Amid the AI development boom, PCB leader Victory Giant Technology(Huizhou) Co.,Ltd. (300476.SZ) has been riding high on market momentum.

On September 12th during trading, Victory Giant Technology's stock price broke through its historical high, reaching 352.49 yuan per share. At market close, the total market capitalization reached 292 billion yuan, continuously approaching the 300 billion yuan threshold.

In the first half of this year, driven by rapid AI development, Victory Giant Technology posted strong earnings growth with net profit attributable to shareholders reaching 2.143 billion yuan, up 366.89% year-on-year. In the second quarter specifically, operating revenue was 4.719 billion yuan, up 91.51% year-on-year, while net profit attributable to shareholders was 1.222 billion yuan, up 390.14% year-on-year.

Despite already recording massive gains, the market appears to have even greater expectations for Victory Giant Technology.

Recent market rumors claimed that Goldman Sachs, based on Victory Giant Technology's second-quarter performance and AI business growth potential, dramatically raised its target price from 380 yuan to 895 yuan and increased its 2027 net profit forecast to 27 billion yuan from the original prediction.

However, institutional sources close to Goldman Sachs told 21st Century Business Herald that these rumors are false and Goldman Sachs has not issued any related research report. Searches across major research platforms also failed to find any such report content.

Meanwhile, another foreign investment giant has expressed concerns about overvaluation in related sectors.

**Victory Giant Technology Stock Hits New Highs**

In the nine years since listing on the Shenzhen Stock Exchange in 2015, Victory Giant Technology's stock price experienced steady but modest growth, with market capitalization mostly hovering around 40 billion yuan.

However, this year, through deep partnerships with leading customers like NVIDIA, Victory Giant Technology has achieved a dual "takeoff" in both stock price and performance. Its stock price surged from 41.54 yuan per share at the beginning of the year to the latest closing price of 352.49 yuan per share, representing a cumulative gain of over 710%.

Victory Giant Technology possesses manufacturing capabilities for high multilayer boards with over 100 layers and is among the few companies globally to achieve large-scale production of 6th-order 24-layer HDI products, as well as technical capabilities for 8th-order 28-layer HDI and 16-layer Any-layer HDI technology. According to Prismark data, the company ranks sixth among global PCB suppliers and third among domestic Chinese PCB manufacturers.

HDI represents advanced high-density PCB technology with significant advantages including high-density interconnection, high frequency and speed, and high stability. It not only has large demand but also high value. As early as 2019, Victory Giant Technology founder Chen Tao recognized the potential demand for high-end circuit boards in AI computing and established the HDI (High Density Interconnect) business division. This forward-looking strategy helped the company capture approximately 40% of the global graphics card PCB market share that year.

In 2023, Victory Giant Technology entered NVIDIA's H-series AI accelerator cards and passed GPU200 certification in Q4 2024, becoming a Tier 1 supplier to NVIDIA in 2025. In Q1 2025, orders related to NVIDIA accounted for over 70% of the company's business with a market share exceeding 50%, making it a core partner in NVIDIA's global AI industry chain.

Currently, NVIDIA's GB200 extensively adopts high-order HDI solutions, and the subsequent GB300 is highly likely to continue using this technology. The industry generally believes that benefiting from the rapid growth in NVIDIA AI server shipments, Victory Giant Technology is expected to continue experiencing explosive order demand.

Prismark data shows that benefiting from AI development and increased AI computing power, demand for high-end products like HDI is growing rapidly. The global HDI market is expected to reach $17.037 billion by 2029, with a compound annual growth rate of 6.4% from 2024 to 2029, while AI server-related HDI will have a compound annual growth rate of 19.1%. PCB boards with 18 layers and above will have a compound annual growth rate of 17.4% from 2024 to 2029, with AI-related 18+ layer PCB boards growing at 20.6% annually, far exceeding the PCB industry average growth rate.

Under optimistic market expectations, Victory Giant Technology's stock price continues to hit new highs. As of September 12th, Victory Giant Technology's dynamic P/E ratio exceeded 103 times, while Wind's electronic components average dynamic P/E ratio was 56.36 times with a median of 51.01 times.

**Shareholders Reduce Holdings at High Prices**

During Victory Giant Technology's rising stock price period, the company has been active in capital operations, with controlling shareholders and executives beginning substantial share reductions.

In late May, Victory Giant Technology announced that controlling shareholder Shenzhen Shenghua Xinye Investment Co., Ltd. transferred 25.7293 million shares through inquiry transfer, representing 2.98% of total share capital, at a transfer price of 65.85 yuan per share, with a transaction value of 1.694 billion yuan.

In July, Victory Giant Technology announced that some executives also began reducing holdings. Within less than a month, founder's spouse Liu Chunlan, President Zhao Qixiang, Vice President Chen Yong, Executive Vice President Wang Hui, and CFO Zhu Guoqiang completed their reduction plans, collectively reducing 2.3712 million shares (0.2765% of total share capital) and cashing out over 451 million yuan.

Among them, Liu Chunlan cashed out 191 million yuan, Zhao Qixiang 81.7101 million yuan, Chen Yong 104 million yuan, Wang Hui 11.7546 million yuan, and Zhu Guoqiang 62.4676 million yuan.

On July 21st, the company announced plans for a Hong Kong stock listing. Victory Giant Technology stated that this listing fundraising would mainly support the company's high-end capacity expansion, intelligent upgrading, AI computing power and other cutting-edge PCB technology R&D, helping the company meet global rapid expansion needs. The fundraising scale is expected to reach $1 billion (approximately 71.8 billion yuan). On August 15th, Victory Giant Technology's shareholders' meeting approved the Hong Kong listing plan.

Notably, in November last year, Victory Giant Technology launched a refinancing plan to raise no more than 1.9 billion yuan for investing in Vietnam to build production capacity of 150,000 square meters annually for AI high-order HDI products, and in Thailand to build production capacity of 1.5 million square meters annually for high multilayer PCB products for servers, switches, consumer electronics and other fields. At the end of August, this financing plan received regulatory approval.

**AI Computing Speculation Shows Divergence**

Victory Giant Technology's stock performance represents just one corner of the current AI-themed stock surge.

Since the beginning of this year, industry chains related to AI computing infrastructure have continued to soar. Beyond the high-end PCB sector where Victory Giant Technology operates, the optical module field, serving as the "core channel" for AI high-speed data transmission, has seen equally dramatic stock price surges.

Since the beginning of this year, the "Big Three" optical module companies - Eoptolink Technology, CICC Technology, and Tian Fu Communication have seen stock prices rise 335.37%, 243.12%, and 186.07% respectively, with latest market capitalizations of 355.8 billion yuan, 469 billion yuan, and 144.3 billion yuan respectively.

Recently, the continued rise of these sectors is causing institutional concerns, with the "Big Three" experiencing some pullback.

Morgan Stanley believes that while AI infrastructure demand growth prospects remain positive, current market enthusiasm levels may be difficult to sustain. The sector's fundamental positives are widely known and fully reflected in stock prices, recommending investors take moderate profits while market sentiment is high.

Morgan Stanley's cautious stance is mainly based on valuation considerations. The institution's analysis shows that Eoptolink Technology and Tian Fu Communication's valuations have exceeded historical +1 standard deviation levels, meaning fundamental positives have been at least partially digested. In comparison, CICC Technology's current valuation is below the +1 standard deviation level.

From a valuation change perspective, since early 2025, CICC Technology's forward P/E ratio has risen from 14 times to 24 times, while Eoptolink Technology's has increased from 8 times to 20 times. Morgan Stanley believes current market consensus already views Eoptolink Technology as the world's second-largest manufacturer with the best gross margins, limiting its further upside potential.