The company's revenue and profit made strong double-digit gains in the first quarter as demand for its high-end PCBs surged on rising demand from AI hardware makers

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Victory Giant Technology (HuiZhou) Co. Ltd. (2476.HK; 300476.SZ) reported strong double-digit growth in the first quarter, fueled by booming demand for its advanced printed circuit boards (PCBs) used in AI servers and other high-performance computing equipment.

The Huizhou-based company's revenue for the three months through March rose 28% year-on-year to 5.52 billion yuan ($808 million), while its net profit increased by an even faster 40% to 1.29 billion yuan, according to its first-quarter results published last week. Its operating cash flow rose by a factor of five to 2.12 billion yuan from 424 million yuan a year earlier, boosted by growth in collection of sales proceeds, as well as an increase in export tax rebates.

The company's stock jumped 7% after the publication of the results, its first quarterly report since its Hong Kong IPO last month. It sold shares for HK$209.88 each, making it Hong Kong's largest IPO so far this year as it raised HK$23.1 billion ($2.95 billion). The stock is up about 50% since its debut, as investors clamor for AI exposure.

Victory Giant is a key beneficiary of the global AI boom, supplying a key component with its PCBs for the high-performance infrastructure used to power many AI applications. The company manufactures a variety of PCBs, including high-density interconnects (HDIs) and multilayer PCBs (MLPCBs) with over 100 layers, which are widely used in AI servers, networking equipment and other advanced computing systems. Last year revenue from the company's AI and high-performance computing segment accounted for over 40% of total sales, while its smart devices segment contributed 19%. 

The company is a leading global player in advanced PCBs for AI and high-performance computing, topping sales in the segment for the first half of 2025 with 13.8% of the market, up from 1.7% that put it in seventh place in 2024, according to third-party research in its Hong Kong IPO prospectus. Victory Giant is also among the first in its class to mass-produce 24-layer HDIs, with advanced capabilities to extend to 30-layer and 16-layer any-layer interconnects, allowing it to deliver ultra-complex, high-density PCBs at scale.

Last year, MLPCBs were Victory Giant's biggest revenue source, accounting for 8.3 billion yuan, or 43% of its sales. That was closely followed by HDIs, which contributed 38.5% or 7.4 billion yuan, up sharply from just 14% in 2024. As AI technologies continue to expand, demand for its MLPCBs and HDIs is expected to remain strong. 

The company currently produces mostly in its home base of Huizhou in South China's Guangdong province. It is also building new plants in Vietnam and Thailand as part of a geographic diversification to hedge against future geopolitical risk.

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