Victory Giant: Concerns about product delay and share loss overdone... ...Rubin upgrade, ASIC and optical transceiver PCB are key drivers

研报英文原文证据摘录

Victory Giant: Concerns about product delay and share loss overdone... ...Rubin upgrade, ASIC and optical transceiver PCB are key drivers

Global Markets Research

Victory Giant 300476.SZ 300476 CH 13 July 2026

EQUITY: TECHNOLOGY

Concerns about product delay and share loss overdone... Rating Remains Buy

Target price

...Rubin upgrade, ASIC and optical transceiver PCB are key drivers Reduced from CNY 389.00 CNY 417.00

Action: Maintain Buy while cut TP to CNY389; implying 43% upside; short-term Closing10 July 2026price CNY 272.00

concerns overdone

Despite recent market concerns about the delay of NVIDIA’s (NVDA US, Not rated) Kyber Implied upside +43.0%rack, we think the production ramp-up of Rubin GPU in 2H26 would continue to support

Victory Giant’s (VGT) PCB value content upgrade as well as margin expansion. Although Market Cap (USD mn) 35,003.7

there might be more competition in NVIDIA’s Rubin compute tray / HDI (High Density ADT (USD mn) 2,365.7

Interconnect) PCB, likely from ZDT (4958 TT, Buy), we think this should be the supply

chain diversification efforts of AI customers, amid an extremely under-supply situation. Relative performance chart

Meanwhile, we think VGT remains as the leading supplier of a GPU customer, while its

entry into ASIC and optical transceiver customers would drive sustainable growth and

more balanced customer exposure in 2H26-2027F. We cut FY26-28F revenue / earnings

forecasts by 7-13% and 7-14% to reflect a likely lower HDI revenue contribution. We

maintain our Buy rating with a lower TP of CNY389, based on 27x (unchanged) FY27F

EPS of CNY14.41. The stock is currently trading at 18.9x FY27F EPS.

Market concerns about Kyber / backplane delay, and GPU customer’s supply chain