证券代码：300476 证券简称：胜宏科技 公告编号：2025-112 胜宏科技（惠州）股份有限公司 关于董事和高级管理人员持股情况变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 经中国证券监督管理委员会《关于同意胜宏科技（惠州）股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕1856 号）同意注册，胜宏科 技（惠州）股份有限公司（以下简称"公司"）向特定对象发行人民币普通股股票 7,660,672 股（每股面值 1.00 元），发行价格为 248.02 元/股，实际募集资金总额 为人民币 1,899,999,869.44 元，扣除各项发行费用（不含增值税）人民币 23,613,115.33 元，实际募集资金净额为人民币 1,876,386,754.11 元。本次发行完 成后，公司的股份总数由 862,688,641 股增加至 870,349,313 股。 公司董事和高级管理人员均未参与本次向特定对象发行股票的认购。本次发 行前后，公司董事和高级管理人员持股数量均未发生变化，但公司股份总数由 862,688,641 股增加至 87 ...

胜宏科技（惠州）股份有限公司 Victory Giant Technology (HuiZhou) Co., Ltd. （惠州市惠阳区淡水镇新桥村行诚科技园） 创业板向特定对象发行股票 上市公告书 保荐人（联席主承销商） （深圳市红岭中路1012号国信证券大厦16-26层） 联席主承销商 （中国（上海）自由贸易试验区商城路618号） 二〇二五年十月 胜宏科技（惠州）股份有限公司 上市公告书 发行人全体董事、高级管理人员声明 本公司全体董事、高级管理人员承诺本上市公告书不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 2 胜宏科技（惠州）股份有限公司 上市公告书 特别提示 一、发行数量及价格 1、发行数量：7,660,672 股 2、发行后总股本：870,349,313 股 全体董事签名： | ___________ | ____________ | ___________ | | --- | --- | --- | | 陈 涛 | 赵启祥 | 陈 勇 | | ___________ | ____________ | ___________ | | 王海燕 | 刘春兰 | ...

胜宏科技（惠州）股份有限公司 关于创业板向特定对象发行股票上市公告书披露的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 《胜宏科技（惠州）股份有限公司创业板向特定对象发行股票上市公告书》 及相关文件已于同日在中国证券监督管理委员会指定的创业板信息披露网站巨 潮资讯网（www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 胜宏科技（惠州）股份有限公司 董事会 证券代码：300476 证券简称：胜宏科技 公告编号：2025-111 2025 年 10 月 17 日 ...

国信证券股份有限公司关于 胜宏科技（惠州）股份有限公司 创业板向特定对象发行股票的 上市保荐书 保荐人（主承销商） （注册地址：深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 保荐机构声明 本保荐机构及所指定的两名保荐代表人均是根据《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》"）、 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等法律法规 和中国证券监督管理委员会（以下简称"中国证监会"）及深圳证券交易所（以下 简称"深交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规 则和行业自律规范出具本上市保荐书，并保证所出具的文件真实、准确、完整。 2 深圳证券交易所： 胜宏科技（惠州）股份有限公司（以下简称"胜宏科技"、"发行人"、"公司"） 拟申请向特定对象发行股票。国信证券股份有限公司（以下简称"国信证券"、"保 荐机构"、"保荐人"）认为发行人符合《公司法》《证券法》《注册管理办法》以及 《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）等法律、法 规和规范性文件的规定，同意向贵所保荐胜宏科 ...

Core Viewpoint - The company is committed to embracing artificial intelligence (AI) and driving technological innovation to contribute to the high-quality development of the AI industry [1][11]. Company Overview - Shenghong Technology, established in 2006, specializes in the research, production, and sales of high-layer printed circuit boards (PCBs), high-density interconnect (HDI) boards, flexible circuit boards, and rigid-flex boards, with applications in AI, new energy vehicles, communication technology, data centers, industrial internet, medical instruments, and computers [5][6]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2015 and has positioned itself as a leader in the global AI and high-performance computing PCB manufacturing sector [5][6]. Financial Performance - In the first half of the year, the company achieved revenue of 9.031 billion yuan, a year-on-year increase of 86%, and a net profit of 2.143 billion yuan, representing a growth of over 360% [6]. - From 2021 to 2024, the company's revenue is projected to grow from 7.432 billion yuan to 10.731 billion yuan [6]. Strategic Focus - The company aims to seize the opportunities presented by AI development, focusing on three strategic pillars: smart factories, green manufacturing, and high-tech/high-quality services [6][11]. - It has established a robust innovation framework encompassing technology, talent, and capital to enhance its core competitiveness [6][11]. Technological Advancements - Shenghong Technology has made significant investments in R&D, with 73 ongoing projects and a planned R&D expenditure of 450 million yuan in 2024, reflecting a year-on-year increase of 29.15% [9]. - The company has developed advanced capabilities in manufacturing high-layer PCBs and HDI products, achieving mass production of complex HDI technologies [9][10]. Market Position - The company has established itself as a leader in the PCB industry, consistently ranking among the top in both China and globally [5][6]. - It has built five R&D and production bases domestically and internationally, including in Thailand and Vietnam, to meet global delivery demands [10]. Future Outlook - With the implementation of the "AI+" action plan by the State Council, the company anticipates a broad future for the AI industry and plans to deepen its global strategic layout [11]. - The company will continue to focus on high-demand areas such as AI computing power, AI servers, humanoid robots, and autonomous driving, aiming to enhance efficiency and quality in its smart factories [11][12].

Summary of Victory Giant Tech (300476.SZ) Conference Call Company Overview - **Company**: Victory Giant Tech (VGT) - **Ticker**: 300476.SZ - **Market Cap**: Rmb216.647 billion (approximately US$30.377 billion) [2] Key Financial Estimates - **Earnings Estimates**: - 2025: Rmb5.1 billion (down 8%) - 2026: Rmb11.7 billion (down 9%) - 2027: Rmb19.6 billion (down 7%) [1] - **3Q25 Net Profit Estimate**: Rmb1.34 billion (QoQ +10%) [1] - **Target Price**: Rmb407.0 (down from Rmb447.0) based on a 30x 2026 P/E ratio [1][2] Revenue Drivers - **NVDA Revenue Growth**: Expected to grow by 2% QoQ to Rmb2.4 billion, influenced by a high base in 2Q25 and product transitions [1]. - **New Capacity Impact**: New capacity in Huizhou and Thailand is anticipated to drive revenue in 3Q25 but may negatively affect profitability due to yield ramp-up and depreciation & amortization (D&A) pressures [1]. Growth Projections - **Sales Revenue Growth**: - 2025: 97.4% - 2026: 90.6% - 2027: 51.7% [7] - **Core NPAT Growth**: - 2025: 343.4% - 2026: 128.6% - 2027: 67.3% [7] Valuation Justification - **Earnings CAGR**: Projected 96% from 2025 to 2027 driven by: 1. Strong demand for GenAI-related PCBs 2. Potential improvements in average selling price (ASP) and gross margin (GM) due to favorable product mix 3. New business opportunities in datacenter switches and ASICs [10] Risks - **Key Downside Risks**: 1. Lower-than-expected share allocation in GenAI-related PCBs due to yield issues 2. Pricing and competition pressures in the automotive supply chain 3. CSP capital expenditure reductions and weak economic conditions affecting demand 4. Rising material costs 5. US-China geopolitical risks [11] Investment Recommendation - **Recommendation**: Maintain Buy rating, with a potential buying opportunity expected post the deceleration in 3Q25 net profit growth [1]. Additional Financial Metrics - **2025 Estimated P/E**: 42.3 - **2026 Estimated P/E**: 18.5 - **2027 Estimated P/E**: 11.1 [7] Conclusion Victory Giant Tech is positioned for significant growth driven by advancements in AI-related technologies and new capacity expansions. However, investors should remain cautious of potential risks that could impact profitability and market performance.

Group 1 - On October 15, a total of 3,717 A-shares received financing funds for purchase, with 433 stocks having a purchase amount exceeding 100 million yuan [1] - The top three stocks by financing purchase amount were Yangguang Electric (32.03 billion yuan), Shenghong Technology (26.69 billion yuan), and Northern Rare Earth (20.2 billion yuan) [1] - Three stocks had financing purchase amounts accounting for over 30% of the total transaction amount, with Yueda Investment (37.21%), Fucheng Shares (33.51%), and Shiroyama Zhaoye (30.4%) leading the rankings [1] Group 2 - There were 29 stocks with a net financing purchase exceeding 100 million yuan, with the top three being Yangguang Electric (9.18 billion yuan), Shenghong Technology (4.85 billion yuan), and Antai Technology (3.61 billion yuan) [1]

Core Viewpoint - The rapid advancement of artificial intelligence (AI) technology is significantly transforming the global economy and industrial landscape, with Shenghong Technology emerging as a leading enterprise in the AI printed circuit board (PCB) sector since its listing in 2015 [2][3]. Group 1: Company Overview - Shenghong Technology, established in 2006, specializes in the research, production, and sales of high-layer PCBs, high-density interconnect (HDI) PCBs, flexible circuit boards, and rigid-flex boards, with applications in AI, new energy vehicles, next-generation communication technologies, data centers, industrial internet, medical instruments, and computers [3]. - The company has been recognized as a top player in the PCB industry, consistently ranking among the "Top 100 PCB Companies in China" and "Top 100 PCB Companies Globally" [3]. Group 2: Financial Performance - In the first half of 2025, Shenghong Technology achieved revenue of 9.031 billion yuan, a year-on-year increase of 86%, and a net profit of 2.143 billion yuan, representing a growth of over 360% [4]. - From 2021 to 2024, the company's revenue is projected to grow from 7.432 billion yuan to 10.731 billion yuan, indicating a steady upward trend [4]. Group 3: Strategic Focus - The company aims to embrace AI and drive future growth through a strategy focused on "smart factories, green manufacturing, and high-tech/high-quality services," while enhancing its core competitiveness through innovation in materials and technologies [4][6]. - Shenghong Technology has established a robust research and development (R&D) framework, with 73 ongoing projects and a planned R&D investment of 450 million yuan in 2024, reflecting a year-on-year increase of 29.15% [6]. Group 4: Technological Advancements - The company has made significant breakthroughs in high-layer PCB and HDI technology, achieving capabilities for manufacturing PCBs with over 100 layers and large-scale production of 6-layer 24-layer HDI products [6][7]. - As of June 30, 2025, Shenghong Technology holds 359 effective patents in the PCB field, including 175 invention patents, showcasing its strong technological foundation [6]. Group 5: Market Position and Future Outlook - With the implementation of the "AI+" action plan by the State Council, the company anticipates a broad future for the AI industry and plans to deepen its global strategic layout while maintaining its industry-leading position [8]. - The demand for high-layer HDI and PCBs is expected to remain strong, with increasing technical complexity and value, as the company continues to focus on AI computing power, AI servers, humanoid robots, and autonomous driving [8][9].

Core Viewpoint - The rapid advancement of artificial intelligence (AI) technology is significantly transforming the global economy and industrial landscape, with Shenghong Technology emerging as a leader in the AI printed circuit board (PCB) sector since its listing in 2015 [1][2]. Group 1: Company Overview - Shenghong Technology, established in 2006, specializes in the research, production, and sales of high-layer PCBs, high-density interconnect (HDI) PCBs, flexible PCBs, and rigid-flex boards, with applications in AI, new energy vehicles, communication technology, data centers, industrial internet, medical instruments, and computers [1][2]. - The company has consistently ranked among the top in both the "China PCB Top 100" and "Global PCB Top 100" lists, driven by its strategic focus on AI-related PCB manufacturing [2][3]. Group 2: Financial Performance - In the first half of 2025, Shenghong Technology achieved revenue of 9.031 billion yuan, a year-on-year increase of 86%, and a net profit of 2.143 billion yuan, representing a growth of over 360% [3]. - From 2021 to 2024, the company's revenue is projected to grow from 7.432 billion yuan to 10.731 billion yuan, indicating a solid growth trajectory [3]. Group 3: Technological Advancements - Shenghong Technology has established a strong technological barrier by focusing on key technology breakthroughs and has successfully entered the supply chains of several leading international tech companies [4][5]. - The company has invested in 73 ongoing R&D projects as of June 30, 2025, with R&D expenditure reaching 450 million yuan in 2024, a 29.15% increase year-on-year, and a 78.46% increase to 353 million yuan in the first half of 2025 [4][5]. Group 4: Production Capabilities - The company has developed capabilities for manufacturing over 100-layer PCBs and has achieved large-scale production of 6-layer 24-layer HDI products, along with advanced technologies for 8-layer 28-layer and 16-layer HDI [5][6]. - Shenghong Technology has established five R&D and production bases domestically and internationally, including in Thailand and Vietnam, to meet global delivery demands [6]. Group 5: Future Outlook - With the implementation of the "AI+" action plan by the State Council, the company anticipates a broad future for the AI industry and aims to deepen its global strategic layout while enhancing its industry-leading position [7]. - The company plans to focus on high-layer HDI and PCB demands, which are expected to grow, and will continue to innovate in technology and product development to align with customer needs [7][8].

Volatility - Today, 9 stocks in the A-share market experienced a volatility exceeding 20% [1] - Stocks such as Guangshengtang and Xiangrikui had the highest volatility [1] Turnover Rate - There were 3 stocks in the A-share market with a turnover rate exceeding 40% today [1] - Stocks like Beifang Changlong and Lihexing had the highest turnover rates [1] Main Capital Flow - Main capital today saw a net inflow into the pharmaceutical and household appliance sectors, while there was a net outflow from the non-ferrous metals and telecommunications sectors [1] - The stocks with the largest net inflow of main capital included Sanhua Intelligent Control (16.42 billion), Sunshine Power (12.98 billion), Luxshare Precision (10.07 billion), Shenghong Technology (7.43 billion), and Changan Automobile (6.8 billion) [1] - The stocks with the largest net outflow of main capital included Shanzi Gaoke (15.27 billion), Ganfeng Lithium (9.91 billion), Chuangjiang New Material (7.21 billion), ST Huaton (6.12 billion), and ZTE Corporation (5.79 billion) [1]