Summary of Shenghong Technology Conference Call Company Overview - Shenghong Technology has made significant breakthroughs in AI-related businesses, achieving mass production and delivery of high-end products across multiple downstream customers, with expectations for substantial demand growth in 2025 [1][3][7]. Core Insights and Arguments - **Technological and Capacity Advantages**: The company leverages its technological strengths (joint R&D around GPU and CPU), competitive global production capacity, and efficient execution to drive rapid growth in the high-end PCB market [1][4][32]. - **High-End PCB Market Dynamics**: The demand for high-end PCBs is robust, characterized by high product prices and significant technical barriers, leading to strong customer loyalty and improved profitability compared to traditional low-end PCBs [1][6][22]. - **Financial Performance**: In Q1 2025, the company reported an 80% year-over-year revenue increase and over 300% profit growth, primarily driven by advancements in AI-related sectors [2][7]. - **Future Profit Expectations**: The company anticipates a sequential profit increase of no less than 30% in Q2 2025, with a projected year-over-year net profit growth exceeding 360% for the first half of the year [1][7]. - **Capacity Expansion Plans**: Shenghong Technology is actively expanding its production capacity, with a new factory in Huizhou set to increase HDI high-end capacity by 50% and multi-layer PCB capacity by 30% [1][10][14]. Additional Important Insights - **AI Business Growth**: The revenue share from AI-related businesses has rapidly increased, currently exceeding 40%, with further growth expected in the second half of the year [1][16]. - **Customer Collaboration**: The company engages in joint development with leading downstream customers to seize new product opportunities and enhance product quality [1][9][32]. - **Impact of Tariff Policies**: Recent tariff policies have not negatively impacted order volumes, with the company maintaining a stable order situation despite potential changes in trade regulations [11][12]. - **Profit Margin Comparison**: AI-related products typically have a gross margin of over 30%, while traditional products range from 15% to 20%, indicating a significant profitability advantage for AI products [19]. - **Market Trends in PCB**: The trend towards higher complexity in PCB design is evident, with increasing integration and functionality, leading to rising prices due to higher processing difficulties and special requirements [22][23]. Conclusion Shenghong Technology is positioned for strong growth driven by its technological advancements, robust market demand for high-end PCBs, and strategic capacity expansions. The company's focus on AI-related products and collaboration with key customers further enhances its competitive edge in the industry.

2025年一季报显示，报告期，公司延续高增长，营业收入43.12亿元，同比增长80.31%；净利润9.21亿 元，同比增长339.22%。 对于业绩大幅提升，胜宏科技表示，公司精准把握AI算力技术革新与数据中心升级浪潮带来的历史新 机遇，占据全球PCB制造技术制高点，凭借研发技术优势、制造技术优势和品质技术优势，驱动公司高 价值量产品的订单规模急速上升，盈利能力进一步增强，经营业绩突破历史新高。 受益AI算力订单的放量，全球PCB（印制电路板）龙头胜宏科技（300476）（300476.SZ）业绩实现"开 门红"。 4月21日，胜宏科技披露一季报，2025年一季度营业收入43.12亿元，同比增长80.31%；归属于上市公司 股东的净利润9.21亿元，同比增长339.22%。业绩大增主要得益于多款AI服务器相关产品实现大批量生 产及交付。 出海一直是胜宏科技重要战略之一。公司近年来通过并购海外子公司、加码泰国及越南工厂建设，加速 全球化布局。而在全球化布局过程中，公司始终将研发创新作为核心驱动力。2020年至2024年，公司五 年研发费累计达16.03亿元。 一季度营收增80.31% 胜宏科技专业从事高密度印制 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.25 CNY [2][6]. Core Views - The company's Q1 2025 performance closely aligns with the upper limit of its forecast, showing strong growth guidance for Q2, with expected net profit growth of no less than 30% quarter-on-quarter and over 360% year-on-year for the first half of the year [2][6]. - The company is experiencing significant revenue growth driven by its AI product lines, with Q1 2025 revenue reaching 4.312 billion CNY, a year-on-year increase of 80.31% and a quarter-on-quarter increase of 42.15% [2][6]. - The gross margin for Q1 2025 was reported at 33.37%, reflecting a substantial increase of 13.88 percentage points year-on-year and 7.67 percentage points quarter-on-quarter [2][6]. Financial Summary - **Revenue Forecasts**: - 2024A: 10,731 million CNY - 2025E: 20,240 million CNY (YoY growth of 88.6%) - 2026E: 25,679 million CNY (YoY growth of 26.9%) - 2027E: 27,529 million CNY (YoY growth of 7.2%) [2][7] - **Net Profit Forecasts**: - 2024A: 1,154 million CNY - 2025E: 4,596 million CNY (YoY growth of 298.1%) - 2026E: 6,388 million CNY (YoY growth of 39.0%) - 2027E: 6,991 million CNY (YoY growth of 9.4%) [2][7] - **Earnings Per Share (EPS)**: - 2024A: 1.34 CNY - 2025E: 5.33 CNY - 2026E: 7.40 CNY - 2027E: 8.10 CNY [2][7] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 25 times [2][6]. Strategic Insights - The company is significantly expanding its production capacity in response to the growing demand for AI servers and high-end PCB products, with a planned fundraising of 1.98 billion CNY for projects in Vietnam and Thailand [2][6]. - The report highlights the company's strategic commitment to embracing AI trends, with ongoing product development and production ramp-up in high-end data transmission and AI server sectors [2][6].

Core Viewpoint - Shenghong Technology continues to demonstrate strong performance in Q1 2025, maintaining its position as a leading player in the PCB industry, particularly in the AI PCB sector, with significant revenue and profit growth driven by technological advancements and market opportunities [1][2][6]. Financial Performance - In Q1 2025, Shenghong Technology reported total revenue of 4.312 billion yuan, a year-on-year increase of 80.31% [2][5]. - The net profit attributable to shareholders reached 921 million yuan, marking a staggering year-on-year growth of 339.22% [2][5]. - The gross margin improved to 33.37%, up 13.89 percentage points from the previous year, while the net margin reached 21.35%, an increase of 12.58 percentage points [3][5]. - Operating cash flow for Q1 2025 was 424 million yuan, reflecting a 134.60% increase compared to the same period last year [4][5]. Market Position and Growth Drivers - Shenghong Technology ranks 13th globally among PCB suppliers and 4th among domestic manufacturers in mainland China, with a leading market share in AI computing cards and data center products [1][2]. - The company has achieved a significant increase in the proportion of high-margin products, with AI server PCBs accounting for over 60% of revenue in Q1 2025, up from 35% in 2024 [3][6]. - The global AI server market is projected to reach $31.79 billion in 2025, with Shenghong Technology positioned as a core supplier for NVIDIA's GB200 server PCBs, which have a value 5-8 times higher than traditional servers [6][7]. Technological Advancements - Shenghong Technology has successfully enhanced its HDI yield from below 50% to 85%, surpassing the industry average of 70%, while maintaining a 12% lower unit cost compared to competitors [1][2]. - The company is among the first to achieve mass production of 28-layer acceleration cards and has developed advanced 5th and 6th generation HDI technologies, meeting the high demands of NVIDIA's GB200 NVL72 architecture [8][9]. - Ongoing R&D investments focus on high-layer PCBs and high-frequency materials, solidifying the company's competitive edge in the high-end PCB market [6][9]. Competitive Landscape - Shenghong Technology's gross margin and net margin significantly exceed those of competitors, with a gross margin of 33.37% compared to 25.12% for its closest rival, Shenzhen Deep South Circuit [10]. - The company has established deep partnerships with leading clients such as NVIDIA and AMD, enhancing its market position and order visibility [10][11]. - Shenghong Technology forecasts a net profit growth of no less than 30% in Q2 2025, with a year-on-year increase in net profit expected to exceed 360% for the first half of the year [10].

盈利预测及投资建议：展望未来，我们认为公司高多层产品结构有望进一步优化，更高层数产品占比提 升，成为公司营收业绩增长的又一支柱。同时公司新产品放量及HDI 与高多层新建产能爬坡（惠州工 厂在现有产能基础上新扩50%HDI 和30%高多层，泰国工厂后续结合HDI 工艺的复合型高多层产能将投 产，越南工厂规划布局HDI 产品），叠加全球头部客户示范效应下，全球市场进一步打开。预计公司 2025/2026/2027 年分别实现营收201.21/281.97/345.68 亿元，归母净利润56/85/106 亿元，对应PE 为 12.7/8.4/6.7x，看好公司全球高阶HDI 龙头地位，维持"买入"评级。 风险提示：下游需求不及预期、行业竞争加剧、研发不及预期、数据测算误差。 AI PCB 全球核心厂商，进入营收业绩爆发期。胜宏科技实现PCB 全品类覆盖（PTH、HDI、FPC、软 硬结合板RigidFlex、FPCA、PCBA 等），具备70 层高精密线路板、28 层八阶HDI 线路板、14 层高精 密HDI 任意阶互联板、12 层高精密板软硬结合板RigidFlex、10 层高精密FPC/FPCA（线宽25um ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is experiencing explosive revenue growth, significantly benefiting from the AI PCB upgrade, with a comprehensive product range in PCB manufacturing [1][22]. - The global HDI market is projected to grow, with the company positioned as a leading player benefiting from innovations in server architecture [2][3]. - The company's high-layer product structure is expected to further optimize, contributing to revenue growth [3]. Summary by Sections Revenue and Profit Growth - In 2024, the company achieved a revenue of 10.73 billion yuan, a year-on-year increase of 35.3%, and a net profit of 1.15 billion yuan, up 72% [14]. - For Q1 2025, the company reported a revenue of 4.31 billion yuan, a 80.31% increase year-on-year, and a net profit of 921 million yuan, up 339.22% [15]. Market Position and Product Development - The company holds the global leading market share in AI computing cards and AI data center products, with advanced manufacturing capabilities in high-precision PCBs [1][22]. - The company has entered mass production of high-layer HDI products and is accelerating the development of next-generation products [2][24]. Financial Forecast - The company is expected to achieve revenues of 20.12 billion yuan, 28.20 billion yuan, and 34.57 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan [3][5]. Industry Trends - The global PCB market is projected to recover, with a total value of 73.57 billion dollars in 2024, driven by AI and automotive electronics [26][28]. - The demand for high-layer and HDI boards is expected to grow significantly, with the CAGR for high-layer boards in China projected at 21.1% from 2024 to 2029 [30][33].

（原标题：主力资金丨尾盘"20cm"涨停，主力资金出手！） 今日9个行业主力资金净流入。 据证券时报·数据宝统计，今日沪深两市主力资金净流出205.98亿元，其中创业板净流出80.57亿元，沪深300成份股净流出28.12亿元。 行业板块方面，申万一级行业有17个上涨，商贸零售和建筑材料行业涨幅居前，均涨超1%；交通运输、房地产、医药生物、农林牧渔等行业均涨 超0.6%。 14个下跌行业中，传媒行业跌幅居首，达1.08%；通信、计算机、机械设备、电力设备等行业跌超0.6%。 从资金流向来看，申万一级9个行业主力资金净流入，交通运输行业净流入金额居首，达14.11亿元；非银金融行业居次席，达3.66亿元。银行、商 贸零售、建筑材料、农林牧渔等行业主力资金均净流入超4000万元。 22个主力资金净流出的行业中，计算机行业净流出金额居首，达32.92亿元；通信和有色金属行业净流出金额均超24亿元，传媒、基础化工、电 子、机械设备等行业主力资金净流出均超14亿元。 华龙证券研报显示，中油资本是A股市场持有金融牌照较为齐全的综合性金融业务上市公司，公司业务收入主要以服务于石油产业链的利息收入 为主，能源相关产业在国民经 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is experiencing explosive revenue growth, significantly benefiting from the AI PCB upgrade, with a comprehensive product range in PCB categories [1][22]. - The global HDI market is projected to grow, with the company positioned as a leading player benefiting from innovations in server architecture [2][3]. - The company's high-layer product structure is expected to further optimize, contributing to revenue growth alongside new product launches and increased production capacity [3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a net profit of 921 million yuan, a year-on-year increase of 339.22%, driven by a surge in high-value product orders [1][15]. - For 2024, the company is projected to achieve revenue of 10.73 billion yuan, a 35.3% increase year-on-year, and a net profit of 1.15 billion yuan, a 72% increase [5][14]. Market Position and Product Development - The company holds the largest global market share in AI computing cards and AI data center products, with advanced manufacturing capabilities for high-precision PCBs [1][22]. - The global HDI market is expected to reach $12.518 billion in 2024, with a year-on-year growth of 18.8%, driven by AI server-related products [2][26]. Financial Forecasts - The company is expected to achieve revenues of 20.12 billion yuan in 2025, 28.20 billion yuan in 2026, and 34.57 billion yuan in 2027, with corresponding net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan respectively [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 12.7x, 8.4x, and 6.7x, indicating strong growth potential [3][5]. R&D and Innovation - The company has increased its R&D investment to 450 million yuan in 2024, a 29.1% year-on-year increase, focusing on various advanced PCB technologies [18][20]. - The company is actively developing new products for high-frequency applications and automotive electronics, enhancing its competitive edge in the market [24][25]. Industry Trends - The PCB industry is expected to see a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with high-end products like HDI and multilayer boards leading the growth [26][30]. - The demand for high-layer and high-precision PCBs is driven by advancements in AI servers, high-speed networks, and automotive electronics [30][33].

Market Performance - As of April 22, Nvidia concept stocks fell by 1.48%, ranking among the top declines in the concept sector, with stocks like Yingweike hitting the daily limit down, while stocks such as Guangxian Media, Shenghong Technology, and Maigemeite also saw significant declines [1] - The top gainers in the market included Ninebot Company, Aoni Electronics, and Advanced Digital Communication, which rose by 4.62%, 3.23%, and 2.89% respectively [1] Capital Flow - The Nvidia concept sector experienced a net outflow of 2.77 billion yuan, with 44 stocks seeing net outflows, and 6 stocks exceeding 100 million yuan in outflows [1] - Guangxian Media led the outflow with a net withdrawal of 1.11 billion yuan, followed by Shenghong Technology, Yingweike, and Maigemeite with net outflows of 529 million yuan, 246 million yuan, and 182 million yuan respectively [1] Stock Performance - The stocks with the largest net outflows in the Nvidia concept included Guangxian Media (-9.23%), Shenghong Technology (-7.28%), Yingweike (-9.99%), and Maigemeite (-5.11%) [2] - Conversely, stocks with net inflows included Aobi Zhongguang, Guangdian Yuntong, and Yangjie Technology, with inflows of 82.51 million yuan, 34.59 million yuan, and 18.91 million yuan respectively [3]

金十数据4月22日讯，4月22日，沪深两市全天成交额合计10900.02亿元，较上一日增量485.97亿元。其 中，沪市成交额为4526.75亿元（上一交易日为4293.92亿元），成交量为4.03亿手（上一交易日为3.79亿 手）；深市成交额为6373.27亿元（上一交易日为6120.13亿元），成交量为5.7亿手（上一交易日为5.34 亿手）。胜宏科技成交额居首，为51.44亿元。其次是赤峰黄金、拓维信息、拉卡拉、海能达，成交额 分别为49.47亿元、48.16亿元、47.8亿元、47.43亿元。 沪深两市今日成交额合计10900.02亿元，胜宏科技成交额居首 ...