中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于胜宏科技（惠州）股份有限公司 2026 年第一次临时股东会之法律意见书 致：胜宏科技（惠州）股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受胜宏科技（惠州）股份 有限公司（以下简称"公司"或"胜宏科技"）的委托，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、规范性文件（以下简称"法律、法规"）及《胜宏科技（惠州）股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，就公司 2026 年第一次临时股东会（以下简称"本次股 东会"）有关事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的与本次股东会有关的文 件和事实进行了核查和验证。在本所律师对公司提供的有关文件进行 ...

Victory Giant (300476.SZ): PCB Factory Tour: AI infrastructure and specification migration drive growth ahead; Capacity and Customers in We hosted Victory Giant management and visited its Huizhou factory during our China PCB Tour on Jan 23. Key discussions focused on (1) competition landscape; (2) capacity expansion; and (3) clients expansion. Overall, management is positive on the rising demand across GPU and ASIC AI sever clients, considering the specification upgrade towards more complicated architecture ...

Core Viewpoint - The PCB sector is experiencing significant performance growth driven by AI demand, with several key investment themes identified for 2023 [1][2]. Investment Themes - **PCB Upgrade Trend**: The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products. mSAP capacity, equipment, and technical capabilities will become higher competitive thresholds for PCB manufacturers, presenting investment opportunities across the mSAP supply chain [1][2]. - **CCL Upgrade from M8 to M9**: The transition from M8 to M9 CCL is a definitive trend, with an increasing number of GPUs, ASIC servers, and 1.6T switches adopting M9 CCL. The usage of Q fabric, HVLP 3-4, and hydrocarbon resins will continue to rise rapidly [1][2]. - **Upstream Material Price Increases**: The price of upstream materials is still in an upward cycle, which is expected to further improve profitability [1][3]. - **Rising Demand for Substrates**: Demand for BT substrates is increasing, with continuous price hikes, while ABF substrate demand is beginning to overflow to domestic manufacturers [1][4]. Market Performance - The PCB sector's performance has exceeded market expectations, particularly in the upstream materials and equipment segments, driven by global AI PCB capacity expansion. Companies like Jin'an Guoji and Huazheng New Materials in the CCL segment, and Dazhu CNC and Chipbase in the equipment segment, have shown significant excess returns [2]. Price Trends - The CCL industry average price has increased by 20%-30% in 2025, with expectations for further price hikes in 2026 potentially exceeding those of 2025 due to supply-demand dynamics and raw material price trends [3]. Demand Dynamics - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 projected at $52-56 billion, significantly above market expectations. This indicates a strong upward trend in storage chip demand, leading to continuous price increases for BT substrates and the overflow of ABF substrate demand to domestic suppliers [4].

Core Insights - Chen Tao has successfully transformed Shenghong Technology from a PCB player to a leader in the AI supply chain, demonstrating keen business acumen and strategic foresight [1][6] - The company is expected to achieve a net profit of 4.16 billion to 4.56 billion yuan in 2025, marking a 40-fold increase compared to the year before its IPO in 2014 [1][7] - Shenghong Technology's market capitalization has reached 230 billion yuan, reflecting its significant growth in the AI computing market [1][7] Group 1: Company Background and Development - Chen Tao began his career in the PCB industry in a Taiwanese factory, quickly rising to a management position by securing significant orders [2][3] - In 2003, he founded Shenghua Electronics, focusing on double-sided PCB production, despite facing challenges such as a lack of technical talent [2][3] - The company adopted aggressive service commitments, such as 48-hour prototyping and 7-day delivery, which helped it gain traction in the market [3] Group 2: Strategic Decisions and Market Positioning - In 2006, Shenghong Technology was established with a focus on multi-layer boards, marking a strategic shift away from low-end PCB production [3][4] - The company invested heavily in R&D and infrastructure, achieving significant technological advancements, including increasing multi-layer board capabilities from 8 to 24 layers [3][4] - By 2014, Shenghong Technology's revenue surpassed 1 billion yuan, leading to its listing on the Growth Enterprise Market [4] Group 3: AI Market Expansion - Recognizing the potential of the AI market, Chen Tao initiated a major expansion in 2017, investing heavily in high-end production lines and establishing a smart factory [6][7] - The company successfully entered NVIDIA's supply chain in 2020, providing high-end graphics card PCBs, and became a Tier 1 supplier by 2023 [7][8] - In 2025, Shenghong Technology is projected to benefit significantly from AI server demand, with over 70% of its orders linked to NVIDIA, leading to a projected profit increase of 260.35% to 295% compared to 2024 [7][8] Group 4: Financial Growth and Future Prospects - Chen Tao's personal wealth is expected to rise from 9 billion yuan in 2024 to 65 billion yuan in 2025, reflecting the company's success [1][8] - Shenghong Technology plans to acquire SPMY, a company in the photovoltaic manufacturing sector, to enhance its overseas production capacity [8]

Group 1 - The semiconductor industry in A-share listed companies has seen active mergers and acquisitions since the beginning of the year, with companies like Shenghong Technology, Jingfeng Mingyuan, and Yingfang Microelectronics announcing related plans and progress [1][2] - Analysts predict that the A-share semiconductor M&A market will remain active until 2026, driven by policy guidance and market forces, enabling companies to achieve technological complementarity and scale expansion through acquisitions [1] - Shenghong Technology announced plans to acquire 100% of SunPower Malaysia Manufacturing Sdn.Bhd. for up to $51 million, aiming to enhance its production capacity in Southeast Asia and meet overseas delivery demands [1] Group 2 - Jingfeng Mingyuan is progressing with its acquisition of 100% of Sichuan Yichong Technology for a transaction price of 3.283 billion yuan, which will enhance its market position and technological capabilities in high-performance analog chips [2] - Yingfang Microelectronics plans to acquire 100% of Shanghai Xiaokeli and Fujide China, both of which are deeply involved in the semiconductor supply chain, to expand its market share and product structure in electronic component distribution [2] - Traditional industry companies like Xiamen Yanjing New Materials are also entering the semiconductor field, with plans to acquire 98.54% of Ningbo Yongqiang Technology to expand into high-end electronic interconnection materials for integrated circuits [3] Group 3 - The competition in the semiconductor industry has shifted from single-point technology to ecosystem integration, making mergers and acquisitions a new norm that reshapes the competitive landscape [3] - Active mergers and acquisitions are expected to bring multiple positive impacts to the semiconductor industry, although challenges in technology transfer efficiency and team culture integration remain [3]

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies, such as昊志机电 and 胜宏科技 [1][3][5] Company Performance - 昊志机电 expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%, with a non-net profit forecast of 77 million to 112 million yuan, reflecting a growth of 79.77% to 163.19% [1][3] - 胜宏科技 anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, indicating a year-on-year increase of 260.35% to 295% [3][5] Market Drivers - The growth in the PCB industry is attributed to the rapid increase in demand for AI computing infrastructure and the continuous upgrade of consumer electronics, which has significantly boosted sales of specialized processing equipment [3][5] - The sales revenue of PCB spindle products from 昊志机电 reached 169 million yuan, marking an increase of 83.99% [3] Industry Trends - The PCB market is entering a high prosperity cycle due to the explosive growth of AI applications, with increasing demand for high-density interconnect (HDI) and multi-layer boards [7] - Consulting firm Prismark predicts a global PCB market value growth of approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029 [7] Competitive Landscape - Companies like 金安国纪 and 东威科技 are also forecasting significant profit growth, with 金安国纪 expecting a net profit of 280 million to 360 million yuan, reflecting a year-on-year increase of 655.53% to 871.40% [6][7] - The industry is witnessing a trend of domestic companies enhancing their production capacity and focusing on high-end products to maintain competitive advantages in the global market [5][6]

Core Viewpoint - Shenghong Technology is actively engaging with institutional investors and showcasing its commitment to embracing AI and technological advancements in the PCB manufacturing sector, aiming to solidify its position as a key partner for leading tech companies globally [1][2]. Group 1: Company Overview - Shenghong Technology (300476) reported a latest stock price of 264.31 yuan, down by 10.58 yuan or 3.85% from the previous trading day, with a total market capitalization of 230.04 billion yuan [1]. - The company operates in the electronic components industry, which has an average rolling P/E ratio of 91.98, with Shenghong's P/E ratio at 63.29, ranking 51st in the industry [1]. Group 2: Production and Capacity Expansion - The company is currently experiencing a strong order backlog, maintaining a good capacity utilization rate while actively pursuing expansion efforts [2]. - Domestic capacity expansion includes the phased production of the Huizhou factory's fourth project, with the tenth and eleventh projects progressing as planned [2]. - Internationally, the first phase of the A1 building upgrade at the Thailand factory was completed in March 2025, with the second phase of high-end capacity now in production verification [2]. Group 3: Technological Advancements - Shenghong Technology has the capability to mass-produce high-precision circuit boards with over 70 layers and is among the first globally to achieve large-scale production of 6-stage 24-layer AI computing data center products [2]. - The company is also advancing the R&D certification of 10-stage 30-layer HDI technology [2]. Group 4: Financial and Investor Relations - As of January 20, 2026, Shenghong Technology had 203,050 shareholders, an increase of 15,751 from the last count, with an average holding value of 1.1329 million yuan and an average shareholding of 4,300 shares [2]. - The Ruiyuan Growth Value Mixed A fund, which holds shares in Shenghong Technology, reported a latest net value of 2.0094 yuan, with a one-year return of 74.90% and a three-year return of 25.87% [3].

人民财讯1月24日电，胜宏科技（300476）近日接受机构调研时表示，目前公司在手订单充足，业务进 展顺利，产能利用率维持在良好水平，订单生产和交付均在正常履行中。公司正在全力以赴推进扩产， 当前各环节进度顺利，公司扩产速度已处于行业领先水平。新厂房将陆续推进主体施工、设备安装与调 试等工作，厂房初期的产线磨合和产能产量逐步释放是行业的必经过程。公司与客户保持密切沟通，根 据客户需求推进产能准备工作，随着新产能爬坡并贡献业绩，公司对后续盈利能力充满信心。 ...

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for high-end products, particularly due to advancements in AI data centers and related technologies, leading to a positive outlook for 2025 earnings across various companies in the sector [1][2]. Group 1: Company Performance - Approximately 80% of the 20 PCB companies that have released earnings forecasts for 2025 expect profit growth, with companies like Jin'an Guoji and Shenghong Technology projecting net profit increases exceeding 250% [1]. - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, representing a year-on-year growth of 260.35% to 295.00% [3]. - Founder Technology expects a net profit of 430 million to 510 million yuan for 2025, an increase of 67.06% to 98.14% compared to the previous year [3]. - Benchuan Intelligent forecasts a net profit of 30.4 million to 45.6 million yuan for 2025, reflecting a growth of 28.06% to 92.08% year-on-year [4]. Group 2: Market Trends - The demand for high-end PCB products, such as multilayer boards and HDI boards, is increasing due to the rising requirements for signal transmission rates and data loss in AI and high-performance computing [2]. - China is expected to maintain its position as the largest PCB production region, accounting for over 50% of global output in the coming years [2]. Group 3: Material and Equipment Upgrades - The continuous production of high-end products is driving the upstream materials and equipment sectors towards high-end upgrades, creating a robust market demand for high-end supporting products [5]. - Jin'an Guoji projects a net profit of 280 million to 360 million yuan for 2025, with a growth of 655.53% to 871.40% year-on-year, driven by improved market conditions for copper-clad laminates [6]. - Dafu Technology expects a net profit of 97 million to 125 million yuan for 2025, recovering from a loss of 245 million yuan in the previous year [6]. - The demand for high-end manufacturing equipment is surging, with companies like Dazhu CNC projecting a net profit of 785 million to 885 million yuan for 2025, an increase of 160.64% to 193.84% year-on-year [7]. Group 4: Emerging Technologies - Companies are expanding their focus on emerging markets such as AI power servers and robotics, with Benchuan Intelligent actively pursuing these opportunities [4]. - The demand for precision tools and polishing materials is also rising, with Ding Tai Gao Ke expecting a net profit of 410 million to 460 million yuan for 2025, reflecting a year-on-year growth of 80.72% to 102.76% [8].

Core Insights - The company has the capability for mass production of high-precision circuit boards with over 70 layers, positioning itself as a leader in the industry [1] - It is among the first globally to achieve large-scale production of 6-stage 24-layer AI computing data center products, showcasing its advanced technological capabilities [1] - The company is actively advancing the research and certification of 10-stage 30-layer HDI technology and possesses capabilities for over 100-layer high multilayer PCB technology [1]