VGT(SZ:300476) Dongguan Securities·2025-08-28 08:36Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - The company has experienced significant revenue growth, with a 2025 first-half revenue of 9.031 billion yuan, representing an 86% year-on-year increase. The net profit attributable to shareholders reached 2.143 billion yuan, marking a staggering 366.89% increase year-on-year [4][5]. - The company's strong performance is attributed to its focus on high-end PCB products in the AI computing and data center sectors, particularly through large-scale production for leading international clients [5]. - The company has a clear technological advantage in multilayer and HDI (High-Density Interconnect) boards, with capabilities for mass production of advanced products, including 70-layer multilayer boards and 28-layer HDI boards [5]. Financial Performance - The company's gross margin for the first half of 2025 was 36.22%, a significant increase of 15.61 percentage points year-on-year, while the net profit margin was 23.73%, up 14.28 percentage points year-on-year [5]. - The report forecasts the company's earnings per share (EPS) to be 5.95 yuan for 2025 and 8.25 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 36 and 26 times, respectively [5][6]. Production Capacity Expansion - The company is actively expanding its high-end production capacity, with projects in Vietnam and updates to existing facilities aimed at increasing annual production capacity significantly [5]. - The Vietnam HDI project focuses on AI applications and aims to produce high-end HDI products, while the company's Thai multilayer project is set to produce high-multilayer products for various sectors, including servers and consumer electronics [5].