Goldman Sachs | Victory Giant Technology (300476.SZ): Next-Generation GPU and ASIC AI Server PCBs to Drive 2H26 Growth; 2Q26 Sequential Revenue Growth Accelerated; Buy
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Abstract
Goldman Sachs rates Victory Giant Technology (300476.SZ) Buy with a 12-month target price of RMB550.00, implying 109.1% upside from the current RMB263.05; the target is based on 26.3x target P/E derived from the correlation between peer P/E multiples and EPS growth. The note argues that PCBs for next-generation GPU- and ASIC-based AI servers will drive growth in 2H26, with 2Q26 showing accelerating quarter-on-quarter revenue growth. The chart pack includes: RMB million year-on-year comparisons for 2025/2026 contrasting Goldman actuals/estimates with consensus actuals/estimates; projected growth in AI PCB shipments over 2026-28E; the company's capex trend; waterfall and HDI boards identified as key revenue drivers; a summary of earnings forecast revisions; the derivation of the 26.3x target multiple; and a condensed income statement. Beyond the Buy rating, the RMB550.00 target price and the 109.1% implied upside, the source summary provides no further detail—no specific revenue, profit or margin forecasts were included.
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