Victory Giant Technology (HuiZhou) Co Ltd VGTHY

Information TechnologySemiconductors & Semiconductor EquipmentChina

Last close 3.31 USD on Nov 1, 2026, +4.1% year to date

Quant rating

Quant rating B Rank 41 of 200 in Information Technology

Growth A 1 of 200
Valuation B 76 of 200
Quality B 35 of 200
Revisions C 119 of 200
Momentum B 72 of 200

Wall Street consensus Strong Buy (1.50)Average target 62.01 USD +1,773.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.0B
Enterprise value: 19.0B
52-week range: 3.10 – 3.60
3-year range: 3.10 – 3.60
Dividend yield: –
Beta (5 years): –
Shares outstanding: 983M
Next earnings: Oct 29, 2026

About the company

Victory Giant Technology (HuiZhou) Co Ltd is a China-based company primarily engaged in the research, development, production, and sales of high-density printed circuit boards (PCBs). The Company’s main products include high-end multilayer boards, high-density interconnect (HDI) boards, flexible printed circuit boards (FPCs), and rigid-flex PCBs. These products are mainly used in fields such as artificial intelligence, new energy vehicle electronics, next-generation communication technologies, big data centers, industrial internet, medical instruments, computers, and aerospace. The Company primarily operates in both domestic and foreign markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,759	1,470	1,117	1,143	1,170	–
Revenue growth	87.6%	31.6%	−2.3%	−2.3%	36.3%	26.3%
EPS (basic, normalized)	0.73	0.19	0.11	0.13	0.13	–
EPS growth	291.4%	72.6%	−19.4%	1.9%	–	–
Gross margin	35.0%	22.6%	20.5%	17.8%	20.2%	23.2%
Net margin	22.4%	10.8%	8.5%	10.0%	9.0%	12.1%
ROE	33.8%	13.9%	9.2%	12.0%	13.4%	16.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,806
Current ratio	1.52x
Long-term debt (mil)	1,066
Net debt (mil)	−886
Total equity (mil)	5,714
Net debt / equity	−0.16x
Net debt / EBITDA	−1.02x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,759	+87.6%	6.9x	871	+184.6%	21.9x	0.73	+291.4%	4.5x
2026	4,791	+73.7%	4.0x	1,646	+89.1%	11.6x	1.20	+64.5%	2.8x
2027	9,162	+91.3%	2.1x	3,323	+101.9%	5.7x	2.50	+108.8%	1.3x
2028	12,938	+41.2%	1.5x	4,737	+42.6%	4.0x	3.54	+41.7%	0.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,791	0.0%	−3.3%	−6.1%	1.20	−6.1%	−12.2%	−23.7%
2027	9,162	+3.2%	+2.2%	+2.2%	2.50	+0.7%	−6.1%	−8.4%
2028	12,938	+3.0%	+1.3%	+3.9%	3.54	−0.1%	−4.3%	−7.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,392	2,464	2,842	3,034	4,312	4,705	5,086	5,175	5,519	6,110
Sales mean (mil)	–	2,817	3,051	3,042	–	4,747	5,657	5,441	5,664	6,582
Surprise	–	−12.5%	−6.8%	−0.3%	–	−0.9%	−10.1%	−4.9%	−2.6%	−7.2%
EPS reported	0.24	0.29	0.36	0.46	1.07	1.43	1.30	1.25	1.48	1.66
EPS mean	–	0.22	0.41	0.41	–	1.53	1.56	1.40	1.49	1.72
Surprise	–	+31.8%	−12.6%	+11.7%	–	−6.3%	−16.7%	−11.0%	−0.6%	−3.6%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VGTHY Victory Giant Technology (HuiZhou) Co Ltd	20.0B	−1.02x	22.4%	3.51x	2.8x	1.3x	11.6x	5.7x
LSRCY Lasertec Corporation	22.6B	−1.01x	33.6%	13.69x	6.1x	4.6x	24.5x	18.2x
SWKS Skyworks Solutions, Inc.	20.6B	−0.21x	11.7%	2.30x	17.4x	15.8x	18.3x	8.8x
TSEM Tower Semiconductor Ltd.	18.9B	−2.50x	14.1%	6.10x	49.3x	28.3x	22.7x	14.9x
MTSI MACOM Technology Solutions Holdings, Inc.	17.9B	−0.93x	−5.6%	11.62x	42.8x	27.8x	38.1x	24.4x
THNBY Technoprobe S.p.A.	17.7B	–	15.5%	11.16x	90.5x	58.7x	28.7x	18.6x
Mean		−1.13x	15.3%	8.06x	34.8x	22.8x	24.0x	15.1x
Median		−1.01x	14.8%	8.63x	30.1x	21.8x	23.6x	16.6x

Technical analysis

1M−8.1%
3M+4.1%
1Y+4.1%
3Y+4.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Victory Giant Technology (HuiZhou) Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,759	1,470	1,117	1,143	1,170	858
Cost of revenue	1,792	1,138	888	940	934	655
Gross profit	967	332	229	203	236	203
Selling, general & administrative expenses	108	76.7	62.1	36.4	58.4	56.3
Research & development	110	60.5	48.5	41.1	46.1	33.2
Depreciation/amortization	16.4	13.3	7.2	6.6	5.9	4.1
Interest expense (income), operating	16.3	1.8	1.1	−10.3	16.2	18.7
Unusual expense (income)	4.6	8.8	0.9	0.6	0.1	1.4
Other operating expenses	−6.2	−4.4	2.3	−2.5	−7.2	−1.9
Operating income	718	176	107	131	116	91.2
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.2	4.0	−1.4	−1.3	−0.2	−0.5
Net income before taxes	718	180	106	130	116	90.7
Provision for taxes	101	21.6	11.0	15.5	10.5	11.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	617	158	94.6	115	106	79.5
Extraordinary items	–	–	–	–	–	–
Net income	617	158	94.6	115	106	79.5
EBIT, normalized	739	186	109	122	133	111
EBITDA, normalized	871	290	199	208	202	161
Basic EPS, normalized	0.73	0.19	0.11	0.13	0.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Victory Giant Technology (HuiZhou) Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	478	230	111	178	158	72.3
Receivables	979	592	517	455	525	413
Total inventory	452	280	194	163	238	127
Prepaid expenses	12.3	4.7	5.3	3.4	3.6	3.8
Other current assets	10.4	0	195	53.5	4.5	0.1
Total current assets	1,932	1,107	1,023	853	929	616
Property, plant & equipment	1,840	1,026	1,014	951	969	645
Goodwill	171	167	163	–	–	–
Intangibles	137	104	107	27.3	26.8	4.4
Long-term investments	408	153	108	202	126	–
Note receivable	1.7	1.7	–	–	–	–
Other long-term assets	549	68.9	34.6	40.8	67.1	219
Total assets	5,040	2,627	2,449	2,074	2,119	1,485
Liabilities
Accounts payable	1,505	680	508	494	669	527
Payable/accrued	–	–	–	–	–	–
Accrued expenses	43.9	30.7	27.0	16.5	17.7	13.8
Short-term debt	216	174	449	362	223	214
Current portion of long-term debt	142	91.6	41.8	23.8	41.3	6.4
Other current liabilities	99.6	55.4	41.2	22.9	24.8	23.2
Total current liabilities	2,008	1,032	1,067	920	976	785
Long-term debt	565	325	258	135	148	120
Minority interest	0.2	0.2	0.2	–	–	–
Other liabilities	91.1	47.3	49.3	13.4	8.6	8.0
Total liabilities	2,664	1,404	1,375	1,068	1,132	913
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	124	118	122	125	136	119
Additional paid-in capital	770	448	459	472	511	204
Retained earnings (accumulated deficit)	1,197	591	468	407	344	254
Treasury stock	−0.8	−11.6	−7.9	−21.8	−3.7	−6.0
Other equity	285	77.7	33.9	22.9	0.6	0.4
Total equity	2,376	1,223	1,074	1,006	987	572
Total liabilities & shareholders' equity	5,040	2,627	2,449	2,074	2,119	1,485

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Victory Giant Technology (HuiZhou) Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−428	−278	−225	−208	−220	−160
Cash from operations	658	186	180	180	125	148
Investing activities
Capital expenditures	−946	−114	−90.8	−154	−242	−322
Other investing cash flows	−16.9	−28.4	−191	−58.8	−185	0.9
Cash from investing	−963	−143	−282	−213	−427	−321
Financing activities
Financing cash flow items	359	83.6	−145	−73.4	307	0
Cash dividends paid	−54.4	−35.7	−32.5	−34.2	−35.2	−30.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	321	−76.7	280	161	46.4	223
Cash from financing	626	−28.8	103	53.6	318	192
Foreign exchange effects	5.0	9.6	1.3	4.5	−0.7	−2.4
Net change in cash	326	24.3	3.3	25.4	15.6	16.3
Free cash flow	−288	71.9	89.5	26.0	−117	−174

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.