VGT(300476) 新浪财经·2025-04-25 08:43Core Viewpoint - The company has demonstrated significant growth in revenue and net profit for 2024 and Q1 2025, driven by the expansion of AI PCB and high-end products [1][2]. Financial Performance - In 2024, the company achieved revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, up 71.96% year-on-year [1][2]. - For Q1 2025, the company reported revenue of 4.312 billion yuan, a year-on-year increase of 80.31%, and a net profit attributable to shareholders of 921 million yuan, up 339.22% year-on-year [1][2]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares (including tax) for 2024 [1]. Product and Technology Development - The company has achieved industry-leading technical capabilities in PCB production, covering a full range of products, including high-precision and multi-layer boards [3]. - The company has made significant breakthroughs in AI-related products, including mass production of 6-layer 24-layer HDI products and 32-layer high multi-layer products [3]. - The company is the global leader in market share for AI computing cards and AIDC UBB and switch products [3]. - The company has also made advancements in high-speed data transmission and automotive electronics, becoming a major supplier for electric vehicle manufacturers [3]. Market Outlook and Investment Recommendations - The company is positioned to benefit from the growing demand for AI-related products, with expectations for continued high growth in performance [4]. - The profit forecasts for 2025-2027 have been slightly adjusted upward, with projected net profits of 4.355 billion yuan for 2025, 5.939 billion yuan for 2026, and 7.015 billion yuan for 2027 [4].