VGT(SZ:300476) GOLDEN SUN SECURITIES·2025-11-26 07:52Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company is positioned as a global leader in AI PCB manufacturing, leveraging significant opportunities from the AI wave and deepening partnerships with major GPU and ASIC clients [1][4]. - The company has achieved technological advancements in HDI and high-layer PCBs, with capabilities to produce 6-stage 24-layer HDI products and ongoing development for next-generation technologies [2]. - The expansion of production capacity is on track, with overseas facilities in Thailand and Vietnam progressing as planned, and domestic projects also advancing [3]. Financial Projections - Revenue is projected to reach 37 billion yuan in 2026 and 59.9 billion yuan in 2027, with net profit estimates of 12 billion yuan and 19.7 billion yuan for the same years respectively [4][6]. - The company expects significant growth rates, with a revenue growth of 87.5% in 2025 and 84% in 2026 [6]. - The earnings per share (EPS) is forecasted to increase from 5.76 yuan in 2025 to 22.68 yuan in 2027 [6]. Production and Client Engagement - The company is enhancing its production capabilities and customer engagement by participating in key projects, allowing for early involvement in client R&D and product development [3]. - The company is focusing on long-term planning with clients, aligning its production and technology strategies with their future needs [3].