胜宏科技：下调目标价至407￥，仍有60%左右涨幅！

Flash | 14 Oct 2025 04:54:18 ET │ 12 pages Victory Giant Tech (300476.SZ) Model Update CITI'S TAKE We lower our 2025/2026/2027 earnings estimates by 8%/9%/7% to Rmb5.1/11.7/19.6bn as we expect new capacity ramp-up will likely drag profitability. For 3Q25, we estimate that VGT could deliver Rmb1.34bn net profits (QoQ +10%) as we expect (1) NVDA revenue will grow by 2% QoQ to Rmb2.4bn given that 2Q25 high base caused by tariff-driven pull-in demand and NVDA product transition impact in 3Q25, which is in-line ...