VGT(300476) 华西证券·2025-04-24 11:12Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company has experienced explosive growth in performance driven by the demand for AI computing power, with a projected net profit growth of over 360% year-on-year for the first half of 2025 [2][4]. - The company is well-positioned to benefit from the AI wave and has seen a significant increase in order volume due to its technological advantages in research, manufacturing, and quality [2][3]. Financial Performance Summary - For the year 2024, the company achieved a revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% [1][9]. - In Q1 2025, the company reported a revenue of 4.312 billion yuan, representing an 80.31% year-on-year increase, and a net profit of 0.921 billion yuan, which is a staggering 339.22% increase [1][2]. - The company expects a net profit growth of no less than 30% quarter-on-quarter for Q2 2025 [2]. Revenue and Profit Forecast - The revenue forecast for 2025 is set at 17.367 billion yuan, with a year-on-year growth of 61.8%, and for 2026, it is projected to reach 22.459 billion yuan, reflecting a 29.3% increase [4][9]. - The earnings per share (EPS) are expected to be 4.66 yuan for 2025 and 5.82 yuan for 2026, indicating a significant increase from previous years [4][9]. Market Position and Strategy - The company is a leading supplier of HDI products and has made significant advancements in high-end data transmission products, which are widely used in AI servers [3]. - The company is also expanding its capacity in Southeast Asia to align with industry trends, as many clients are relocating their manufacturing bases to that region [3].