对今日德尔顿科技股价上涨10%的快速思考

Delton Tech (001389.SZ)Quick Thoughts on Today’s ~10% Share Price Jump CITI’S TAKEThe Delton-A share price almost hit limit up in today’s (26 June) morning trading session, reaching an all-time high and outperforming its peers,whose shares were down 4-8%. We believe the reason is rising investorconfidence in the company’s 2Q26 results, which we expect to show~35% qoq net profit growth or even higher, potentially the highest 2Qsequential growth in our PCB coverage; we estimate WUS to post ~20%qoq NP growth and VGT ~15%. Moreover, Delton’s Rmb6bn investment inDongguan (announced on 22nd June) has also enhanced investor Buy Price (25 Jun 26 15:00)Rmb200.800Target priceRmb241.000Expected share price return20.0%Expected dividend yield0.4%Expected total return20.4%Market CapRmb85,654MUS$12,653M Karen HuangAC+852-2501-2755karen.xw.huang@citi.com Kyna Wong+852-2868-7820kyna.wong@citi.com Kevin Chen+852-2501-2125kevin.y.chen@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Delton Tech ValuationWe apply 30x 2027E P/E to Delton to derive TP of Rmb241.0, set at 1.5std above its past 1-yr average forward P/E, justified by Delton’s 63% CitiE 2026-2028E earnings CAGR. We note that Taiwan/Korea/US peers are trading at 20-30x 2027 P/E.Risks Generally, recently listed companies are assigned a “High Risk” rating by our Quant risk model owing to their limited tradinghistory. In that context, Delton is rated High Risk as per our Quant risk model. However, Delton has qualitative factors such asgood results delivery track record and stable management team, and so a High Risk rating has not been applied. Key downside risks to our TP include: (1) Dependence on downstream market demand; (2) Risks from rapid technologicalchange and R&D investment; (3) Significant customer and supplier concentration risk; (4) Exposure to geopolitical tensions andinternational trade policies; (5) Operational and financial vulnerabilities; (6) Risks associated with dual-listing and regulatory Victory Giant Tech(300476.SZ; Rmb350.16; 1; 25 Jun 26; 15:00) ValuationWe apply 25x 2027E P/E to derive a target price of Rmb456.0 for VGT, set at 1std above 3-yr average P/E, which we believe is justified by a 71% 2026-28E earnings CAGR driven by: 1) robust growth backed by GenAI-related PCB demand during 2026-2028E, 2) potential ASP/GM improvement due to a favorable product mix, and 3) potential business opportunities in Risks Key downside risks that could impede the stock from reaching our target price include: 1) less-than-expected share allocationin GenAI-related PCB given yield issue; 2) pricing and competition pressure in automotive supply chain; 3) CSP capex reductionand weak economy lowering demand; 4) increasing materials costs; and 5) US-China geopolitical risk. WUS Printed Circuit(002463.SZ; Rmb154.99; 1; 25 Jun 26; 15:00) ValuationWe apply 30x 2027E P/E to derive our target price of Rmb189.0 for WUS, which we believe is justified by an 86% 2026-28E earnings CAGR driven by: 1) robust growth backed by GenAI-related PCB demand during 2026-2028E; 2) potential ASP/GMimprovement thanks to a favorable product mix; and 3) strong execution and delivery capabilities to help sustain a robust GM. Risks Key downside risks that could impede the stock from reaching our TP include: (1) less-than-expected share allocation in GenAI-related PCB, (2) pricing and competition pressure in automotive supply chain; (3) CSP capex reduction and weak economylowering demand; (4) increasing materials costs; and (5) US-China geopolitical risk. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the Appendix A-1 ANALYST CERTIFICATIONThe research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Delton Tech,Victory Giant Tech,WUS Printed Circuit in the past 12 months. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-