VGT(SZ:300476) Bank of China Securities·2025-11-10 09:04Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 312.05 and a sector rating of "Outperform" [1][3]. Core Insights - The company has shown significant growth in revenue and net profit for the first three quarters of 2025, driven by the AI PCB boom and proactive capacity expansion [3][5]. - The report projects substantial revenue growth, with expected revenues of RMB 20.95 billion, RMB 35.34 billion, and RMB 57.36 billion for 2025, 2026, and 2027 respectively, alongside net profits of RMB 5.14 billion, RMB 12.04 billion, and RMB 18.03 billion for the same years [5][7]. - The company is positioned to benefit from the increasing demand for high-end PCB production and is expanding its production capacity both domestically and internationally [8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 141.17 billion, a year-on-year increase of 83.40%, and a net profit of RMB 32.45 billion, up 324.38% year-on-year [8]. - The gross margin for the first three quarters was 35.85%, an increase of 14.30 percentage points year-on-year [8]. Revenue and Profit Forecast - The company is expected to achieve a revenue growth rate of 95.2% in 2025, followed by 68.7% in 2026 and 62.3% in 2027 [7][11]. - The projected earnings per share (EPS) are RMB 5.91, RMB 13.83, and RMB 20.71 for 2025, 2026, and 2027 respectively, reflecting significant growth [5][11]. Capacity Expansion - The company is actively investing in advanced manufacturing equipment and expanding its production capacity, particularly in Thailand and Vietnam, to meet the growing demand for high-end PCBs [8]. - The expansion plans are progressing smoothly, with the company maintaining an industry-leading pace in capacity expansion [8].