The AI industry has entered a phase of performance realization, with hardware leaders like Victory Giant Technology and Montage Technology posting high growth, while the growth of some concept stocks has slowed down.
Driven by the AI wave, various segments of the AI industry chain, including servers, GPUs, AI terminals, AI hardware modules, display interaction, and advanced packaging, are successively entering a period of performance delivery.
As an "invisible champion" in AI servers, Montage Technology (688008.SH) has forecasted double-digit growth for its 2025 performance. Meanwhile, Victory Giant Technology, one of the few core domestic manufacturers with mass supply capabilities for 800G high-speed optical module配套 PCBs and high-end HDI boards for AI server GPU accelerator cards, expects its 2025 net profit to reach 4.16 billion to 4.56 billion yuan, a year-on-year increase of 260.35% to 295.00%.
The AI wave is driving differentiation within the electronics industry, with chip design and printed circuit boards emerging as clear winners.
In 2025, global artificial intelligence technology accelerated its penetration from the algorithmic layer to hardware infrastructure and terminal applications. Against this backdrop, various segments of the AI industry chain are gradually stepping into a phase of performance realization.
Looking at the 11 electronics companies that released their 2025 performance forecasts on January 16-17, 2026, companies involved in AI computing infrastructure clearly benefited, while those unable to deeply position themselves in the high-growth AI sectors generally faced pressure.
Within the wave of AI infrastructure construction, servers, high-speed interconnects, and advanced packaging form the core pillars supporting computing power development, with related enterprises becoming the biggest beneficiaries. Among them, Victory Giant Technology's (300476.SZ) 2025 performance forecast indicates an expected net profit attributable to shareholders of 4.16 billion to 4.56 billion yuan, surging 260.35% to 295.00% year-on-year. The upper limit of Victory Giant Technology's forecasted net profit not only ranks first among the 11 electronics companies that newly disclosed forecasts but also secures the second position among the 37 electronics companies that have disclosed 2025 performance forecasts.
Victory Giant Technology is a core supplier of high-end multilayer PCBs for AI servers, with its products certified by renowned clients such as NVIDIA, Tesla, AMD, Intel, Continental, Novo Nordisk, and Delta, directly benefiting from the surge in global AI server shipments.
In its 2025 performance forecast, Victory Giant Technology stated that during 2025, the company firmly embraced "Embracing AI, Heading for the Future," precisely capturing the historic opportunities brought by AI computing technology innovation and data center upgrades, continuously consolidating its leading technological position in the global PCB manufacturing sector. With the ongoing expansion of global AI infrastructure and computing demand, the company leveraged its industry-leading technological capabilities, quality standards, delivery capacity, and global service capabilities to become a core partner for numerous leading technology firms worldwide. In key areas like AI computing, data centers, and high-performance computing, several high-end products have achieved mass production, driving an upgrade in the product mix towards higher value and greater technical complexity, significantly increasing the proportion of high-end products and fueling the company's rapid performance growth.
Following Victory Giant Technology in terms of expected net profit scale is Montage Technology. Montage Technology expects to achieve a net profit attributable to shareholders of 2.15 billion to 2.35 billion yuan in 2025, representing year-on-year growth of 52.29% to 66.46%. As a global leader in memory interface chips, Montage Technology's products have successfully penetrated the global mainstream memory, server, and cloud computing sectors, achieving a market share of 36.8% in 2024 and firmly holding the top global position.
Montage Technology is one of only three companies globally capable of mass-producing DDR5 memory interface chips. Among the primary reasons for its 2025 performance change, Montage Technology cited benefits from the AI industry trend, robust industry demand, and a significant increase in shipments of its interconnect chips, driving substantial growth in its 2025 operating performance compared to the previous year.
Guanghe Technology (001389.SZ), which operates in the same PCB sector as Montage Technology, also pre-announced positive results. Guanghe Technology's performance forecast discloses an expected net profit attributable to shareholders of 980 million to 1.02 billion yuan for 2025, a year-on-year increase of 44.95% to 50.87%. The company attributed this to "benefiting from the strong growth in demand for computing infrastructure, leading to robust demand in the computing supply chain where the company operates."
However, due to varying stages of AI penetration across industries, the dividends enjoyed by some "AI concept stocks" in the AI era remain limited. For instance, Aiwei Electronics, which holds significant influence in the AI glasses domain, expects to achieve a net profit attributable to shareholders of 300 million to 330 million yuan in 2025, representing year-on-year growth of 17.70% to 29.47%. This contrasts sharply with the 195.55% and 399.68% year-on-year growth rates achieved in 2023 and 2024, respectively.
Weishi Electronic, a supplier of core components for Meta AR glasses, expects a net profit attributable to shareholders of 21.49 million to 26.16 million yuan in 2025, a decrease of 61.61% to 53.27% year-on-year. Explaining the primary reasons for the expected decline, Weishi Electronic cited three factors: first, continuous increases in R&D investment to maintain technological leadership, putting pressure on profits; second, new production lines at subsidiaries operating at a ramp-up stage, with fixed costs like depreciation, energy, and personnel not being fully absorbed, leading to higher unit fixed costs and temporary pressure on margins and operating profit; and third, a reversal in the impact direction of exchange rate fluctuations on profits, significantly reducing the total profit for the period.
Notably, although Victory Giant Technology's 2025 performance growth approached 300%, some institutions believe its fourth-quarter performance fell short of market expectations. For example, China Merchants Securities pointed out in a research report dated January 18, 2026, that the midpoint of Victory Giant Technology's Q4 performance forecast missed expectations, suggesting a wait for AI PCB capacity ramp-up and customer onboarding.
China Merchants Securities estimated that Victory Giant Technology's Q4 2025 net profit attributable to shareholders would be 920 million to 1.32 billion yuan, with a midpoint of 1.12 billion yuan, representing 186.1% year-on-year growth but only 1.2% quarter-on-quarter growth. The possible reasons for the underperformance included new capacity ramp-up costs at its Huizhou Plant 4 and Thailand factory, increased labor costs, depreciation, lower yields affecting overall margins, rising R&D expenses from new NPI projects, and unfavorable Q4 exchange rates impacting its dollar-denominated revenue. The report also mentioned increased competition in the supply chain for a key customer.
According to Wind data, Victory Giant Technology's quarter-on-quarter growth rates for net profit attributable to shareholders in Q1, Q2, and Q3 of 2025 were 136.17%, 32.78%, and -9.88%, respectively.
In its commentary on Victory Giant Technology's Q3 2025 report, China Merchants Securities had noted strong order demand from major clients in Q4 and the onboarding of new ASIC customers, expecting a recovery to high year-on-year and quarter-on-quarter growth. It had previously forecasted net profits of 5.022 billion, 8.698 billion, and 13.593 billion yuan for 2025-2027, representing growth of 335%, 73%, and 56%, respectively.
China Merchants Securities has since revised down its profit forecasts for Victory Giant Technology for 2025-2027 to 4.357 billion, 8.071 billion, and 13.504 billion yuan, with growth rates of 277%, 85%, and 67%, respectively. Nevertheless, it maintains an "Add" rating, citing the company's long-term expertise in PCBs, strategic positioning in AI computing, new energy, and new energy vehicles, and its successful entry into the supply chains of international giants like NVIDIA, AMD, Intel, Tesla, Microsoft, Bosch, Amazon, Google, and Delta. It remains optimistic about the company's medium-to-long-term prospects for high-end capacity expansion and product upgrades driven by sustained global AI computing demand.
In contrast to Victory Giant Technology, no securities firms have yet commented on Montage Technology's 2025 performance. However, according to a recent announcement by Montage Technology, certain investment gains could impact its 2026 performance.
According to a January 7, 2026 announcement, Montage Technology's wholly-owned subsidiary, Montage Technology Holdings Company Limited, received an offer from Marvell Technology, Inc. to acquire all shares of XConn Technologies Holdings, Ltd., in which the subsidiary holds a 13.075% fully diluted stake. The total consideration for the acquisition is $540 million, with the subsidiary's stake valued at approximately $58 million to $65 million.
Montage Technology's initial investment in XConn was about $8.97 million. The transaction price represents a premium of 152% to 182% over the book value of the investment as of September 30, 2025. Marvell's payment is structured as approximately 60% cash and 40% stock, with the transaction expected to close in early 2026.
Based on the 60% cash portion, an estimated $34.8 million to $39 million would be recorded as investment income for Montage Technology in 2026. The company stated that if the transaction closes in 2026, it is expected to positively impact its 2026 net profit, with the specific amount subject to audit confirmation.
Regarding Marvell's ability to fulfill the transaction, its financials for the first three quarters of fiscal 2026 showed revenue of $5.976 billion and net profit of $2.274 billion, indicating sufficient履约 capability from a book value perspective.
For high-end PCB manufacturer Guanghe Technology, which went public in 2024 and has a relatively short listing history, Wind data shows its net profit attributable to shareholders grew from 280 million yuan in 2022 to 676 million yuan in 2024, with a compound annual growth rate of 55.38%. Its forecasted growth for 2025 is in line with this historical performance.
Simultaneously, Guanghe Technology's undistributed profits have grown significantly, from 341 million yuan in 2022 to 1.731 billion yuan by the end of Q3 2025.
According to a December 30, 2025 announcement, Guanghe Technology plans to purchase property in Guangzhou for approximately 323.8425 million yuan to use as employee dormitories. The company stated that the location, adjacent to its Guangzhou factory, offers significant advantages for stabilizing and attracting talent, improving living conditions, reducing commute costs, and meeting development needs, with no harm to shareholder interests.
In terms of institutional research, from January 1 to 19, 2026, among the 37 electronics companies that had released 2025 forecasts, only Aiwei Electronics, Zhongke Lanxun, Absen, and U-Shares received institutional research, each once.
In its 2025 forecast, Aiwei Electronics indicated that its comprehensive gross margin is expected to exceed 35%, an improvement of about 5 percentage points year-on-year, primarily due to the large-scale application of high-value-added products and optimized cost structure. Regarding R&D, the company emphasized breakthroughs in strategic areas like edge AI chips, automotive chips, and motion control chips.
During a targeted research session on January 8, 2026, Aiwei Electronics revealed that its gross margin for the first three quarters of 2025 reached 35.72%, up 6.04 percentage points year-on-year, indicating that the high margin level was maintained into Q4 2025.
When asked about its expansion in AR/AI glasses, Aiwei Electronics stated it highly values the potential of AR/AI glasses as the next-generation human-computer interaction center and is actively pursuing strategic布局. The company noted that chips from its solutions have been adopted in new AR/AI devices released by multiple manufacturers in 2025, with the variety and quantity of its chips per AI glasses showing a steady upward trend as market recognition increases.
Notably, Aiwei Electronics announced on January 1, 2026, that it received approval from the CSRC to issue convertible bonds to the public. According to previous announcements, it plans to issue up to 19.0132 million bonds to raise up to 1.901 billion yuan. The net proceeds will fund projects including a global R&D center, edge AI and supporting chip R&D, automotive chip R&D, and motion control chip R&D, with total project investment of 2.455 billion yuan.
China Post Securities believes the convertible bond issuance will accelerate Aiwei's布局 in edge AI and automotive electronics, driven by growing AI算力 demands in smart terminals and the industry's shift towards electrification, connectivity, and autonomy, which impose stringent requirements on automotive chips.
Aiwei Electronics' client portfolio spans major brands in consumer electronics, industrial IoT, and automotive sectors, including Xiaomi, OPPO, vivo, Transsion, TCL, Lenovo, Hyundai, Wuling, Geely, Chery, Leapmotor, Microsoft, Samsung, Meta, Amazon, and Google.
(Mentioned stocks are for analysis purposes only and do not constitute investment advice.)
Comments