Victory Giant Tech (300476.SZ): What's New from Citi 2026 China Conference

VGT joined Citi's China Conference on 12th Nov. Key takeaways include (1) Co. expects a sequential recovery in 4Q26 supported by the next-generation products for its major customer which began volume shipments in September and higher-specification ASIC PCBs entered production in October. Co. remains confident in its 2026-27 equity-incentive targets. (2) The latest GPU platform PCB yields are improving weekly and are expected to stabilize during 4Q26. Co. estimates its overall share of the major customer's PCB purchases at over 50%. (3) 2027 ASIC revenue growth will depend on high-layer-count capacity, customer allocation and ramp of HDI designs in 2H27. (4) VGT can manufacture PTFE-based switch PCBs, although industry-wide production yields require validation. 3Q26 was a cyclical trough, reflecting delays to a major AI customer's next-generation rack platform and a several-month delay on products for a newly acquired ASIC customer. Huizhou capacity targets approximately RMB100bn in ann