Victory Giant Technology (Huizhou) Co., Ltd. (300476)

Equity Research Report　|　Industry: High-End PCB Manufacturing　|　Report Date: September 14, 2026　|　As of the September 14, 2026 close; certain trading-volume, turnover-rate and shareholder data are based on different dates, as noted in the relevant fields

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Victory Giant Technology reported revenue of RMB 11.629 billion in the first half of 2026, up 28.77% year on year; net profit attributable to the parent was RMB 2.857 billion, up 33.30%; and net cash flow from operating activities was RMB 2.911 billion, up 144.61%. Revenue, profit and cash flow all continued to grow. The company has achieved mass production of certain high-end PCB products for AI computing, data centers and optical modules, and has capabilities for manufacturing high-layer-count boards with more than 100 layers, mass production of 6-step 24-layer HDI boards, and 16-layer any-layer interconnect HDI technology. Expansion of AI-related high-end products and customers is currently the core driver of earnings growth.

In 2025, the company generated revenue of RMB 19.292 billion, up 79.77% year on year, while net profit attributable to the parent reached RMB 4.312 billion, up 273.52%. Estimated gross margin and net margin attributable to the parent rose to approximately 35.23% and 22.35%, respectively, reflecting the combined effects of volume growth in AI servers, data centers and high-end PCB products, product-mix upgrades and economies of scale. In the first half of 2026, the company added more than 50 new customers, over half of which were high-end customers in the AI sector. Next-generation products from certain major customers have entered mass production. However, this information was mainly sourced from investor-interaction platforms and does not constitute an order or earnings commitment.

The quality of growth still requires further observation. In the first half of 2026, operating costs increased 34.83% year on year, exceeding revenue growth. Second-quarter net profit attributable to the parent excluding non-recurring items was approximately RMB 1.161 billion, down approximately 5.28% year on year and 7.69% quarter on quarter, materially weaker than reported net profit attributable to the parent. Non-recurring gains of approximately RMB 439 million provided some uplift to profit during the period. In addition, depreciation of new capacity, advance hiring, capacity ramp-up, foreign-exchange losses and higher interest expenses may cause revenue growth to temporarily outpace operating-profit growth.

As of September 14, 2026, the company’s share price closed at RMB 225.00, with a forward P/E of approximately 44x and a P/B ratio of approximately 5.7x. The stock remained in a weak, range-bound pattern after retreating from its August interim high. The current price was below the major short- and medium-term moving averages; the composite moving-average signal was “Strong Sell,” and MACD was below the zero line. The key short-term observation range is support at RMB 220–222 and resistance at RMB 228.5–230.5. The market’s core valuation assumptions remain based on continued AI PCB demand, the release of new capacity and a higher proportion of advanced products.

2. Company Overview

2.1 Basic Information

2.2 Principal Business and Product Portfolio

• Rigid circuit boards: including high-layer-count boards, conventional multilayer boards and HDI boards, with high-layer-count boards and HDI boards as core products
• Flexible circuit boards: including single- and double-sided flexible boards, multilayer flexible boards and rigid-flex boards; the company formed a product portfolio covering rigid and flexible circuit boards through the acquisition and integration of the MFS Group
• Downstream applications: artificial intelligence and AI computing, AI servers, data centers, high-speed communications and switches, automotive electronics and new-energy vehicles, intelligent driving, industrial interconnection, medical instruments, computers, aerospace and consumer electronics
• In 2025, PCB manufacturing revenue was RMB 18.084 billion, accounting for 93.74% of total revenue; other business revenue was RMB 1.209 billion, accounting for 6.26%
• In 2025, direct export revenue was RMB 14.821 billion, accounting for 76.83% of total revenue; domestic sales revenue was RMB 4.471 billion, accounting for 23.17%

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Victory Giant Technology is positioned in the midstream of the PCB value chain and is a high-end electronic-interconnection manufacturer focused on advanced HDI, high-layer-count boards and flexible circuit boards. Its improving profitability is driven mainly by product-mix upgrades arising from AI-computing and data-center demand, customer-certification barriers, global delivery capabilities, capacity expansion and smart-factory cost reductions, rather than upstream resource control or end-brand premiums.

• Key purchases include copper-clad laminates, prepreg, copper balls, copper foil and related chemicals and auxiliary materials. Copper-clad laminates, prepreg, copper balls and copper foil are the principal raw materials disclosed by the company.
• In 2025, raw-material costs for PCB manufacturing were RMB 8.237 billion, accounting for 65.91% of PCB manufacturing costs; direct labor costs were RMB 1.509 billion, accounting for 12.07%; manufacturing overhead was RMB 2.751 billion, accounting for 22.02%.
• Raw materials accounted for 62.67% of costs in 2024 and rose to 65.91% in 2025, an increase of 3.24 percentage points. Raw materials therefore remain an important factor affecting margins.
• Raw-material prices are affected by commodity prices for copper, gold and oil, as well as supply and demand for high-end copper-clad laminates. The company does not have full pricing control over upstream copper, copper-clad laminate and high-end substrate suppliers, and its cost pass-through model is closer to “partially passing through and partially absorbing” cost changes.
• In 2025, purchases from the top five suppliers amounted to RMB 5.418 billion, accounting for 31.52% of total annual purchases; the largest single supplier accounted for 9.60%. The company did not disclose the names of the top five suppliers, making it impossible to determine whether they are concentrated in copper-clad laminates, copper materials or chemicals.
• The company has advantages in scale procurement, supply-chain management and process-related cost reduction, but overall remains a partial price taker with respect to raw-material prices.
• Major customers include customers in the AI-server and data-center value chains, GPU and AI-computing-card manufacturers, switch and high-speed communications equipment manufacturers, as well as customers in automotive electronics, intelligent driving, consumer electronics and industrial control.
• In 2025, sales to the top five customers amounted to RMB 8.098 billion, accounting for 41.98% of total annual sales; the largest customer accounted for 14.97%, the second-largest customer 12.56%, and the third-largest customer 9.52%. These figures are for 2025. The company did not disclose customer names, so specific customer identities cannot be confirmed. The customer-concentration data are sourced from the company’s 2025 annual report and should be confirmed against the latest annual report.
• Sales to the top five customers accounted for 20.03% in 2024 and rose to 41.98% in 2025, indicating a significant increase in customer concentration. This may be related to growth in AI-computing and data-center orders. However, because customer names and customer types were not disclosed, changes in the consolidation scope, customer mix or concentrated recognition of major-customer orders cannot be completely ruled out.
• Competition is relatively intense for conventional PCB products, and downstream customers have strong price-comparison capabilities. For advanced HDI, high-layer-count and high-speed/high-frequency PCBs, long certification cycles, high process difficulty and high supplier-switching costs can strengthen the company’s bargaining position.
• Large server, GPU and data-center customers have substantial scale and concentrated procurement and generally retain strong commercial bargaining power. The company’s specific pricing terms and annual price-reduction arrangements for such customers were not disclosed in the research materials.
• In 2025, all revenue was generated on credit terms, with a credit-sales ratio of 100%, indicating some working-capital usage. Specific customer payment terms, credit quality and accounts-receivable balances should be further verified against the latest annual report.
• In 2025, all company revenue was generated on credit terms, with a credit-sales ratio of 100%, indicating that downstream customers occupied working capital. The research materials did not extract a complete three-year series for accounts-receivable balances, accounts-receivable turnover days or accounts receivable/revenue. Accordingly, no unverified estimate of the specific accounts-receivable ratio is provided; detailed data on prepayments and accounts payable are also unavailable.
• Upstream, purchases from the top five suppliers accounted for 31.52% of total annual purchases in 2025, while the largest single supplier accounted for 9.60%. Downstream, sales to the top five customers accounted for 41.98% in 2025, up from 20.03% in 2024. Supplier and customer names were not disclosed, so the specific reasons for the increase in customer concentration and the material segments in which suppliers operate cannot be fully confirmed. The relevant concentration data are mainly sourced from the company’s 2025 annual report and should be confirmed against the latest annual report.

The company operates in the high-end electronic-interconnection manufacturing segment in the middle of the PCB value chain, making it a midstream processing manufacturer rather than an upstream resource company or downstream brand. Further margin expansion will depend mainly on a higher proportion of high-value products such as advanced HDI and high-layer-count boards, growth in AI-server and data-center demand, customer-certification and technology barriers, economies of scale, global delivery and smart-factory cost reductions. The company must still partially absorb fluctuations in copper, copper-clad laminate and other raw-material prices, as well as commercial pricing pressure from major customers. The 2023–2025 gross margins above are estimates calculated from consolidated revenue and operating costs; net margins are calculated as net profit attributable to the parent divided by revenue and are not the sales gross margin or sales net margin directly reported in the annual reports.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest formal financial report is the company’s 2026 interim report disclosed on August 28, 2026. The reporting period ended June 30, 2026, and the report was unaudited. Net profit attributable to the parent excluding non-recurring items was RMB 2.41780 billion in the first half of 2026, up 12.50% year on year; second-quarter net profit attributable to the parent excluding non-recurring items was approximately RMB 1.161 billion, down approximately 5.28% year on year and 7.69% quarter on quarter. Basic EPS was RMB 3.14 in the first half of 2026, up 25.60% year on year; net cash flow from operating activities was RMB 2.91118 billion, up 144.61% year on year.

Revenue and net profit attributable to the parent continued to grow rapidly in the first half of 2026, but growth in net profit attributable to the parent excluding non-recurring items was materially below reported net-profit growth. Second-quarter recurring profit also declined both year on year and quarter on quarter, warranting attention to the contribution of non-recurring items. The company disclosed total non-recurring gains of approximately RMB 439 million during the period, including items such as fair-value changes in financial assets. Institutional analysts believe that second-quarter margins were affected by advance hiring, depreciation of new capacity and capacity ramp-up, resulting in short-term revenue growth outpacing operating-profit growth. The rapid growth in 2025 was driven mainly by volume growth in AI servers, data centers and high-end PCB products.

3.2 Earnings Forecasts

As of September 12, 2026, data from Tonghuashun indicated that 19 institutions had issued forecasts for Victory Giant Technology’s 2026 results during the preceding six months. The market averages above are aggregated figures from broker research reports, not company guidance or audited data; forecasts vary widely among institutions. Among major institutional forecasts, Huatai Securities expects 2026–2028 revenue of RMB 31.875 billion, RMB 54.119 billion and RMB 77.958 billion, respectively, and net profit attributable to the parent of RMB 8.017 billion, RMB 14.101 billion and RMB 20.493 billion. Guosheng Securities expects revenue of RMB 32.1 billion, RMB 53.5 billion and RMB 74.4 billion, respectively, and net profit attributable to the parent of RMB 8.9 billion, RMB 15.9 billion and RMB 22.5 billion. China Galaxy expects revenue of RMB 30.747 billion, RMB 50.460 billion and RMB 77.806 billion, respectively, and net profit attributable to the parent of RMB 7.055 billion, RMB 10.236 billion and RMB 14.449 billion.

3.3 Valuation and Institutional Ratings

As of September 11, 2026, Victory Giant Technology’s A-share closing price was RMB 228.99, with a total market capitalization of approximately RMB 225.0–226.0 billion. Around September 7, 2026, its forward P/E was approximately 44.97x and P/B approximately 5.96x. Based on 2025 basic EPS of RMB 5.01, the trailing P/E was approximately 45.7x. Based on the average EPS forecasts of 19 institutions compiled by Tonghuashun, forecast P/E for 2026, 2027 and 2028 was approximately 25.4x, 14.9x–15.0x and 9.9x, respectively. Based on average forecast net profit attributable to the parent of RMB 8.490 billion and total market capitalization of approximately RMB 225.048 billion, forecast 2026 P/E was approximately 26.5x. Adjusting roughly for the September 11 closing price, P/B was approximately 5.9x. The current valuation is not low based on 2025 reported earnings, and market pricing is centered on expectations for sustained AI PCB demand growth, rapid new-capacity ramp-up and a rising proportion of advanced products from 2026 to 2028. Institutions differ substantially in earnings and target-price forecasts, with the 2026 net-profit forecast range at approximately RMB 6.7–9.9 billion. Publicly available target prices are approximately RMB 367, an average target price of RMB 416.68 and a high target price of RMB 550. Key items to track are new-capacity ramp-up, growth in net profit excluding non-recurring items, gross-margin recovery, capacity utilization and the sustainability of AI customer orders. The latest formal financial report covers the period ended June 30, 2026 and is unaudited. Institutional earnings forecasts were available as of September 12, 2026 and are aggregated broker forecasts, not company guidance. Real-time or closing valuation data for September 14, 2026 were not yet stable, so the valuation is based on the September 11 closing price.

4. Recent News and Announcements

4.1 2026 Interim Report: Revenue and Net Profit Attributable to the Parent Continued to Grow

Victory Giant Technology disclosed its 2026 interim report on August 28, 2026. Revenue in the first half of 2026 was RMB 11.629 billion, up 28.77% year on year; net profit attributable to shareholders of the listed company was RMB 2.857 billion, up 33.30%; and net cash flow from operating activities was RMB 2.911 billion, up 144.61%. During the reporting period, the company added more than 50 customers, over half of which were high-end AI customers. Certain high-end PCB products for AI computing, data centers and optical modules had achieved mass production. The company had capabilities for manufacturing high-layer-count boards with more than 100 layers, mass production of 6-step 24-layer HDI products and 16-layer any-layer interconnect HDI technology. Attention should be paid to operating costs, which rose 34.83% year on year, exceeding revenue growth, and financial expenses, which increased 694.35% year on year, mainly due to higher foreign-exchange losses and interest expenses.

4.2 Investor-Interaction Platform: AI Customer Projects Progressed as Expected

On September 8, 2026, the company stated on an investor-interaction platform that it had added more than 50 customers in the first half of 2026, over half of which were high-end customers in the AI sector. Next-generation products from certain major customers had entered mass production, and projects with key computing and communications customers were progressing as expected. This information was sourced mainly from investor-interaction platforms and financial-media reports. It has not yet been formalized as a separate earnings or order announcement and cannot be directly equated with a future earnings commitment. Actual operating performance will depend on subsequent periodic reports.

4.3 Internal Equity-Structure Adjustment within the Controlling Family and Effectiveness of Acting-in-Concert Agreement

On August 28, 2026, the company disclosed an internal equity-structure adjustment within the controlling family and the related acting-in-concert agreement. Chen Tao, the actual controller, transferred a 39% stake in Shenzhen Shenghuaxinye Investment Co., Ltd., the controlling shareholder, and a 35% stake in Huizhou Hongda Investment Development Co., Ltd., an upstream shareholder, to his spouse Liu Chunlan. Following the adjustment, Chen Tao held 51% of Shenghuaxinye and Liu Chunlan held 49%; the two parties entered into a long-term acting-in-concert agreement. The adjustment did not involve a direct transfer of company shares. The number and proportions of shares and voting rights held by the controlling shareholder and persons acting in concert remained unchanged. Shenghuaxinye remained the controlling shareholder and Chen Tao remained the actual controller. The transaction did not trigger a mandatory tender offer and would not result in changes to the company’s business or governance structure.

4.4 Employee Stock-Ownership Plan and Restricted-Stock Incentive Plan Entered Shareholder-Meeting Review Stage

On July 20, 2026, the company disclosed the draft 2026 A-share restricted-stock incentive plan and the draft 2026 Phase I A-share employee stock-ownership plan. On September 3, 2026, it disclosed the relevant legal opinion and notice of the third extraordinary shareholders’ meeting. The employee stock-ownership plan proposed no more than 564 participating employees, including 4 directors and senior executives; total funds raised would not exceed RMB 7 billion. Financing through margin trading and securities lending or other methods would be permitted, with a financing-to-self-funded capital ratio of no more than 1:1 and financial-institution financing of no more than RMB 3.5 billion. Shares would be purchased on the secondary market. The plan would have a duration of 60 months and a 12-month lock-up period. The company planned to convene the third extraordinary shareholders’ meeting on September 18, 2026 to review the relevant matters. The final number and price of shares purchased and the implementation results remain uncertain.

4.5 No Objections to Public Announcement of Restricted-Stock Incentive Recipients

On September 11, 2026, the company disclosed the public announcement and review results for the list of first-grant recipients under the restricted-stock incentive plan. The announcement period ran from September 2 to September 11, 2026, and no objections were received. The initial recipients were mainly middle-level managers and core technical and business personnel of the company and its subsidiaries. Directors, senior executives, shareholders holding more than 5%, the actual controller and his spouse, parents and children were excluded. As of the research cutoff, the relevant incentive plan had not completed shareholder approval or actual implementation.

4.6 Additional Aggregate Guarantees of RMB 30 Million between Third-Tier Wholly Owned Subsidiaries

On September 1, 2026, the company disclosed an update on guarantees provided between third-tier wholly owned subsidiaries. Hunan Vias Technology Circuit Board Co., Ltd. provided a RMB 20 million joint-and-several liability guarantee for Hunan Vias Technology Co., Ltd., while Hunan Vias Technology Co., Ltd. provided a RMB 10 million joint-and-several liability guarantee for Hunan Vias Technology Circuit Board Co., Ltd. Both guarantees were supported by credit facilities from the Changsha branch of China CITIC Bank. The guarantees were mutual guarantees between wholly owned subsidiaries and had been included in the company’s 2026 guarantee quota of no more than RMB 2.63445 billion, so they did not require additional board or shareholder approval. As of the announcement date, the company and its controlled subsidiaries had provided cumulative actual guarantees of RMB 2.2443084 billion, of which RMB 1.1119504 billion represented mutual guarantees between subsidiaries, equivalent to 13.51% of audited net assets at the end of 2025. The company and its controlled subsidiaries had not provided guarantees to entities outside the consolidated statements, and there were no overdue guarantees or losses arising from adverse judgments related to guarantees.

4.7 Person Acting in Concert with the Controlling Shareholder, Chen Yong, Released and Added Share Pledges

On August 12, 2026, the company disclosed changes in the share pledges of Chen Yong, a person acting in concert with the controlling shareholder. On August 7, 2026, Chen Yong released two share pledges totaling 374,000 shares, and on August 10, 2026 added a pledge of 890,000 shares. The pledge maturity date was August 10, 2028, and the pledgee was China Merchants Securities. The newly pledged shares represented 0.09% of the company’s total share capital and 38.75% of Chen Yong’s holdings in the company. As of August 8, 2026, approximately 989,600 company shares were pledged overall, representing approximately 0.11% of total share capital, with cumulative pledged market value of approximately RMB 277 million. As of September 4, 2026, a third-party data platform showed approximately 1.8796 million pledged shares and a pledge ratio of approximately 0.22%. Differences may exist between third-party data and the timing and definitions used in company announcements; subsequent company announcements and China Securities Depository and Clearing Corporation data should prevail.

4.8 Abnormal Stock-Price Volatility and Trading-Risk Alert

The company disclosed an announcement regarding abnormal stock-price volatility on August 7, 2026. Neither company announcements nor investor Q&A disclosed new major orders, material asset restructurings or undisclosed matters sufficient to change the company’s fundamentals. The recent market rally was mainly driven by themes related to AI servers, high-end PCBs, computing power and HDI demand. The company emphasized that actual earnings would be reflected in subsequent periodic reports and that industry-theme momentum should not be equated with earnings realization. The announcement list showed no new major asset restructuring or M&A transaction announcements recently.

4.9 No New Earnings Forecast Announcement Disclosed Recently

As of September 14, 2026, no new earnings forecast announcement for the first three quarters or full year of 2026 had been identified. The company’s most recent formal earnings forecast was its January 2026 announcement of the “2025 Earnings Forecast,” which projected 2025 net profit attributable to the parent at RMB 4.160–4.560 billion, up 260.35%–295.00% year on year. This is historical information. The latest formal earnings data are net profit attributable to the parent of RMB 2.857 billion in the 2026 interim report, up 33.30% year on year.

4.10 No Recent Share-Buyback, Concentrated-Sale or Major M&A Announcement Identified

As of September 14, 2026, no new share-buyback proposal, buyback progress announcement or buyback cancellation announcement disclosed by the company during August–September 2026 had been identified. The 2026 interim report stated that implementation of share buybacks during the reporting period was not applicable. During the same period, no new announcements were identified regarding concentrated-bidding or block-trade disposal plans by the controlling shareholder, directors or senior executives, nor were any new announcements identified regarding major asset purchases, asset sales, issuance of shares for asset purchases or major asset restructurings. The employee stock-ownership plan proposes purchasing company shares on the secondary market, but this does not constitute a listed-company share buyback.

4.11 Regulatory and Policy Information

As of September 14, 2026, no new announcements were identified indicating that the Shenzhen Stock Exchange or the CSRC had taken regulatory measures or disciplinary action against Victory Giant Technology, or issued a letter of concern or inquiry, during August–September 2026. The company’s 2026 interim continuous-supervision report stated that Guosen Securities, the sponsor, had not identified material issues requiring attention in information disclosure, implementation of internal systems, operation of the three governance bodies or use of raised funds during the continuous-supervision period. It also had not identified any failure by the company or its shareholders to properly fulfill commitments. In September 2026, the CSRC continued to emphasize improving the quality of listed companies, supporting M&A and restructuring, and guiding listed companies to enhance investor returns through equity incentives, dividends and buybacks. This is a market-level policy rather than a policy specifically targeting Victory Giant Technology.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Victory Giant Technology closed at RMB 225.00 on September 14, 2026, and remained in weak consolidation after retreating from elevated levels. The current price was below MA5, MA10, MA20, MA50, MA100 and MA200. The composite moving-average signal was “Strong Sell,” MACD was below the zero line, and RSI was below 50 but had not entered the traditional oversold range, indicating weak short- and medium-term technical conditions without extreme oversold status. The short-term focus is the breakout direction between support at RMB 220–222 and resistance at RMB 228.5–230.5. A break above resistance would require confirmation from a simultaneous increase in volume; a break below support would bring the RMB 214–218 strong-support area into focus. Recent volume was below the three-month average. Although major funds recorded a one-day inflow on September 7, the preceding five trading days still showed net outflows, so the fund-flow picture had not yet formed a sustained strengthening signal.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk Warning: The following is a subjective scenario analysis based solely on closing data as of September 14, 2026. It does not constitute investment advice or a definitive price forecast.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher subjective weight, approximately six-tenths; a heuristic judgment based on the current technical pattern, trading volume and fund flows, not a statistical probability): The price trades within RMB 220–230. Conditions include holding RMB 220–222, trading volume remaining at recent medium levels, no obvious broad sell-off in AI hardware, PCB or computing-power value chains, and neither a decisive break above RMB 230.5 nor a break below RMB 217–220. The focus is on resistance at RMB 228.5–230.5 and support at RMB 220–222
• Weak downside movement (medium subjective weight; a heuristic judgment based on the current technical pattern, trading volume and fund flows, not a statistical probability): The price could move toward RMB 214–220. Conditions include a closing break below RMB 220, simultaneous weakness in technology sectors such as PCBs, optical modules or computing-power hardware, rising volume on down days and continued net fund outflows, or clear deleveraging by margin investors. If RMB 220 fails, support near RMB 217.44 should be observed; a further break below the RMB 214–218 strong-support area could intensify technical weakness
• Strengthening rebound (low-to-medium subjective weight; a heuristic judgment based on the current technical pattern, trading volume and fund flows, not a statistical probability): The price could rebound toward RMB 230–238. Conditions include reclaiming RMB 228.5–230.5, volume materially exceeding recent normal levels, net inflows from major funds over several consecutive trading days, a simultaneous rebound in AI-computing and PCB sectors, or new information such as additional orders or customer volume growth that improves market expectations. A high-volume break above RMB 230.5 would bring RMB 233–238 into focus. Before the stock reclaims MA50 and MA100, this scenario is better defined as an oversold rebound or technical repair and should not be viewed directly as a medium-term trend reversal

③ Fund-Flow and Liquidity Background

As of September 11, 2026, the turnover rate was 2.71% and trading value was approximately RMB 5.307 billion. Turnover rates on September 10 and September 9 were approximately 2.05% and 3.10%, respectively. As of September 14, trading volume was approximately 15.73 million shares, below the three-month average of approximately 37.78 million shares, indicating that recent volume had contracted from earlier levels. In terms of shareholder structure, the number of shareholders was approximately 269,119 as of August 10, 2026, up 5.94% from July 31. According to the 2026 interim report as of June 30, 2026, the top ten shareholders collectively held approximately 33.65%, while the two largest shareholders acting in concert collectively held approximately 30.51%. The top ten shareholders included Hong Kong Securities Clearing Company, Ruiyuan Fund, E Fund ChiNext ETF and Debon Fund, among other institutional or channel-type accounts, while the controlling shareholders and persons acting in concert represented the principal concentrated holdings. The shareholder-concentration data are as of June 30, 2026 and the shareholder-count data as of August 10, 2026, both of which are lagged and cannot fully represent the latest holdings structure as of September 14, 2026. The data indicate active overall trading and strong liquidity, but recent volume contraction. Concentrated holdings by the controlling shareholders and relatively dispersed freely tradable shares outside the controlling shareholders may amplify short-term volatility as fund-flow divergence and changes in margin positions occur.

A volume-confirmation signal to monitor: if daily trading value can rise continuously to approximately RMB 6.5–7.5 billion or above during the coming week while the closing price holds above RMB 230.5, this could confirm renewed short-term fund strength and improve confidence in the validity of a breakout. If trading value rises but the share price still cannot move above RMB 230, investors should be alert to volume-based divergence or profit-taking into a rebound.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 220–222 area can form effective support; this observation framework does not constitute a buy or sell instruction
• Observe whether the RMB 214–218 strong-support area attracts clear buying; a break below it could intensify short-term weakness. This observation framework does not constitute a buy or sell instruction
• Observe whether the RMB 228.5–230.5 resistance area can be broken with higher trading volume; this observation framework does not constitute a buy or sell instruction
• Observe whether trading value remains above the recent normal level of approximately RMB 5.0 billion and further reaches RMB 6.5–7.5 billion; this observation framework does not constitute a buy or sell instruction

The above scenario analysis is based on the September 14, 2026 closing data and historical price and technical-indicator calculations. Short-term share prices will also be affected by news, fund flows, broader market conditions and other factors. Technical indicators are inherently lagging and limited, and the analysis does not guarantee future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Conditions

The PCB industry is an important foundation of the electronic-information sector. Victory Giant Technology primarily participates in the manufacturing of rigid circuit boards, HDI, high-layer-count boards and flexible circuit boards. Production bases are concentrated mainly in Asia, particularly mainland China and Southeast Asia. Competition is relatively intense for conventional PCBs, while advanced HDI, high-layer-count, high-speed/high-frequency PCBs and package substrates have high technical, equipment, yield and customer-certification barriers. Demand from AI servers, data centers and high-speed switches is driving the industry toward higher-end products.

6.2 Competitive Landscape

• According to Prismark data cited by the company, global PCB output value was approximately US$84.891 billion in 2025, up 15.4% year on year; mainland China’s PCB output value was approximately US$48.459 billion.
• According to Prismark data cited by the company, global PCB output value is expected to grow at an average annual rate of 8.2% from 2024 to 2029, while mainland China’s PCB output value is expected to grow at an average annual rate of 8.7%. These are industry forecast ranges and do not represent company earnings forecasts.
• Global HDI output value was approximately US$15.717 billion in 2025, up 25.6% year on year; global multilayer-board output value was approximately US$33.091 billion, up 18.2%.
• The AI-server-related PCB market is expected to grow at a 2024–2029 CAGR of 18.7%; AI-server HDI is expected to grow at an average annual rate of 29.6%, while AI-related multilayer boards with 18 or more layers are expected to grow at an average annual rate of 33.8%. These are industry forecasts and do not represent growth forecasts for any single Victory Giant Technology product or for company revenue.
• The industry has many participants and competition is relatively intense for conventional PCB products. Advanced HDI, high-layer-count, high-speed/high-frequency and package-substrate products have high technical, equipment, yield and customer-certification barriers.
• Leading customers impose higher requirements for suppliers’ global delivery, quality stability, rapid response and capital-expenditure capabilities. Mature products may face excess capacity and price competition in the future, although high-end products may retain substantial technical barriers.
• According to Prismark data disclosed by the company, Victory Giant Technology ranked sixth globally among PCB suppliers and third among domestic mainland Chinese PCB manufacturers in 2025. The 2024 annual report disclosed rankings of 13th globally and fourth among domestic mainland Chinese manufacturers. Because the market-ranking years and statistical definitions cited for the two years may differ, the change cannot simply be interpreted as an absolute seven-place improvement within one year.

6.3 Major Competitors

Victory Giant Technology has comparable PCB manufacturing operations with WUS Printed Circuit, WUS Printed Circuit, Shennan Circuits and Victory Giant Technology’s other peers, but its business focus is more heavily weighted toward AI computing, advanced HDI, high-layer-count PCBs and its FPC portfolio. WUS Printed Circuit is more focused on high-speed/high-frequency communications and server boards; WUS Printed Circuit is oriented toward mid- to high-end PCBs for communications networks, servers and automotive electronics; and Shennan Circuits emphasizes a full product range and diversified customer base. Shenzhen Kinwong Electronic has a more complete integrated electronics-manufacturing footprint through PCBs, electronic assembly and package substrates, while Shengyi Technology is primarily positioned in upstream PCB materials such as copper-clad laminates. Industry comparisons should note that the Prismark rankings cited by the company lack a complete original third-party ranking table and that ranking years and statistical definitions differ. In addition, some of Victory Giant Technology’s overseas capacity remains under construction or in ramp-up, and disclosed technical capabilities do not necessarily equate to full capacity release or stable large-scale revenue.

7. Risk Factors

• Demand from AI servers, data centers and computing-power applications is an important recent driver of the company’s rapid revenue and profit growth. If AI customer orders are not sustainable, project mass-production schedules slow, or demand for high-end products falls short of expectations, the high growth achieved since 2025 could decline.
• Statements that the company added more than 50 customers in the first half of 2026 and that next-generation products from certain major customers entered mass production came mainly from investor-interaction platforms. They have not been formalized as separate earnings or order announcements and cannot be directly equated with future revenue or profit commitments.
• Customer concentration increased materially, with the top five customers’ share of sales rising from 20.03% in 2024 to 41.98% in 2025 and the largest customer accounting for 14.97%. If major AI-server, GPU, data-center or communications customers adjust procurement plans, reduce prices or extend payment terms, the company’s revenue, margins and cash conversion could be materially affected.
• All company revenue in 2025 was generated on credit terms, indicating downstream working-capital usage. At the same time, complete data series for accounts-receivable balances, turnover days and credit quality were not disclosed in the available data. Slower customer collections could increase cash-flow and bad-debt risks.
• Raw materials accounted for 65.91% of PCB manufacturing costs in 2025, up 3.24 percentage points from 2024. Prices for copper-clad laminates, prepreg, copper balls, copper foil and related chemicals are affected by copper, gold, oil and high-end substrate supply and demand. The company lacks full pricing control over upstream suppliers, and cost increases could compress gross margins.
• Operating costs increased 34.83% year on year in the first half of 2026, exceeding revenue growth. Advance hiring, depreciation of new capacity and capacity ramp-up may continue to weigh on near-term profitability. If utilization of new capacity falls short of expectations, expansion could create depreciation and operating-efficiency pressures.
• Net profit attributable to the parent excluding non-recurring items grew 12.50% year on year in the first half of 2026, while second-quarter net profit attributable to the parent excluding non-recurring items fell approximately 5.28% year on year and 7.69% quarter on quarter. Reported net profit attributable to the parent nevertheless grew rapidly, supported by approximately RMB 439 million of non-recurring gains. If non-recurring gains decline, net-profit growth could fall below market expectations.
• Direct export revenue accounted for 76.83% of 2025 revenue, while financial expenses rose 694.35% year on year in the first half of 2026, mainly due to higher foreign-exchange losses and interest expenses. Exchange-rate movements, overseas delivery and financing-cost changes may continue to affect profit.
• Purchases from the top five suppliers accounted for 31.52% of total purchases in 2025, while the largest single supplier accounted for 9.60%. The company also cannot fully confirm the specific material segments corresponding to its major suppliers. Restrictions on the supply of high-end copper-clad laminates, copper or other key materials could affect production costs, delivery stability and capacity release.
• As of September 14, 2026, the share price had fallen approximately 21.8% from the August 13 interim high. The current price was below MA5, MA10, MA20, MA50, MA100 and MA200, while fund flows remained net negative over the preceding five trading days. A break below RMB 220–222 could result in further technical weakness; against a high-valuation backdrop, changes in market expectations could amplify share-price volatility.
• The company’s 2026 employee stock-ownership plan proposes raising no more than RMB 7 billion and permits financing through margin trading and securities lending or other methods. The plan has not completed shareholder approval or actual implementation, and the final number and price of shares purchased and implementation results remain uncertain. The arrangements could also affect short-term trading and the shareholder structure.
• The company and its controlled subsidiaries had provided cumulative actual guarantees of RMB 2.244 billion, including RMB 1.112 billion in mutual guarantees between subsidiaries, equivalent to 13.51% of audited net assets at the end of 2025. Although available data show no overdue guarantees or guarantees to entities outside the consolidated statements, the scale of mutual guarantees between subsidiaries and newly added guarantees require continued monitoring for potential credit and liquidity effects.

8. Conclusion and Outlook

The company’s medium- and long-term growth thesis is primarily based on expansion in PCB demand from AI servers, data centers, high-speed communications and computing-power applications, as well as product-mix upgrades toward advanced HDI, high-layer-count boards and flexible circuit boards. Customer-certification barriers, global delivery, capacity expansion and smart-factory cost reductions should help reinforce competitiveness. New-customer additions and mass production of certain high-end products in the first half of 2026 also provide a business foundation for subsequent revenue growth. Market institutions continue to expect high growth in revenue and net profit attributable to the parent in 2026–2028, but forecast ranges vary considerably. These figures are broker forecasts and do not constitute company guidance.

Future earnings will depend on whether AI customer orders can be consistently converted into stable revenue and recurring profit, whether new-capacity ramp-up can improve utilization and unit costs, and whether the higher proportion of advanced products can offset pressure from raw materials, labor, depreciation and financing costs. Particular attention should be paid to whether the second-quarter weakening in recurring profit was a temporary consequence of capacity construction or reflected a marginal change in profitability.

The company’s current valuation and share-price performance have already reflected a substantial portion of market expectations for high AI PCB growth, while technical indicators show that the short- and medium-term trend has not yet recovered. If fundamentals continue to improve, they will need to be jointly validated by order mass production, gross-margin recovery, growth in recurring profit and cash-flow performance. If customer concentration rises, capacity release falls short of expectations or industry price competition intensifies, valuation digestion and share-price volatility could increase simultaneously.

Data Sources

• Fengxing Shares, Suoling Shares, Information Development, Hopu Technology, Xinyuan Technology and Victory Giant Technology Listed on the Shenzhen Stock Exchange
• https://static.cninfo.com.cn/finalpage/2026-03-13/1225007455.PDF
• Victory Giant Technology (300476)_Company Announcements_Victory Giant Technology: 2025 Annual Report_Sina Finance_Sina.com
• https://static.cninfo.com.cn/finalpage/2025-03-29/1222949182.PDF
• WUS Printed Circuit 2025 Interim Report
• Shennan Circuits (002916)_Company Announcements_Shennan Circuits: 2025 Annual Report_Sina Finance_Sina.com
• WUS Printed Circuit (688183)_Company Announcements_WUS Printed Circuit: 2025 Annual Report_Sina Finance_Sina.com
• Shennan Circuits Co., Ltd. 2025 Annual Report
• 2024 Annual Report of the Company Limited
• Stock Name: Victory Giant Technology　　　　　　　　　　　　　　　　Stock Code: 300476
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-28/296a3692-b153-48c1-9201-2bbb41886183.PDF
• Victory Giant Technology: Next-Generation Products from Certain Major Customers Have Entered Mass Production; Core Computing-Power Customer Projects Are Progressing as Expected_Sina Finance_Sina.com
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-28/868c87bc-0cbd-4d55-9fdb-a6cc254e52d4.PDF
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-07-20/e8dc554f-d1d1-49e0-b3f8-cb98c8cac484.PDF
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-09-03/4878a615-0d58-4be1-80fd-4fe1a75ba6a7.PDF
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-09-01/b71181ae-b767-4149-8739-738237f8702f.PDF
• Victory Giant Technology Added a Pledge of 890,000 Shares, Representing 0.09% of Total Share Capital_Sina Finance
• Victory Giant Technology (300476) Company Announcements_Sina Finance
• Securities Code: 300476  Securities Name: Victory Giant Technology  Announcement No.: 2026-006
• Victory Giant Technology: Guosen Securities Co., Ltd. Continuous-Supervision Tracking Report for the First Half of 2026_Stock Channel_Securities Star
• State Council Information Office Holds Press Conference on “Launching the ‘15th Five-Year Plan’” Series, Introducing Financial-Sector Implementation of the ‘15th Five-Year Plan’ and Progress toward Building a Financial Powerhouse_China Securities Regulatory Commission
• Victory Giant Technology (300476) Latest Stock Price, Real-Time Chart, Stock Analysis and Forecast_Investing.com
• Victory Giant Technology (300476) Historical Stock Data, Historical Quotes, Prices and Charts_Investing.com
• Victory Giant Technology (300476) Technical Analysis, Forecast, Trading and Investment Recommendations_Investing.com
• Victory Giant Technology (300476.SZ) K-Line Chart & Technical Analysis | KlineVision | Kline Vision
• Victory Giant Technology (300476) Stock Information - Data Platform
• Victory Giant Technology Block Trade: 42,400 Shares Traded, Transaction Value RMB 9.8987 Million
• Victory Giant Technology (300476) Individual Stock Fund Flow Query_Individual Stock Market Data_Tonghuashun Finance
• Victory Giant Technology (300476) Latest Updates_F10_Tonghuashun Financial Services
• Victory Giant Technology (300476)_Share Capital and Shareholders_Securities Star
• Victory Giant Technology (300476)_Company Announcements_Victory Giant Technology: 2026 Interim Report_Sina Finance_Sina.com

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is current as of the September 14, 2026 close; certain trading-volume, turnover-rate and shareholder data are based on different dates, as noted in the relevant fields, and may differ in timeliness. Specific data should be confirmed against the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.