VGT(300476) 长江证券·2025-04-06 07:41Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a significant revenue increase of 35.31% year-on-year, reaching 10.731 billion yuan in 2024, with a net profit of 1.154 billion yuan, reflecting a 71.96% growth [2][5]. - The gross margin and net margin for 2024 were reported at 22.72% and 10.76%, respectively, showing improvements of 2.02 percentage points and 2.30 percentage points year-on-year [2][5]. - The company is experiencing accelerated performance release due to high-end product adoption and a surge in AI-related orders, particularly in AI computing and data center sectors [11]. - Collaborations with MFS Group have enhanced resource integration and operational synergy, contributing to the company's growth [11]. - The company is well-positioned to capitalize on the AI wave, leveraging its technological advantages in PCB manufacturing and focusing on high-end clients [11]. Financial Summary - For 2024, the company forecasts net profits of 4.019 billion yuan, 5.500 billion yuan, and 6.853 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17.32, 12.66, and 10.16 [11][16]. - The projected total revenue for 2025, 2026, and 2027 is 19.317 billion yuan, 25.112 billion yuan, and 30.134 billion yuan, respectively [16].