VGT(SZ:300476) Capital Securities·2025-12-25 06:01Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company specializes in high-end PCB manufacturing and is positioned in the core AI computing sector [2] - The company has a strong market presence, ranking sixth globally and third among domestic PCB manufacturers in China [5] - The company has achieved significant revenue growth driven by AI demand, with a projected revenue of 198.79 billion yuan in 2025, representing an 85.24% increase from the previous year [3][5] - The company is expanding its production capacity to meet the growing demand for high-end PCBs, particularly in AI applications [5] Financial Performance - The company reported a revenue of 141.17 billion yuan for the first three quarters of 2025, a year-on-year increase of 83.40% [5] - The net profit for the same period was 32.45 billion yuan, reflecting a year-on-year growth of 324.38% [5] - The gross margin for the first three quarters of 2025 was 35.85%, and the net margin was 22.98% [5] Revenue Forecast - Revenue projections for the company are as follows: - 2024: 107.31 billion yuan - 2025: 198.79 billion yuan - 2026: 333.64 billion yuan - 2027: 497.31 billion yuan [3] - The corresponding net profit forecasts are: - 2024: 11.54 billion yuan - 2025: 49.47 billion yuan - 2026: 91.58 billion yuan - 2027: 137.48 billion yuan [3] Market Outlook - The PCB market in China is expected to grow significantly, with an estimated increase of 8.5% in 2025 [5] - High-layer PCBs are projected to grow by 69.4%, while HDI boards are expected to increase by 14.2% [5] - The overall PCB market size is forecasted to grow from 73.565 billion USD in 2024 to 94.661 billion USD by 2029, with a compound annual growth rate of 5.2% [5]