Victory Giant Technology (300476.SZ) — Full-Year Surge; AI PCB Thesis Clear
Source: Dongguan Securities | Date: April 1, 2026 | Rating: Buy (maintain)
Key Data Snapshot
| Metric | Value |
|---|---|
| Closing price | RMB 251.00 |
| Market cap | 2,190.12 (RMB 100 mn) |
| Free-float market cap | 2,151.07 (RMB 100 mn) |
| Total shares | 873 million |
| ROE (TTM) | 25.95% |
| 12-month price range | RMB 59.00 – 355.00 |
Earnings forecast
| Year | Revenue (RMB 100 mn) | Net profit to parent (RMB 100 mn) | EPS (RMB) | P/E |
|---|---|---|---|---|
| 2025A | 192.92 | 43.12 | 4.94 | 50.79x |
| 2026E | 322.84 | 88.21 | 10.11 | 24.83x |
| 2027E | 559.79 | 159.15 | 18.24 | 13.76x |
| 2028E | 849.41 | 251.94 | 28.87 | 8.69x |
Results
FY2025 annual report
- Revenue: 192.92 (RMB 100 mn), +79.77% YoY
- Net profit to parent: 43.12 (RMB 100 mn), +273.52% YoY
- Recurring net profit: 43.04 (RMB 100 mn), +277.07% YoY
- In line with expectations (around guidance mid-point)
4Q25 (single quarter)
- Revenue: 51.75 (RMB 100 mn), +1.75% QoQ
- Net profit to parent: 10.67 (RMB 100 mn), -3.18% QoQ
- Drivers: new fabs ramping; more NPI → higher manufacturing cost
Profitability
| Metric | 2024A | 2025A | Change |
|---|---|---|---|
| Gross margin | 22.72% | 35.22% | +12.50 ppt |
| Net margin | 10.76% | 22.35% | +11.59 ppt |
Why margins jumped: higher mix of premium products.
Investment thesis
1. AI-led full-year growth
- Top line +79.77%; net profit +273.52% YoY
- Core driver: deep engagement with global leaders; high-end PCBs for AI compute, datacenters, HPC at scale
- Mix: advanced HDI, very high layer count, and other premium formats in tight supply
2. AI PCB roadmap; strong positioning
Industry:
- LLM training continues; AI agents scaling → training & inference compute demand
- PCBs shift toward higher performance & density
Technology:
- NVIDIA Rubin generation expected to ship 2H (per report)
- ASIC customers accelerating → further PCB spec upgrades
- Orthogonal backplane, CoWoP, and related technologies lift PCB $/unit
Company:
- Leading product & process capability
- Close ties with global AI compute customers and major tech platforms
- Active domestic & overseas capacity adds
3. Capacity & supply scale
- Ongoing global capacity expansion
- This year: potential to widen supply of GPU accelerators, TPU companion boards, and related core lines
Forecast summary (RMB mn)
| Line item | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|
| Revenue | 19,292 | 32,284 | 55,979 | 84,941 |
| COGS | 12,497 | 19,294 | 33,013 | 49,232 |
| Gross margin | 35.22% | 40.24% | 41.03% | 42.04% |
| Net profit to parent | 4,312 | 8,821 | 15,915 | 25,194 |
| Diluted EPS (RMB) | 4.94 | 10.11 | 18.24 | 28.87 |
| P/E | 50.79x | 24.83x | 13.76x | 8.69x |
Risks
- Weaker end demand
- Slower technology rollout
- Intensifying competition
- Larger-than-expected raw material inflation
Disclaimer: Content is from Dongguan Securities, for study only; not investment advice.
