 for the years 2024, 2025, and 2026 respectively [4]. Share Buyback Plan - The company announced a plan to repurchase shares using its own funds, with a total repurchase amount between 70 million yuan and 140 million yuan, reflecting management's confidence in the company's intrinsic value [5].