VGT(300476) 东莞证券·2025-04-23 09:03Investment Rating - The investment rating for the company is "Buy (Maintain)" [1][5] Core Views - The company reported a significant increase in Q1 2025 performance, with revenue reaching 4.31 billion yuan, a year-on-year growth of 80.31%, and net profit increasing by 339.22% [2][3] - The strong performance is attributed to the surge in orders for high-value products and enhanced profitability, with Q1 gross margin at 33.37%, up 13.88 percentage points year-on-year [2][3] - The company is expected to benefit from the ongoing AI development opportunities, with plans to raise 1.9 billion yuan for capacity expansion projects in Vietnam and Thailand [2][3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 10.73 billion yuan, a 35.31% increase year-on-year, and a net profit of 1.15 billion yuan, up 71.96% [2][4] - For Q1 2025, the company reported a net profit of 921 million yuan, reflecting a 339.22% increase compared to the previous year [2][4] Growth Drivers - The rapid growth in performance is driven by the company's focus on international top-tier clients and the mass production of PCB products in AI computing and data center sectors [2][3] - The company has strengthened cost management, contributing to improved profitability, with a gross margin of 22.72% in 2024, up 2.02 percentage points year-on-year [2][4] Future Outlook - The company has provided a positive Q2 guidance, expecting a net profit increase of no less than 30% quarter-on-quarter and over 360% year-on-year for H1 [2][3] - The anticipated EPS for 2025 and 2026 are projected to be 5.09 yuan and 6.90 yuan, respectively, with corresponding PE ratios of 15 and 11 [2][4]