VGT(300476) 华创证券·2025-04-22 14:41Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.25 CNY [2][6]. Core Views - The company's Q1 2025 performance closely aligns with the upper limit of its forecast, showing strong growth guidance for Q2, with expected net profit growth of no less than 30% quarter-on-quarter and over 360% year-on-year for the first half of the year [2][6]. - The company is experiencing significant revenue growth driven by its AI product lines, with Q1 2025 revenue reaching 4.312 billion CNY, a year-on-year increase of 80.31% and a quarter-on-quarter increase of 42.15% [2][6]. - The gross margin for Q1 2025 was reported at 33.37%, reflecting a substantial increase of 13.88 percentage points year-on-year and 7.67 percentage points quarter-on-quarter [2][6]. Financial Summary - Revenue Forecasts: - 2024A: 10,731 million CNY - 2025E: 20,240 million CNY (YoY growth of 88.6%) - 2026E: 25,679 million CNY (YoY growth of 26.9%) - 2027E: 27,529 million CNY (YoY growth of 7.2%) [2][7] - Net Profit Forecasts: - 2024A: 1,154 million CNY - 2025E: 4,596 million CNY (YoY growth of 298.1%) - 2026E: 6,388 million CNY (YoY growth of 39.0%) - 2027E: 6,991 million CNY (YoY growth of 9.4%) [2][7] - Earnings Per Share (EPS): - 2024A: 1.34 CNY - 2025E: 5.33 CNY - 2026E: 7.40 CNY - 2027E: 8.10 CNY [2][7] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025 is projected at 25 times [2][6]. Strategic Insights - The company is significantly expanding its production capacity in response to the growing demand for AI servers and high-end PCB products, with a planned fundraising of 1.98 billion CNY for projects in Vietnam and Thailand [2][6]. - The report highlights the company's strategic commitment to embracing AI trends, with ongoing product development and production ramp-up in high-end data transmission and AI server sectors [2][6].