VGT(300476) 国盛证券·2025-04-22 12:23Investment 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 manufacturing [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 [3]. Summary by Sections Revenue and Profit Growth - In 2024, the company achieved a revenue of 10.73 billion yuan, a year-on-year increase of 35.3%, and a net profit of 1.15 billion yuan, up 72% [14]. - For Q1 2025, the company reported a revenue of 4.31 billion yuan, a 80.31% increase year-on-year, and a net profit of 921 million yuan, up 339.22% [15]. Market Position and Product Development - The company holds the global leading market share in AI computing cards and AI data center products, with advanced manufacturing capabilities in high-precision PCBs [1][22]. - The company has entered mass production of high-layer HDI products and is accelerating the development of next-generation products [2][24]. Financial Forecast - The company is expected to achieve revenues of 20.12 billion yuan, 28.20 billion yuan, and 34.57 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan [3][5]. Industry Trends - The global PCB market is projected to recover, with a total value of 73.57 billion dollars in 2024, driven by AI and automotive electronics [26][28]. - The demand for high-layer and HDI boards is expected to grow significantly, with the CAGR for high-layer boards in China projected at 21.1% from 2024 to 2029 [30][33].