VGT(SZ:300476) GOLDEN SUN SECURITIES·2025-06-15 07:20Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is positioned as a global leader in AI PCB, benefiting significantly from the increasing demand for GPU and ASIC technologies [1][12] - The trend towards high-density interconnect (HDI) technology is expected to drive the company's growth, with plans for expanding production capacity and developing advanced HDI products [2][3] - The company's financial performance is projected to grow substantially, with expected revenues of 20.12 billion yuan in 2025, 28.20 billion yuan in 2026, and 34.57 billion yuan in 2027, alongside significant increases in net profit [3][4] Summary by Sections Section 1: AI PCB Demand - The demand for AI-related PCBs is driven by significant capital expenditures from major cloud service providers (CSPs), with a combined capital expenditure of 71.1 billion USD in Q1 2025, a 64% year-on-year increase [1][12] - Major CSPs like Meta and Amazon are expected to continue increasing their investments in AI infrastructure, with projected capital expenditures of 640-720 billion USD and 1000 billion USD respectively for 2025 [12][16] Section 2: HDI Technology - The report highlights the importance of HDI technology in PCB manufacturing, with the company expanding its production capabilities for 5-layer, 6-layer, and upcoming 10-layer HDI products [2] - The global demand for AI HDI is currently limited, providing the company with a competitive edge as it ramps up production and secures key customer partnerships [2][3] Section 3: Multi-layer PCB Development - The company has achieved mass production capabilities for 32-layer high multi-layer PCBs and is working on 70-layer precision multi-layer boards, which are expected to see significant price increases due to manufacturing complexities [3] - The company is also expanding its production capacity in Thailand, targeting an annual output of 1.5 million square meters of multi-layer boards, with a focus on boards with 14 layers or more [3] Section 4: Financial Projections - The company is expected to see a substantial increase in revenue and net profit over the next few years, with projected revenues of 20.12 billion yuan in 2025, 28.20 billion yuan in 2026, and 34.57 billion yuan in 2027, alongside net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan respectively [4][3] - The report anticipates a significant improvement in the company's price-to-earnings (P/E) ratio, dropping from 129.5 in 2023 to 15.5 in 2025, indicating strong growth potential [4]