VGT(300476) 华创证券·2024-04-22 03:31Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 37 yuan based on a 26X PE for 2024 [6][16][157]. Core Insights - The company is positioned to benefit from the dual growth drivers of AI computing and automotive sectors, with a robust product lineup and strong relationships with leading clients like NVIDIA, AMD, and Tesla [10][57][171]. - The global server PCB market is expected to reach 9.2 billion in 2022 to 1.1 billion in 2022 [44][10]. Financial Performance - The company reported total revenue of 7,931 million yuan in 2023, with a projected increase to 11,584 million yuan in 2024, reflecting a year-on-year growth of 46.1% [7][183]. - The net profit attributable to shareholders is expected to rise from 671 million yuan in 2023 to 1,235 million yuan in 2024, marking an 83.9% increase [7][183]. Market Trends - The demand for AI computing is surging, with the global server shipment expected to grow from 15.16 million units in 2022 to 18.85 million units by 2026, driven by advancements in AI technologies [15][63]. - The automotive sector is experiencing a shift towards electrification and automation, significantly increasing the demand for automotive PCBs, particularly in electric vehicles [171][172]. Product Development - The company has made significant advancements in HDI (High-Density Interconnect) technology, achieving certification for 5-stage 20-layer HDI products and expanding its product offerings to meet the growing needs of AI servers [10][131][181]. - The acquisition of PSL has enhanced the company's capabilities in flexible printed circuit boards (FPCs), further diversifying its product range and market reach [179][181]. Client Relationships - The company has established strong partnerships with major players in the AI and automotive sectors, including NVIDIA, AMD, and Tesla, positioning itself to capitalize on industry growth [57][128][151]. Future Outlook - The company is expected to continue benefiting from the growth in AI computing and automotive sectors, with projected net profits of 12.35 billion yuan, 15.87 billion yuan, and 18.79 billion yuan for 2024, 2025, and 2026 respectively [16][181].