VGT(SZ:300476) CMS·2026-01-18 14:26Investment Rating - The report maintains an "Accumulate" investment rating for the company [5]. Core Views - The company forecasts a net profit attributable to shareholders of 4.16 to 4.56 billion yuan for 2025, representing a year-on-year increase of 260.4% to 295.0% [1]. - The company has achieved large-scale production of several high-end products in key areas such as AI computing, data centers, and high-performance computing, leading to a significant upgrade in product structure towards high-value and high-technical complexity [1]. - The Q4 earnings forecast is below market expectations, with a net profit of 0.92 to 1.32 billion yuan, indicating a year-on-year increase of 186.1% and a quarter-on-quarter increase of 1.2% [5]. - The company is positioned to benefit from the ongoing AI revolution, with a focus on high-end demand from core customers in AI computing [5]. Financial Data and Valuation - The company expects total revenue of 19.64 billion yuan in 2025, with a year-on-year growth of 83% [6]. - The projected net profit for 2026 is 8.07 billion yuan, with a year-on-year growth of 85% [6]. - The earnings per share (EPS) is forecasted to be 5.01 yuan in 2025, 9.27 yuan in 2026, and 15.52 yuan in 2027 [6]. - The price-to-earnings (PE) ratio is projected to be 56.2 in 2025, 30.3 in 2026, and 18.1 in 2027 [6]. Market Position and Strategy - The company has successfully entered the supply chains of major international clients such as NVIDIA, AMD, Intel, Tesla, Microsoft, Bosch, Amazon, Google, and Delta [5]. - The company is accelerating the construction and release of AI computing capacity in domestic and overseas locations, including Huizhou, Vietnam, and Thailand, to meet the urgent demand from downstream customers [5]. - The company has achieved breakthroughs in manufacturing technology for high-layer boards, supporting advanced product demands in AI server acceleration cards and ultra-high-speed transmission boards [5].