JPMorgan has issued a research report initiating coverage on Victory Giant Technology (HuiZhou) Co., Ltd. (SEHK: 02476) with an "Overweight" investment rating, setting a target price of HK$600 for the period ending June of next year.

The firm is optimistic about the growth in global PCB demand, particularly for high-end PCBs, driven primarily by robust artificial intelligence (AI) demand, significant increases in content value, and specification upgrades for high-performance computing.

With its competitive advantages in technology, large-scale production capacity, and long-term collaborations with global technology leaders, Victory Giant Technology is well-positioned to be a primary beneficiary of this growth trend.

Since its listing in April 2026, the company's share price has surged 61%, in contrast to a 6% decline in the Hang Seng Index, and currently trades at a 6% discount to its A-shares.

The report notes a strengthening market confidence in AI and anticipates an acceleration in the company's earnings growth, especially after the second half of 2026, which is expected to provide further impetus for share price appreciation.