胜宏科技（2476.HK）：HDI、HLC与mSAP多重增长引擎驱动

Nomura reviews Victory Giant's (2476.HK) 3Q26 results and trims forecasts while maintaining Buy with a lower target price of HKD289, based on 19x 2027F EPS in line with the China PCB sector median P/E. Third-quarter revenue grew both y-y and q-q, but reported earnings fell sharply y-y on an investment loss, while recurring net profit still rose y-y; gross margin declined y-y but improved q-q as the company raised PCB prices to offset material cost pressure, and management expects GPU/ASIC PCB content upgrades from 4Q26F to support further margin expansion. The analyst sees HDI demand rising with AI servers and believes cloud service providers such as Google may adopt HDI for switches and compute boards beyond strategic customers like NVIDIA, positioning Victory Giant as a key beneficiary given its large HDI capacity and multi-year R&D experience;