VGT(300476) 国盛证券·2025-01-21 04:31Investment Rating - The report gives a "Buy" rating for the company, indicating a significant valuation advantage compared to peers [3][107]. Core Views - The company is positioned at the forefront of the AI PCB wave, with its expertise in HDI and high-layer PCBs driving accelerated growth in revenue and profits. The company has established deep collaborations with global clients such as NVIDIA, Tesla, and AMD, and is expected to benefit from the increasing demand for AI-related products [1][12]. - The global HDI market is projected to grow at a CAGR of 16.3% from 2023 to 2028, making it one of the fastest-growing segments in the PCB industry [1]. - The company has successfully expanded its production capacity for high-layer HDI products and is actively developing next-generation products, which positions it well for future growth [2][101]. Summary by Sections Company Overview - The company specializes in HDI and high-layer PCBs, with applications in AI, data centers, and automotive electronics. It has a strong customer base that includes major global tech firms [12][19]. Financial Performance - In the first three quarters of 2024, the company achieved revenue of 7.7 billion yuan, a year-on-year increase of 34%, and a net profit of 770 million yuan, up 30.5% year-on-year. The company is expected to continue this growth trajectory as AI products ramp up [1][34]. Market Trends - The demand for AI servers is surging, with significant capital expenditures from major cloud service providers. The report anticipates that AI servers will account for 12.2% of total server shipments in 2024, reflecting a growing trend in the industry [46][48]. - The company is set to benefit from the increasing complexity and performance requirements of AI hardware, which necessitates advanced PCB solutions [63][73]. Production Capacity and Technology - The company has a competitive edge in producing high-layer HDI products, with capabilities for 28-layer and 8-stage HDI boards. This positions it as a rare player in the global market capable of mass production [2][96]. - The report highlights the company's ongoing investments in R&D to enhance its technological capabilities, particularly in AI-related applications [42][43]. Future Outlook - The company is projected to achieve net profits of 1.23 billion yuan in 2024, 3.14 billion yuan in 2025, and 4.50 billion yuan in 2026, with corresponding growth rates of 83.8%, 154.7%, and 43.4% [3][107]. - The anticipated increase in high-margin products and the expansion of production capacity are expected to drive overall profitability and market share growth [107][108].