7 January 2026 | 10:41AM HKT Equity Research China PCB: Victory Giant Chairman visit: High-end AI servers to drive PCB demand; Scale advantages with high operational efficiency Company profile: Victory Giant (300476.SZ) is a global leading PCB supplier offering MLPCB, HDI, single / double layer PCB, FPC (flexible printed circuit), etc., covering diversified end markets, such as AI data center, automobile, telecom, and smart terminals, with a global footprint in mainland China, Malaysia, Vietnam, and Thailan ...

Summary of Victory Giant (300476.SZ) Conference Call Company Overview - **Company Name**: Victory Giant (300476.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing - **Products**: Offers MLPCB (Multi-layer PCB), HDI (High-Density Interconnect), single/double layer PCB, FPC (Flexible Printed Circuit), etc. - **End Markets**: AI data centers, automobiles, telecom, smart terminals - **Global Presence**: Operations in mainland China, Malaysia, Vietnam, and Thailand [3][4] Key Points Discussed 1. Capacity Expansion - **Accelerated AI PCB Capacity Expansion**: Victory Giant is expanding its AI PCB capacity more rapidly than before, with plans for two new larger factories in HuiYang and capacity expansion in Thailand and Vietnam. Management emphasized that the time required to ramp up new capacity has decreased due to strong partnerships with major clients and experience in product verification [4][10]. 2. Technological Advantages - **MLPCB and HDI Expertise**: The company has developed mass production capabilities for HDI (28-layers) and MLPCB (70-layers), which are crucial for the new specifications of AI server platforms. Management noted that equipment parameters and material formulas significantly impact performance and yield rates, particularly in laser drilling and copper fill plating processes [5][9]. 3. Dollar Content Upgrade Opportunities - **Revenue Growth from Dollar Content Upgrades**: Management anticipates that upgrades in dollar content will drive revenue growth for AI PCBs. This is attributed to the shift towards new AI platforms with higher speeds (800G / 1.6T and above), which require PCBs with more layers and high-end CCL (Copper Clad Laminate) materials. The company is committed to R&D for new technologies, including 30-layer HDIs and 100+ layer MLPCBs [10][4]. 4. Market Outlook - **Positive Industry Outlook**: The management's comments align with a positive outlook for the China PCB industry, particularly for high-end PCB and CCL suppliers. The expected strong demand for AI PCBs is anticipated to benefit local suppliers as they expand capacity to meet growing needs [2][4]. 5. Customer Penetration - **Continuous Customer Penetration in AI Infrastructure**: Victory Giant is focused on increasing its customer base in AI infrastructure, which includes solutions for AI accelerator cards, AI servers, data center switches, UBB, SSDs, DDR, and optical transceivers [3][4]. Additional Insights - **Strategic Partnerships**: The company’s ability to ramp up capacity quickly is supported by deep partnerships with major clients, which enhances its competitive edge in the market [4][10]. - **Focus on R&D**: Continuous investment in research and development is crucial for maintaining technological leadership and meeting the evolving demands of the AI sector [10][4]. This summary encapsulates the key discussions and insights from the conference call regarding Victory Giant's strategic initiatives, market positioning, and growth prospects in the PCB industry.

31 December 2025 | 8:33AM HKT Equity Research 1. Accelerated AI PCB capacity expansion: The company facilitates capacity expansion of AI PCBs within a shorter period and will continue to expand its own capacity for AI demand. Besides existing product lines, Victory is also working on two new factories with larger scale in HuiYang and is expanding capacity in overseas sites incl. Thailand/ Vietnam. Management noted it is taking less time for the company to ramp up new capacity, supported by deep partnerships ...

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China PCB: Victory Giant (300476.SZ, NC): Mgmt call takeaways: MLPCB/ HDI capacity expansion; Growing AI PCB dollar content We talked to Victory Giant's (300476.SZ, Not Covered) management recently. 22 December 2025 | 8:17AM HKT Equity Research Company profile: Victory Giant (300476.SZ) is a global leading PCB supplier that engages in the product design, mass production, and sales. The company offers MLPCB, HDI, single / double layer PCB, FPC (flexible printed circuit), etc., covering diversified end market ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has significantly improved its profitability, with a revenue of 9.031 billion yuan in H1 2025, representing an 86% year-on-year increase, and a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - The company is a global leader in AI PCB technology, having achieved breakthroughs in high-layer and high-density interconnect (HDI) technologies, and is actively advancing next-generation HDI product development [2][4] - The company is expanding its production capacity and global presence to meet the increasing demand for high-end PCBs, with new facilities in Thailand and Vietnam to enhance delivery capabilities [3] Financial Performance - In Q2 2025, the company reported a revenue of 4.72 billion yuan, a 91.5% year-on-year increase, and a net profit of 1.22 billion yuan, up 390.1% year-on-year [1] - The gross profit margin for H1 2025 was 36.22%, an increase of 15.6 percentage points year-on-year, while the net profit margin was 23.7%, up 14.3 percentage points year-on-year [1] - The company plans to increase its revenue forecasts for 2026 and 2027 to 34.8 billion yuan and 54.8 billion yuan, respectively, with net profit estimates of 11 billion yuan and 18 billion yuan [9] Research and Development - The company has increased its R&D expenditure to 353 million yuan in H1 2025, a 78.5% year-on-year increase, and 223 million yuan in Q2 2025, up 108% year-on-year [4] - The company is focusing on advanced technologies such as PCIe6 and high-speed transmission devices, while also developing next-generation HDI and ultra-high-layer multi-layer PCBs [4][9] - The company is committed to using cutting-edge materials to enhance electrical performance and reduce signal loss, particularly in high-frequency and high-speed applications [4]