胜宏科技_AI 服务器 PCB 业务强劲增长；产能扩张与业务多元化以更好把握需求增长；买入评级

23 February 2026 | 12:38AM HKT Equity Research Victory Giant (300476.SZ): AI servers PCB in strong growth; Capacity expansion and diversification to better catch the rising demand; Buy We reiterate our positive view on Victory Giant's growth ahead where we expect net income to grow at 129% / 82% YoY in 2026E / 2027E driven by strong revenues growth and rising GM with AI servers PCB revenues contribution to up to 70% by 2027E (vs. 29% in 2025E). As we highlighted recently in Global PCB allocation breakdown, ...