Victory Giant Technology - H Key beneficiary amid PCB content value growth cycle driven by AI boom; initiate at OW

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Victory Giant Technology - H Key beneficiary amid PCB content value growth cycle driven by AI boom; initiate at OW

Asia Pacific Equity Research

08 June 2026

Initiation

Overweight

Victory Giant Technology - H 2476.HK, 2476 HK

Price (08 Jun 26): HK$338.40

Key beneficiary amid PCB content value growth

cycle driven by AI boom; initiate at OW Price Target (Jun-27): HK$600.00

We are positive on expansion of demand for global PCBs, especially high-end China

PCBs, driven by robust AI demand and meaningful content value growth, with Technology

spec upgrades to enable high-performance computing. Victory Giant AC Cherry Liu

Technology - H (VGT) should be a key beneficiary of such expansion, backed (86-21) 6106-6200

by its competitive advantages in technology, large-scale capacity, and long- ye.liu@jpmorgan.com

term collaboration with global tech leaders. VGT’s price has increased by 61% SAC Registration Number: S1730521090001

since its listing in April 2026 (vs HSI -6%) and it trades at a 6% price discount Billy Feng

to its A-share. We note better sentiment on AI and expect accelerating (86-21) 6106 6359

earnings growth for the company, especially from 2H26 onwards, to drive billy.feng@jpmorgan.com

further share price appreciation. We project 2026/27/28 net profit of SAC Registration Number: S1730520030005

Rmb9.0bn/17.2bn/25.6bn (2025-28E CAGR: 81%) and derive a Jun-27 PT of Ri Xu

HK$600. We initiate coverage of VGT with an Overweight rating. (86-21) 6106 6318

ri.xu@jpmchase.com

• AI boom to drive global PCB market expansion. Rapid AI technology SAC Registration Number: S1730522100001

iterations and accelerating AI development have boosted demand for AI- J.P. Morgan Securities (China) Company Limited

related infrastructure, including high-end PCBs. Over 2025-29, Frost &