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

Global Markets Research

Victory Giant 2476.HK 2476 HK 13 July 2026

EQUITY: TECHNOLOGY

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

Target price

...rubin upgrade, ASIC and optical transceiver PCB are key drivers Reduced from HKD 447.00 HKD 479.00

Action: Maintain Buy but cut TP to HKD447, implying 94% upside; short-term Closing10 July 2026price HKD 230.20

concerns overdone

Despite recent market concerns about the delay of NVIDIA’s (NVDA US, Not rated) Kyber Implied upside +94.2%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 there Market Cap (USD mn) 3,236.7

might be more competition in NVIDIA’s Rubin compute tray/HDI (High Density Interconnect) ADT (USD mn) 249.6

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. Meanwhile, we think VGT Relative performance chart

remains 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%/ 7-14% to reflect a

likely lower HDI revenue contribution. We maintain our Buy rating with a lower TP of HKD447,

based on 27x (unchanged) FY27F EPS of CNY14.41. The stock is currently trading at 14x

FY27F EPS.

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