VGT(SZ:300476)2025-10-17 14:32Group 1: Investor Relations Activities - The investor relations activities included site visits, analyst meetings, and roadshows, with participation from 108 institutional investors [1][2] - The event took place from October 13 to October 17, 2025, at Shenghong Technology (Huizhou) Co., Ltd. [1] Group 2: Company Performance and Production Capacity - The company currently has sufficient orders, with production capacity utilization maintained at a good level [3] - The Thailand factory's first phase upgrade was completed in March 2025, and production has commenced, with the second phase nearing completion [3] - The company aims to enhance production efficiency and supply chain costs to maintain competitive advantages in Southeast Asia [3] Group 3: High-Density Interconnect (HDI) Technology - The company has invested significantly in HDI technology, becoming one of the few capable of mass-producing 6-layer and higher HDI products [4] - Key factors for success in HDI include advanced technology, top-tier equipment, extensive manufacturing experience, and a skilled workforce [4] Group 4: Multi-layer PCB Advantages - The company has the capability to develop and mass-produce PCBs with over 70 layers, with a technical reserve for over 100 layers [5] - The company is one of the largest global producers of multi-layer PCBs, supporting diverse product mass production [5] - Multi-layer PCBs are primarily used in AI servers, power management, and industrial control devices [6] Group 5: Market Demand and Future Outlook - The PCB industry is supported by strong demand, particularly in AI computing and servers, which are expected to grow rapidly [7] - The supply of high-end products is anticipated to remain tight, with sufficient downstream demand to absorb new production capacity [7] - The company’s production planning is based on clear order demands and future technology directions [7]