VGT(SZ:300476) HUAXI Securities·2025-09-02 11:32Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported significant growth in its financial performance, with a 90.31 billion yuan revenue in the first half of 2025, representing an 86% year-on-year increase, and a net profit of 21.43 billion yuan, up 366.89% year-on-year [1][2] - The company is capitalizing on the opportunities presented by artificial intelligence, with a strong performance in the HDI market, which is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, while AI-related HDI is projected to grow at a CAGR of 19.1% [2][3] - The company has established a leading position in the high-layer PCB manufacturing sector, with capabilities exceeding 100 layers and significant advancements in HDI technology, which are crucial for AI computing and data center applications [3][4] Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 90.31 billion yuan, with a net profit of 21.43 billion yuan, marking a year-on-year increase of 366.89% [1] - For Q2 2025, the company reported a revenue of 47.19 billion yuan, a 91.51% year-on-year increase, and a net profit of 12.22 billion yuan, reflecting a 390.14% year-on-year growth [1][2] - The company plans to increase its revenue forecasts for 2025-2027, expecting revenues of 203.48 billion yuan, 272.82 billion yuan, and 326.56 billion yuan, with respective year-on-year growth rates of 89.6%, 34.1%, and 19.7% [8][10] Strategic Initiatives - The company is implementing a "China + N" global layout strategy to enhance its supply delivery capabilities, establishing production lines in Thailand and Vietnam to meet overseas demand for high-layer PCBs and advanced HDI [4] - The company has significantly increased its R&D investment, which grew by 78.46% year-on-year, reinforcing its competitive edge in the industry [3]