Embracing high-end strategies, global PCB leader Victory Giant Technology (300476.SZ) has achieved rapid operational growth.
On the evening of January 16, Victory Giant Technology released its performance forecast, projecting its 2025 net profit attributable to shareholders to be between 4.16 billion yuan and 4.56 billion yuan, representing a maximum increase of nearly three times compared to the same period last year.
The significant growth in operational performance is attributed by Victory Giant Technology to its firm embrace of AI in 2025, precisely capturing the opportunities brought by AI. In key areas such as AI computing power, data centers, and high-performance computing, multiple high-end products have achieved mass production, significantly increasing the proportion of high-end products and driving rapid performance growth.
According to public information, Victory Giant Technology's core clients are leading global companies in cutting-edge technology fields such as AI computing power and new energy vehicles, including NVIDIA, Tesla, AMD, and Google.
Victory Giant Technology's operating cash flow saw substantial net inflows, indicating robust financial operations. In the first three quarters of 2025, the company's net operating cash flow was 2.383 billion yuan, a year-on-year increase of 94.28%.
In the secondary market, Victory Giant Technology's stock price experienced a strong rally. Throughout 2025, the company's stock price rose from 42.09 yuan per share to 287.58 yuan per share, accumulating a gain of nearly six times.
The proportion of high-end products significantly increased, generating annual earnings exceeding 4.1 billion yuan.
For Victory Giant Technology, 2025 was a year of abundant harvest.
According to the latest performance forecast, for the full year 2025, Victory Giant Technology's estimated net profit attributable to shareholders is between 4.16 billion yuan and 4.56 billion yuan. Compared to 1.154 billion yuan in the same period last year, this represents an increase of 3.006 billion yuan to 3.406 billion yuan, with a year-on-year growth rate ranging from 260.35% to 295.00%. The company expects its non-GAAP net profit to be between 4.15 billion yuan and 4.55 billion yuan, an increase of 3.009 billion yuan to 3.409 billion yuan compared to 1.141 billion yuan last year, representing growth of 263.59% to 298.64%.
Undoubtedly, Victory Giant Technology achieved record-breaking operational performance in 2025.
Victory Giant Technology was founded in 2006 and listed on the A-share market in June 2015.
Historically, in 2011, the company achieved operating revenue of 705 million yuan and a net profit attributable to shareholders of 59 million yuan. After 12 consecutive years of growth in both metrics, by 2022, the company's operating revenue and net profit reached 7.885 billion yuan and 791 million yuan, respectively.
In 2023, the company's year-on-year revenue growth slowed to 0.58%, reaching 7.931 billion yuan; net profit attributable to shareholders was 670 million yuan, a decrease of 15.09% year-on-year.
This remains the only year to date where Victory Giant Technology's annual net profit attributable to shareholders has declined.
In 2024, Victory Giant Technology's performance returned to growth. That year, the company's operating revenue and net profit attributable to shareholders were 10.731 billion yuan and 1.154 billion yuan, respectively, representing high growth rates of 35.31% and 71.96% year-on-year.
Building on the high growth in 2024, Victory Giant Technology's net profit attributable to shareholders for 2025 is projected to increase by nearly three times at most, indicative of explosive growth.
Analysis reveals that Victory Giant Technology's performance showed explosive growth trends starting from the first quarter of 2025. In Q1 2025, the company achieved a net profit attributable to shareholders of 921 million yuan, surging 339.22% year-on-year. In the second and third quarters, its net profits were 1.222 billion yuan and 1.102 billion yuan, increasing by 390.14% and 260.52% year-on-year, respectively.
Relatively speaking, the operational performance in the fourth quarter was slightly below market expectations. According to the performance forecast, the estimated net profit attributable to shareholders for Q4 is between 915 million yuan and 1.315 billion yuan, roughly consistent with Q2 and Q3 but below market expectations of around 1.8 billion yuan.
Some speculate that this might be due to certain customer orders being postponed to 2026.
Explaining the explosive growth in 2025 operational performance, Victory Giant Technology stated that the company precisely seized the historic opportunities presented by the AI computing power technological revolution and the data center upgrade wave, continuously consolidating its leading technological position in the global PCB manufacturing sector. In key areas like AI computing power, data centers, and high-performance computing, multiple high-end products have achieved mass production, driving the product structure towards higher value and greater technical complexity. The significantly increased proportion of high-end products has propelled the company's rapid performance growth.
Becoming a supplier for numerous leading technology companies.
How did Victory Giant Technology secure a share in the technological wave?
Victory Giant Technology specializes in the R&D, production, and sales of high-density printed circuit boards. Its product portfolio covers the full range of rigid PCBs (with multilayer HDI as the core) and flexible PCBs (single/double-sided, multilayer, rigid-flex boards), widely used in artificial intelligence, automotive electronics (new energy), next-generation communication technology, big data centers, industrial internet, medical instruments, computers, aerospace, and other fields.
In its financial reports, Victory Giant Technology stated that the company promotes "Four Innovations" (conceptual, technological, talent, and capital innovation), closely monitors industry frontiers, focuses on the two "chips" - GPU and CPU, conducts early-stage technological research, actively lays out emerging product areas to seize the AI development initiative, and rapidly establishes overseas manufacturing bases in line with internationalization trends.
Regarding technological innovation, in the first half of 2025, the company externally recruited 219 professional management and technical talents. It also deepened university-enterprise cooperation, establishing partnerships with 12 vocational high schools to batch-reserve frontline technical staff. The company was the first to break through the core technical barrier of combining high multilayer and advanced HDI, possessing manufacturing capability for multilayer boards exceeding 100 layers. It is among the first globally to achieve mass production of 6-step 24-layer HDI products and possesses the technical capability for 8-step 28-layer HDI and 16-layer Any-layer HDI. It is accelerating the layout of next-generation products to support the most advanced AI products and autonomous driving platforms. The company is the first in its industry to build a new-generation industrial internet smart factory and continuously optimizes the smart factory's functions according to market and product structure changes, significantly enhancing capacity and quality, with per capita output repeatedly reaching new highs.
In terms of capital innovation, as early as 2015, the company raised 580 million yuan to build a high-end, high-precision circuit board project and an R&D center project. In August 2017, it raised another 1.08 billion yuan to construct a circuit board project for new energy vehicles and the Internet of Things. In 2023, the company completed the overseas acquisition of the MFS group, forming a full-series PCB product portfolio covering rigid and flexible circuit boards. In 2024, the company acquired a Thai company, completing the strategic layout of its manufacturing base in Thailand.
Through these series of strategic moves, Victory Giant Technology has established a "China + N" global layout.
Victory Giant Technology claims that凭借 its industry-leading capabilities in technology, quality, delivery, and global service, the company has become a core partner for many leading domestic and international tech enterprises.
According to public information, Victory Giant Technology's clientele includes not only globally renowned companies like NVIDIA but also many other well-known enterprises such as AMD, Google, Microsoft, Amazon, Intel, Tesla, BYD, Foxconn, Dell, and Lenovo.
With its forward-looking布局, commitment to the high-end path, and partnerships with global industry giants, Victory Giant Technology's rapid operational growth comes as no surprise.
In the secondary market, during 2025, Victory Giant Technology's stock price rose from 42.09 yuan per share to 287.58 yuan per share, accumulating a gain of nearly six times. When Victory Giant Technology went public in 2015, its IPO price was 15.73 yuan per share. Calculated based on the post-rights-adjusted stock price, the share price has accumulated an increase of approximately 80 times since listing.
Currently, Victory Giant Technology's market capitalization stands at 244.7 billion yuan, having stabilized above 200 billion yuan for nearly five months.
Comments