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COMPANY RESEARCH / 300476.SZ

Victory Giant Technology

PCBs for AI accelerator cards, GPU baseboards and switches

Published by FyncaResearch checked How we research

Where it fits in an AI server rack

Says its PCBs for AI computing cards, AI data-center UBBs (GPU baseboards) and switches hold leading global market share, with capability for 100-plus-layer boards and 10-step 30-layer HDI and 14-step 36-layer HDI in R&D qualification (investor record, July 1, 2026). 2025 revenue was RMB19.29B (up 79.8%) and net profit RMB4.31B (up 273.5%).

What the evidence establishes

AI-rack evidence

Disclosed: Victory Giant’s July 1, 2026 investor-relations record describes its leading share in AI computing-card, UBB and switch boards; its 2025 annual report gives the results.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component rolePCBs for AI accelerator cards, GPU baseboards and switches
EvidenceDisclosed: Victory Giant’s July 1, 2026 investor-relations record describes its leading share in AI computing-card, UBB and switch boards; its 2025 annual report gives the results.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary sourceVictory Giant Technology — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

The company does not name customers; press coverage calls it an NVIDIA supplier, which neither company confirms in the sources opened. Market-share statements are its own, and high-end capacity is still ramping.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Superchip module board

The board that carries two GPU packages and one CPU with their power stages and high-speed connectors. It docks into the compute tray and its cold plates.

Scope of the company links: The superchip board carrying two GPU packages and one Grace CPU is an NVIDIA design (GB300 Grace Blackwell Ultra Superchip). Wistron builds GB300 superchip boards and AI servers in Texas (NVIDIA partner documents). Victory Giant makes the printed circuit boards for AI computing cards and GPU baseboards (its investor record, July 1, 2026), but no source names the fabricator of a specific rack-scale module board. NVIDIA’s 10-K names Hon Hai among contract manufacturers without saying which builds the module, so Hon Hai is listed under Builders, not here; Fabrinet’s disclosed role is optical. The module’s power stages sit under voltage regulators.

Tray motherboard

A high-layer-count printed circuit board built on low-loss laminate. It routes high-speed links and heavy power currents between the chips, connectors and power stages.

Scope of the company links: Board fabricators first, then laminate makers (upstream). Victory Giant, WUS and Shengyi Electronics disclose AI-server board revenue or share; Gold Circuit and TTM disclose AI-server or AI-driven data-center boards without naming customers. Elite Material, Shengyi Technology, Taiwan Union and Panasonic (MEGTRON) make the low-loss copper-clad laminate the boards are built on; they are upstream enablers, not board suppliers. No source names the fabricator or laminate of a specific NVL72 tray, and reports that Victory Giant supplies NVIDIA are press claims. Doosan and Kingboard Laminates were not verified.

Related research

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