VGT(300476) 国盛证券·2025-04-22 10:47Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is experiencing explosive revenue growth, significantly benefiting from the AI PCB upgrade, with a comprehensive product range in PCB categories [1][22]. - The global HDI market is projected to grow, with the company positioned as a leading player benefiting from innovations in server architecture [2][3]. - The company's high-layer product structure is expected to further optimize, contributing to revenue growth alongside new product launches and increased production capacity [3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a net profit of 921 million yuan, a year-on-year increase of 339.22%, driven by a surge in high-value product orders [1][15]. - For 2024, the company is projected to achieve revenue of 10.73 billion yuan, a 35.3% increase year-on-year, and a net profit of 1.15 billion yuan, a 72% increase [5][14]. Market Position and Product Development - The company holds the largest global market share in AI computing cards and AI data center products, with advanced manufacturing capabilities for high-precision PCBs [1][22]. - The global HDI market is expected to reach $12.518 billion in 2024, with a year-on-year growth of 18.8%, driven by AI server-related products [2][26]. Financial Forecasts - The company is expected to achieve revenues of 20.12 billion yuan in 2025, 28.20 billion yuan in 2026, and 34.57 billion yuan in 2027, with corresponding net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan respectively [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 12.7x, 8.4x, and 6.7x, indicating strong growth potential [3][5]. R&D and Innovation - The company has increased its R&D investment to 450 million yuan in 2024, a 29.1% year-on-year increase, focusing on various advanced PCB technologies [18][20]. - The company is actively developing new products for high-frequency applications and automotive electronics, enhancing its competitive edge in the market [24][25]. Industry Trends - The PCB industry is expected to see a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with high-end products like HDI and multilayer boards leading the growth [26][30]. - The demand for high-layer and high-precision PCBs is driven by advancements in AI servers, high-speed networks, and automotive electronics [30][33].