Report Summary
The wave of AI is surging forward, and Google’s dual products reignite enthusiasm. Google has consecutively released the Gemini 3 general AI model and the Nano Banana Pro professional image generation model, achieving a dual-product AI innovation. Gemini 3, with its top-notch inference, multimodal integration, powerful programming, and long context processing capabilities, has set new benchmark records, focusing on three major scenarios: learning, building, and planning. Leveraging self-developed TPU chips and deep integration with the Google ecosystem forms a unique advantage. The Gemini application currently has over 650 million monthly active users, with traffic surging to approximately 54 million on the day of Gemini 3’s release. The Nano Banana Pro, based on Gemini 3 Pro, possesses core capabilities such as high-resolution generation, precise text rendering, and professional-level creative control, enhancing content accuracy through its knowledge base. As one of the global AI leaders, Google continues to increase its investment in AI. According to Google’s Q3 2025 earnings call, the company has raised its full-year capital expenditure guidance from $85 billion to $91-93 billion and expects to maintain a high investment pace through 2026. Google is fully demonstrating its competitiveness in the AI field, emphasizing its core supply chain.
Global AI PCB leader with advanced product technology.1) In terms of HDI, the company is among the first in the world to achieve large-scale production of 6-stage 24-layer HDI products, as well as 8-stage 28-layer HDI and 16-layer Any-layer HDI technology capabilities, and is actively promoting the R&D certification of the next generation 10-stage 30-layer HDI.2) In terms of high multilayer, the company currently has the R&D and mass production capabilities for high multilayer PCBs with over 70 layers, and has technical reserves for high multilayer PCBs with over 100 layers. The company’s 10.0mm thick board technology achieves a high aspect ratio of 40:1, effectively adapting to the packaging of ultra-large chips, while the company is developing 14.5mm ultra-thick board technology. The company’s high-precision back-drilling technology has achieved a precision of 4±2 mils in mass production, significantly reducing signal loss. Currently, the value of PCBs in AI servers is on the rise, and the company has a first-mover advantage in technology, quality, and mass production capabilities. With continuous product upgrades, it is expected to further strengthen its competitive advantage and market position.
Continuously expanding production to increase customer coverage, deeply embracing global AI leaders. The company’s expansion projects have clear demand support, and the overall pace of expansion is accelerating.1) In terms of overseas capacity, the expansion plans for the Thailand and Vietnam bases are progressing smoothly as scheduled, with high-end production capacity in Thailand’s Building A1 already starting production verification boards.2) In terms of domestic capacity, the fourth factory project has partially commenced production; the ninth factory’s drilling center focuses on enhancing drilling and back-drilling process capabilities, and this factory topped out in early October; the tenth and eleventh factory projects have completed government-related filings and officially entered the construction phase. In terms of customers, the company has made significant breakthroughs in cooperation with major clients, beginning to undertake fast board business for key clients. By deeply participating in every fast board project of clients, the company can intervene earlier in their R&D stages and technical development routes, clearly grasping the production rhythm, product layout planning, and future new product R&D directions of client projects. Currently, the company’s R&D and capacity expansion are based on deep communication with clients, laying out plans in advance around clients’ development plans for the next three years or even longer, making the company one of the earliest and fastest-moving enterprises in the industry in terms of capacity layout, new capacity expansion, equipment preparation, technical reserves, and talent reserves.
Profit Forecast and Investment Recommendations: As a leader in AI PCBs, the company is deeply grasping the opportunities of AI development. We are optimistic about the high growth in performance brought by the release of new production capacity and the significant increase in performance from new clients as the client base expands. It is expected that the company’s revenue will reach 37 billion / 59.9 billion yuan in 2026/2027, with net profit attributable to the parent company expected to reach 12 billion / 19.7 billion yuan in 2026/2027, maintaining a “buy” rating.
Risk Warning: Capacity expansion may not meet expectations, product R&D may not meet expectations, and customer expansion may not meet expectations.
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Analyst Zheng Zhenxiang Analyst ID: S0680524120005
Analyst She Lingxing Analyst ID: S0680525010004
Analyst Liu Jiayuan Analyst ID: S0680525010002
For detailed analysis, please refer to the report “Victory Technology (300476.SZ) Global AI PCB Leader, Deeply Embracing GPU and ASIC Key Clients” published by Guosheng Securities Research Institute on November 26, 2025.
Guosheng Electronics Zheng Zhenxiang Team
Team Introduction
Zheng Zhenxiang: Co-Director of Guosheng Securities Research Institute, Chief Analyst in Electronics, gradually building a research methodology for technology stocks from industry to capital based on years of experience in integrated circuit learning and Huawei industry research, with deep coverage of semiconductor, consumer electronics, automotive electronics, and other sub-sectors. Awarded first place in the New Fortune Electronics Industry from 2013-2016, second place in 2019/2021/2022, and third place in 2020; first place in the Crystal Ball Electronics Industry in 2013/2015/2020, and second place in 2019/2021.
She Lingxing: Co-Chief Analyst in Electronics, Bachelor of Electronic Engineering and Master of Finance from Fudan University, with ten years of research experience in the electronics industry, covering the entire sector. Awarded second place in the New Fortune Electronics Industry in 2019/2021/2022, third place in 2020; first place in the Crystal Ball Electronics Industry in 2020, and second place in 2019/2021.
Zhong Lin: Electronics Analyst, focusing on consumer electronics. Awarded second place in the New Fortune Electronics Industry in 2019/2021/2022, third place in 2020; first place in the Crystal Ball Electronics Industry in 2020, and second place in 2019/2021.
Liu Jiayuan: Electronics Analyst, covering semiconductor equipment and materials, AI industry chain.
Cha Xianbiao: Electronics Analyst, covering storage and PCB.
Xiao Chao: Electronics Analyst, covering consumer ICs and optics.
Zhu Di: Electronics Analyst, covering passive components and panels.
Mou Ruiqin: covering analog and packaging testing.
Shen Zhuyingting: covering the AI industry chain.
Chen Weiwei: covering semiconductor components.
Zhang Kuangyi: covering consumer electronics.
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