Full Breakdown
Victory Giant Technology Posts Strong Q1 2026 Results as AI PCB Demand Accelerates
4/30/2026, 11:45:11 AM
AI Computing Surge and PCB Role
The global wave of artificial-intelligence (AI) innovation and the accompanying computing-industry upgrade are driving rapid data-center construction and heightened demand for high-end hardware. Printed circuit boards (PCBs) serve as the “skeleton and nerves” of electronic products and have become the core components that set the performance ceiling of AI computing equipment. Industry analysts describe the current period as a historic development opportunity for PCB manufacturers.
Financial Highlights and Market Share
In the first quarter of 2026, Victory Giant Technology reported operating revenue of RMB 5.519 billion, a 27.99 % year-on-year increase. Net profit attributable to shareholders rose 39.95 % to RMB 1.288 billion, while net cash flow from operating activities surged 399.38 % to RMB 2.117 billion. The company’s share of the global AI and high-performance-computing PCB market reached 13.8 % in the first half of 2025, up sharply from 1.7 % in 2024. Revenue from high-density interconnect (HDI) boards grew 388.2 % year-on-year in 2025, and gross margins improved to 35.2 % from 22.7 % in 2024. The RMB figures correspond to approximately US$805 million in revenue and US$190 million in net profit.
Key Partnerships and Market Position
Victory Giant joined Nvidia’s H-series AI accelerator supply chain in 2023 and was upgraded to a tier-one supplier in 2024. The partnership has helped the company secure a leading position in the high-end core supply chains of AI servers, high-speed switches, and computing-power boards. The firm can mass-produce ultra-high-layer multilayer PCBs (MLPCBs) with over 100 layers and was among the first in China to achieve large-volume production of 24-layer HDIs with a 6 + 12 + 6 build-up.
Official Statements & Responses
Following its Hong Kong listing on 21 April, Victory Giant indicated that the IPO proceeds will be used primarily to expand AI-related PCB production, with 74 % earmarked for capacity growth in mainland China. The offering includes an option that could increase total proceeds to US$2.6 billion. The company’s stock gained 43 % since debut, reflecting strong investor interest in AI-linked listings.
Industry Implications and Geopolitical Context
The expansion aligns with China’s broader push to strengthen domestic technology manufacturing amid tightening U.S. export controls. By increasing domestic capacity for high-performance AI PCBs, Victory Giant positions itself as a critical node in the global AI hardware supply chain and contributes to reducing reliance on foreign components.
What’s Next
Victory Giant plans to scale AI-related PCB output throughout 2026, leveraging the newly raised capital to boost mainland production facilities. The expansion is intended to meet rising demand for AI server components.
