VGT(300476) 国盛证券·2025-01-22 07:05Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a record profit in 2024, with a projected net profit of approximately 1.12 to 1.24 billion yuan, representing a year-on-year growth of 66.83% to 84.70% [1] - The company's performance is driven by its core product technology advantages and rapid deployment in AI computing and data center sectors, leading to significant revenue growth [2] - The company is positioned to benefit from the global scarcity of high-end HDI production capacity, with ongoing production of advanced HDI products and development of next-generation products [3] Financial Performance Summary - The company forecasts net profits of 1.18 billion yuan for 2024, with a year-on-year growth rate of 75.7%, and projected profits of 3.14 billion yuan and 4.50 billion yuan for 2025 and 2026, respectively [4] - Revenue is expected to grow from 7.93 billion yuan in 2023 to 11.80 billion yuan in 2024, reflecting a growth rate of 48.8% [5] - The company's earnings per share (EPS) is projected to increase from 0.78 yuan in 2023 to 1.37 yuan in 2024 [5] Business Development Summary - The company is enhancing its collaboration with major clients in the AI sector, with significant contributions expected from new AI products in Q4 2024 [2] - The acquisition of the APCB factory in Thailand aims to capture overseas demand for AI products, facilitating further growth in North American markets [3] - The company is advancing its capabilities in high-layer precision circuit boards, establishing itself as a leader in the AI high-multilayer technology space [3]