VGT(300476) 长江证券·2024-10-30 01:44Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Insights - The company reported a revenue of 7.698 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 34.02%. The net profit attributable to shareholders was 765 million yuan, up 30.54% year-on-year. The gross margin and net margin were 21.55% and 9.93%, respectively, showing a slight decline of 0.49 percentage points and 0.27 percentage points year-on-year [3][4]. - In the third quarter alone, the company achieved a revenue of 2.842 billion yuan, a year-on-year increase of 37.07% and a quarter-on-quarter increase of 15.36%. The net profit for this quarter was 306 million yuan, up 26.70% year-on-year and 22.52% quarter-on-quarter [3][4]. - The company's profitability slightly decreased due to the impact of acquisitions and foreign exchange fluctuations leading to increased expenses [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 76.98 billion yuan and a net profit of 7.65 billion yuan. The gross margin was 21.55% and the net margin was 9.93% [3][4]. - The third quarter results showed a revenue of 28.42 billion yuan and a net profit of 3.06 billion yuan, with gross and net margins of 23.17% and 10.75%, respectively [3][4]. Research and Development - The company emphasizes investment in technology research and development, with R&D expenses reaching 132 million yuan in the third quarter, representing a 4.63% R&D expense ratio. The company has developed capabilities for 70-layer multilayer circuit boards and has begun mass production of 24-layer high multilayer boards and 28-layer HDI boards [3][4]. - The company is focusing on high-end AI data center products and has successfully entered mass production for several products, including 1.6T optical modules [3][4]. Product Strategy - The company is upgrading its product structure to meet the growing demand in the AI industry, particularly for large-size, high-speed multilayer PCBs and high-end HDI products. It has established deep collaborations with top domestic and international clients to align with future product trends [4]. - The company is expected to benefit from the recovery in traditional downstream sectors while optimizing its product structure, leading to an increase in the proportion of high ASP products [4]. Future Outlook - The company is projected to achieve net profits of 1.151 billion yuan, 1.689 billion yuan, and 2.027 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 34.37, 23.43, and 19.53 [4].