丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨胜宏科技（300476.SZ） [Table_Title] 胜宏科技 2025 年三季报点评：全球 AI PCB 领 先企业，旺盛需求加速成长 报告要点 [Table_Summary] 胜宏科技发布 2025 年三季报：2025 年前三季度，公司实现营业收入 141.17 亿元，同比增长 83.40%；实现归母净利润 32.45 亿元，同比增长 324.38%；分别实现毛利率和净利率 35.85% 和 22.98%。单季度看，2025Q3 公司实现营业收入 50.86 亿元，同比增长 78.95%，环比增长 7.80%；实现归母净利润 11.02 亿元，同比增长 260.52%，环比下滑 9.88%；分别实现毛利率 和净利率 35.19%和 21.66%。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 research.95579.com 1 [Table_scodeMsg2] 胜宏科技（300476.SZ） cjzqdt11111 [Table_Title 胜宏科技 2 ...

Core Insights - The Ministry of Industry and Information Technology (MIIT) is seeking public opinion on the management measures for the printed circuit board (PCB) industry, focusing on eliminating outdated capacity, encouraging technological innovation, and clarifying technical indicators to promote high-end, green, and intelligent development of the industry [1][4]. Market Expansion - The PCB market is experiencing significant expansion driven by AI demand, with high-end product output value increasing substantially [2][3]. - According to Prismark, the output value of high-layer boards (18 layers and above) and HDI boards is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively, fueled by strong demand from AI servers and high-speed networks [3]. Industry Performance - In the first three quarters of the year, the PCB industry in the A-share market, comprising 44 listed companies, reported a total revenue of 216.19 billion yuan, a year-on-year increase of 25.36%, and a net profit attributable to shareholders of 20.86 billion yuan, up 62.15% [4]. - Notably, 75% of the companies reported a year-on-year increase in net profit, with significant growth from companies like Shengyi Technology and Nanya New Material, both exceeding 100% growth [4]. Company Highlights - Shengyi Technology reported a revenue of 6.83 billion yuan, a year-on-year increase of 114.79%, and a net profit of 1.12 billion yuan, up 497.61% [4]. - Xingsen Technology achieved the fastest revenue growth among the companies, reaching 5.37 billion yuan, a 23.48% increase year-on-year, and is expanding its capacity in CSP packaging substrates [5]. Foreign Investment - As of the end of the third quarter, several PCB stocks have attracted foreign investment, with QFII holding a total market value of 16.635 billion yuan in 13 stocks [6]. - Shengyi Technology leads in QFII holdings with a market value of 15.936 billion yuan, followed by Jingwang Electronics and Junya Technology [6].

Investment Rating - The report maintains a positive outlook on the electronics industry, indicating a "Buy" rating for the sector in Q3 2025 [4]. Core Insights - The electronics industry shows sustained recovery, with Q3 2025 revenue growth of 19% year-on-year, ranking third among all sectors [5][9]. - Net profit for the electronics sector increased by 50% year-on-year in Q3 2025, placing it eighth among all sectors [5][9]. - Key segments such as semiconductor equipment, storage, and AI-related demand are driving growth, with significant price increases expected to continue in the storage sector [4][11]. Summary by Sections 1. Industry Overview - The electronics industry is experiencing a recovery phase, with a continuous positive growth trend for nine consecutive quarters in revenue and seven quarters in net profit [9]. - The Shenyin Wanguo Electronics Index has seen a rise in price-to-earnings ratio, reaching a peak of 69 times in October 2025 [10]. 2. Semiconductor Equipment - Major companies like North Huachuang and Jiangfeng Electronics reported revenue growth of 39% and 20% respectively in Q3 2025, with net profits increasing by 14% and 18% [21]. - The semiconductor equipment sector is benefiting from structural advantages, with a significant increase in investment despite a general decline in the semiconductor industry [21]. 3. Wafer Foundry and Testing - The wafer foundry segment is seeing high capacity utilization, with Huahong's revenue growing by 21% year-on-year in Q3 2025 [22]. - Testing companies such as Tongfu Microelectronics and Weicai Technology exceeded expectations with revenue growth of 44% and 98% respectively [22]. 4. Storage - Storage companies like Jiangbolong reported a 55% increase in revenue, with net profits significantly exceeding expectations [25]. - The report anticipates continued price increases in storage products, driven by strong demand from AI servers [25]. 5. Power Devices - Companies in the power device sector are experiencing a mild recovery, with significant demand from the automotive sector [27]. 6. Analog Chips - The competitive landscape for analog chips is improving, with companies like Shengbang and SIRUI reporting revenue growth of 13% and 70% respectively [29]. 7. Consumer Electronics - The consumer electronics sector is poised for a new hardware cycle, with companies like Lingyi Zhi Zao reporting a 13% increase in revenue [31]. 8. Computing Power Related - Companies in the computing power sector, such as Industrial Fulian, reported a 43% increase in revenue, driven by strong demand for AI servers [32].

Company Overview - Shenghong Technology Co., Ltd. is located in Huizhou, Guangdong Province, and specializes in the research, development, production, and sales of new electronic devices, primarily printed circuit boards (PCBs) [1] - The company was established on July 28, 2006, and went public on June 11, 2015 [1] - The main business revenue composition is 93.66% from PCB manufacturing and 6.34% from other sources [1] Stock Performance - As of November 12, the stock price of Shenghong Technology decreased by 2.06%, trading at 283.21 CNY per share, with a total market capitalization of 246.49 billion CNY [1] - The stock has increased by 577.68% year-to-date, with a recent decline of 5.09% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase of 2.12 billion CNY on September 5 [1] Financial Performance - For the period from January to September 2025, Shenghong Technology reported a revenue of 14.12 billion CNY, representing a year-on-year growth of 83.40% [2] - The net profit attributable to the parent company was 3.25 billion CNY, showing a significant year-on-year increase of 324.38% [2] Shareholder Information - As of October 10, the number of shareholders decreased to 176,900, a reduction of 3.85% [2] - The average number of tradable shares per shareholder increased by 4.01% to 4,835 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, both of which have seen a decrease in their holdings [3]

Investment Rating - The report maintains a positive outlook on various sectors, with specific "Buy" ratings for companies such as AIA Group, ASMPT, Atour, Hengrui, Sunny Optical, Tencent, and others [13][14][28][33]. Core Insights - The 15th Five-Year Plan (FYP) emphasizes technological innovation, consumption rebalancing, and building a strong domestic market, which are expected to drive growth in sectors like technology, healthcare, and renewables [14][29]. - The report anticipates a stable external environment for China, with net exports remaining a key growth driver despite potential challenges from high bases and external demand uncertainties [7]. - The healthcare sector is highlighted as a key beneficiary of government policies, with a focus on innovation and globalization, particularly in medical devices and pharmaceuticals [29]. - The consumer sector is shifting towards experience and service consumption, with a growing emphasis on well-being and the silver economy, indicating potential growth areas for companies in these segments [27]. Economics - The report projects a growth target of around 5.0% YoY for 2026, with a focus on policy continuity and structural support for consumption [7]. - The RMB exchange rate is expected to become a focal point, with potential for significant movements as trade tensions ease and internationalization efforts continue [7]. Commodities - The report notes a shift in China's commodity fundamentals due to economic transitions, with a focus on domestic demand and energy self-sufficiency [9][10]. - The Action Plan for the Nonferrous Metals Industry indicates a shift towards high-quality growth, with supply growth expected to remain constrained [9]. Sector Views - **Autos and Parts**: The sector is poised for growth driven by advancements in Robotaxi and ADAS technologies, with key players expected to benefit from commercialization efforts [19]. - **Banks**: The banking sector is expected to outperform due to positive earnings growth and attractive dividend yields, particularly among large H-share banks [22]. - **Brokers**: The report highlights a trend of households reallocating wealth into equities, benefiting brokers as market proxies [26]. - **Consumer**: Key investment themes include a shift towards experiential consumption and a focus on well-being, with specific companies identified as top buys [27][28]. - **Healthcare**: Innovation and globalization are seen as critical drivers, with a focus on companies with strong pipelines and global expansion capabilities [29]. - **Insurance**: The sector is viewed positively, with opportunities arising from comprehensive enhancements across various business lines [33]. Top Buys - The report lists several top buy recommendations across sectors, including AIA Group, Hengrui, Tencent, and Anta, among others, indicating strong growth potential and favorable market conditions [13][14][28][33].

Core Viewpoint - The A-share market is experiencing significant differentiation, with consumer stocks showing strong performance while AI computing and robotics sectors are under pressure [1][2][3]. Group 1: Consumer Stocks Performance - Consumer stocks such as Huanlejia (300997.SZ) and Sanyuan (600429.SH) have seen substantial gains, with Huanlejia rising by 19.99% to a price of 26.23 [2]. - Other notable consumer stocks include Baolingbao (002286.SZ) and Zhongliang Sugar Industry (600737.SH), both achieving a 9.99% increase [2]. - The rise in consumer stocks is attributed to supportive policies and positive macroeconomic data, indicating a potential recovery in consumer spending [3]. Group 2: Policy and Macroeconomic Data - The Ministry of Finance has announced continued efforts to boost consumption, including financial subsidies for personal consumption loans [3]. - October's CPI data shows a 0.2% month-on-month increase and a 0.2% year-on-year increase, with core CPI rising by 1.2%, marking the sixth consecutive month of growth [3]. - PPI has decreased by 2.1% year-on-year but shows signs of improvement, with a 0.1% month-on-month increase, the first rise this year [3]. Group 3: Market Outlook and Sector Analysis - Economic expert Pan Helin suggests that the active consumer sector is a response to policy support and previous underperformance, indicating a potential rebound [3][4]. - Despite the current pullback in AI and technology sectors, they remain the main focus of the ongoing bull market, with high demand for computing power from companies like OpenAI [4]. - Analysts from various securities firms suggest that while the market may experience short-term fluctuations, the overall trend remains bullish, with a focus on defensive and consumer sectors in the near term [4].

Group 1 - The core point of the article highlights the impact of rumors on the A-share market, specifically mentioning the significant price movements of Shenghong Technology and Xingsen Technology due to a reported collaboration between Nvidia and Xingsen Technology [1][3]. - Shenghong Technology's stock experienced a decline of over 5% at one point, ultimately closing down 4.23% at 289.18 yuan [1]. - In contrast, Xingsen Technology's stock saw a rise, reaching a peak before closing up 6.02% at 23.08 yuan [1]. Group 2 - A Bloomberg article suggested that Nvidia has partnered with Xingsen Technology to take over 20% of high-end high-density interconnect (HDI) orders previously supplied exclusively by Shenghong Technology, indicating a potential shift in the global supply chain for AI hardware components [3]. - Following the rumors, Shenghong Technology's secretary clarified on social media that the information from Bloomberg was not accurate and urged investors to verify information sources [3].

Core Viewpoint - The stocks of Tianfu Communication and Tengjing Technology fell over 8%, with Cambridge Technology, Jingwang Electronics, Shenghong Technology, Zhongji Xuchuang, and Industrial Fulian also experiencing significant declines [1] Group 1 - Tianfu Communication and Tengjing Technology saw a drop exceeding 8% in their stock prices [1] - Cambridge Technology, Jingwang Electronics, Shenghong Technology, Zhongji Xuchuang, and Industrial Fulian were among the companies with the largest declines [1]

Group 1 - The core point of the news is that Shenghong Technology's stock price dropped by 5.16% to 286.36 CNY per share, with a trading volume of 7.266 billion CNY and a turnover rate of 2.89%, resulting in a total market capitalization of 249.233 billion CNY [1] - Shenghong Technology, established on July 28, 2006, and listed on June 11, 2015, is primarily engaged in the research, development, production, and sales of new electronic devices, specifically printed circuit boards (PCBs), which account for 93.66% of its main business revenue [1] - The company is located in Huizhou, Guangdong Province, and its other business segments contribute 6.34% to its revenue [1] Group 2 - From the perspective of fund holdings, Zhongke Wotu Fund has a significant position in Shenghong Technology, with its fund "Zhongke Wotu Wojia Mixed A" (004763) holding 400 shares, representing 2.51% of the fund's net value, making it the seventh-largest holding [2] - The fund has experienced a floating loss of approximately 6,232 CNY today [2] - The fund was established on December 6, 2017, and has a current scale of 2.8202 million CNY, with a year-to-date return of 30.66%, ranking 2919 out of 8147 in its category [2]

Market Overview - The three major indices collectively adjusted, with the Shanghai Composite Index down 0.38%, the Shenzhen Component down 0.52%, and the ChiNext Index down 0.74% [1] - The total trading volume in the Shanghai and Shenzhen markets was 12,680 billion yuan, a decrease of 1,864 billion yuan compared to the previous day [1] - Over 2,900 stocks in the market rose [1] Sector Performance - The sectors that saw the highest gains included cultivated diamonds, photovoltaic equipment, battery chemicals, gas, pharmaceutical commerce, and non-ferrous metals [1] - Conversely, sectors that experienced the largest declines included coal mining and processing, insurance, liquor, AI corpus, computing power hardware, and securities [1] Notable Stocks - The cultivated diamond and superhard materials sectors saw a collective surge, with Sifangda hitting the daily limit up, and Huanghe Xuanfeng also closing at the limit [1] - Huifeng Diamond, Power Diamond, and World Diamond saw intraday increases of over 10% [1] - The battery industry chain strengthened again, with upstream material stocks leading the gains; Fangyuan Co. hit the daily limit up, while Tianji Co., Shida Shenghua, Penghui Energy, and Xinzhou Bang were among the top gainers [1] - The photovoltaic equipment sector was also active, with Aters reaching a new high, and Guosheng Technology and Jincheng Co. achieving consecutive gains [1] - On the downside, several computing power hardware stocks fell, with Tianfu Communication down over 7%, and Cambridge Technology, Shenghong Technology, Zhongji Xuchuang, and Industrial Fulian also experiencing declines [1]