Hong Kong Stock Market Movement: Victory Giant Technology (02476) Rises Over 4% Intraday, Q1 Gross Margin Shows Steady Growth; Rubin Platform Stockpiling Expected to Drive New Core Growth

Stock News05-07

Victory Giant Technology (02476) saw an intraday increase of over 4%. As of the time of writing, the stock was up 3.43%, trading at HK$33.2, with a turnover of HK$579 million.

Recently, Victory Giant Technology disclosed its first-quarter results for 2026. China Merchants Securities noted that the company's gross profit margin for Q1 2026 was 34.46%, up 1.08 percentage points year-on-year and 0.95 percentage points quarter-on-quarter. This represents a steady increase despite significant price hikes in upstream copper-clad laminates, benefiting from the ongoing optimization of its AI PCB product mix and a higher proportion of advanced products.

China Merchants Securities also indicated that Victory Giant Technology has secured nearly all leading AI clients, including NVIDIA, AMD, Intel, Google, Microsoft, and Amazon. Among these, four key products for NVIDIA—Compute, Midplane, Switch, and LPU—are set to be delivered gradually from Q2 to Q3. Revenue recognition for some products will begin in Q2, with all products entering the revenue recognition phase by Q3.

The Rubin platform features larger PCB areas, more layers, and more complex manufacturing processes, leading to higher unit values compared to the previous generation. It is expected to become a new core growth driver for the company.

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