Core Viewpoint - Shenghong Technology has experienced a significant decline in stock price, with a cumulative drop of 9.51% over the past five days, raising concerns among investors [1]. Group 1: Company Overview - Shenghong Technology (Huizhou) Co., Ltd. is located in Huizhou, Guangdong Province, and was established on July 28, 2006, with its listing date on June 11, 2015 [1]. - The company specializes in the research, development, production, and sales of new electronic devices, primarily focusing on printed circuit boards (PCBs), which account for 93.66% of its main business revenue [1]. Group 2: Stock Performance - As of the latest report, Shenghong Technology's stock price is 298.21 CNY per share, with a trading volume of 6.255 billion CNY and a turnover rate of 2.43%, resulting in a total market capitalization of 257.262 billion CNY [1]. - The stock has seen a continuous decline over five days, with a drop of 5.03% on September 24 [1]. Group 3: Fund Holdings - Kaishi Fund has a significant holding in Shenghong Technology, with its Kaishi Lanlong Economic Holding Period Mixed Fund (006430) owning 39,600 shares, representing 6.28% of the fund's net value, making it the sixth-largest holding [2]. - The fund has incurred a floating loss of approximately 625,300 CNY today and a total floating loss of 1.3064 million CNY during the five-day decline [2]. Group 4: Fund Manager Performance - The fund manager, Li Chen, has been in position for 203 days, with a total fund asset size of 99.0165 million CNY and a best return of 7.06% during his tenure [3]. - Co-manager Xu Chi has been in position for 17 days, managing assets of 84.7155 million CNY, with a best return of 12.04% during his brief tenure [3].

Group 1 - The CPO and PCB sectors, which are part of the computing hardware industry, experienced a decline in stock prices [1] - Guangku Technology saw a drop of over 10% in its stock price [1] - Jingwang Electronics approached the limit down, indicating significant selling pressure [1] Group 2 - Tianfu Communication's stock fell by over 6% [1] - Shenghong Technology and Simi Electronics both experienced declines of over 5% [1] - Multiple stocks, including Zhongji Xuchuang and Xinyi Sheng, dropped by over 4% [1]

Summary of Key Points Core Viewpoint - As of September 23, the total market financing balance decreased slightly to 2.40 trillion yuan, indicating a mixed sentiment among investors with notable net purchases in specific sectors [1]. Group 1: Market Financing Overview - The total market financing balance is 2.40 trillion yuan, down by 8.02 million yuan from the previous trading day [1]. - Shanghai Stock Exchange financing balance is 12,165.74 billion yuan, down by 17.64 million yuan; Shenzhen Stock Exchange financing balance is 11,756.77 billion yuan, up by 9.81 million yuan; Beijing Stock Exchange financing balance is 77.90 billion yuan, down by 1.9193 million yuan [1]. Group 2: Individual Stock Performance - On September 23, 1,683 stocks received net financing purchases, with 478 stocks having net purchases exceeding 10 million yuan, and 36 stocks exceeding 100 million yuan [1]. - Leading the net purchases was Luxshare Precision, with a net purchase of 1.352 billion yuan, followed by Shenghong Technology and Zhongji Xuchuang with net purchases of 792.42 million yuan and 661.18 million yuan, respectively [2]. Group 3: Sector Analysis - The sectors with the highest concentration of stocks receiving net purchases over 100 million yuan include electronics (12 stocks), automotive (4 stocks), and power equipment (4 stocks) [1]. - Among the stocks with significant net purchases, the average financing balance as a percentage of market capitalization is 4.41%, with Guokewai having the highest at 10.30% [2]. Group 4: Detailed Stock Data - A detailed list of stocks with significant net purchases includes: - Luxshare Precision: net purchase of 1.352 billion yuan, with a market cap ratio of 1.59% [2]. - Shenghong Technology: net purchase of 792.42 million yuan, with a market cap ratio of 6.39% [2]. - Zhongji Xuchuang: net purchase of 661.18 million yuan, with a market cap ratio of 3.32% [2]. - Other notable stocks include Changchuan Technology, Sanhua Intelligent Control, and Xinyi Sheng, with net purchases of 502.73 million yuan, 461.88 million yuan, and 459.08 million yuan, respectively [2].

Core Viewpoint - The A-share market has shown significant upward momentum over the past year, with major indices experiencing substantial gains, although recent fluctuations indicate a short-term adjustment phase [1][2][3][7]. Market Performance - As of September 23, 2024, major A-share indices have recorded impressive annual increases: Shanghai Composite Index up 39.03%, Shenzhen Component Index up 62.31%, and ChiNext Index up 103.50% [3]. - The total market capitalization of A-shares rose from 74.71 trillion yuan to 113.71 trillion yuan, an increase of 39 trillion yuan, representing a growth rate of 52.20% [3]. - The trading volume on September 23 was 2.52 trillion yuan, marking a 376 billion yuan increase from the previous trading day, with 30 consecutive trading days exceeding 2 trillion yuan in volume [2][5]. Sector Performance - The technology sector has been particularly strong, with telecommunications, electronics, and comprehensive industries leading the gains, each rising over 100% in the past year [4]. - Among the 31 sectors tracked, all have shown positive growth, with telecommunications and electronics sectors seeing increases of 124.09% and 121.05%, respectively [4]. Individual Stock Highlights - Over the past year, 5,167 A-share stocks have shown positive returns, with 1,435 stocks rising over 100% and 420 stocks exceeding 200% [5]. - Notable high-performing stocks include Upwind New Materials, which surged by 1,720.50%, and ST Yushun, which increased by 1,133.01% [5]. Valuation Metrics - The rolling P/E ratios for major indices have significantly increased: Shanghai Composite from 12.24 to 16.38, Shenzhen Component from 19.59 to 30.85, and ChiNext from 23.53 to 43.62 [3][4]. - The technology sector's valuation has also risen sharply, with the telecommunications sector's rolling P/E increasing from 25.78 to 47.33 [4]. Market Outlook - Analysts suggest that the current market adjustment does not alter the medium-term upward trend, with expectations for continued growth driven by fundamental improvements in sectors related to new productive forces [6][7]. - The market is anticipated to experience increased volatility in the short term, but the overall positive trend is expected to persist [7][8].

Market Overview - The A-share market has experienced a significant increase since the "9·24" market rally, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 39.03%, 62.31%, and 103.50% respectively over the past year [1] - The total market capitalization of A-shares reached 113.71 trillion yuan, increasing by approximately 39 trillion yuan in the last year [1] Industry Performance - All 31 primary industries tracked by Shenwan have seen gains over the past year, with the technology sector leading the market [3] - The telecommunications industry recorded the highest increase at 124.09%, followed by electronics at 121.05% and the comprehensive sector at 108.05% [3][5] - The rolling price-to-earnings (P/E) ratios for major sectors have increased significantly, with telecommunications rising from 25.78 to 47.33, and electronics from 38.44 to 72.65 [3][5] Stock Performance - A total of 1,435 stocks have increased by over 100% in the past year, with 5167 stocks showing positive growth [6] - The stock with the highest increase is Aowei New Materials, which surged by 1720.50%, with its market cap growing from 2.05 billion yuan to 37 billion yuan [7][8] - Other notable stocks include *ST Yushun, which rose by 1133.01%, and Shenghong Technology, which increased by 1061.66% [7][8]

Core Viewpoint - NVIDIA is a leading global computer technology company focused on GPU and AI computing, providing hardware, software, and solutions [1] Group 1: Industrial Fulian - Industrial Fulian provides AI server and GPU accelerator card assembly services for NVIDIA [1] - The company was listed on the Shanghai Stock Exchange in June 2018 and specializes in high-end smart manufacturing and industrial internet solutions [1] - In the past year, Industrial Fulian achieved a revenue of 609.135 billion, a year-on-year increase of 27.88%, with a five-year compound annual growth rate (CAGR) of 8.98% [3] Group 2: Ruikeda - Ruikeda specializes in the development of RF blind-mate connectors for 5G, becoming the preferred solution for 5G base station AAU connectors [5] - The company was listed on the Shanghai Stock Exchange in July 2021 and focuses on connector products [5] - In 2024, Ruikeda's total revenue reached 2.415 billion, a year-on-year increase of 55.29%, with a five-year CAGR of 41.03% [6] Group 3: Wolong Materials - Wolong Materials is a leading domestic company engaged in the research and manufacturing of polymer radiation-modified new materials, supplying high-density copper cables to NVIDIA [7] - The company was listed on the Shenzhen Stock Exchange in April 2007 [7] - In 2024, Wolong Materials achieved a total revenue of 6.927 billion, a year-on-year increase of 21.03%, with a five-year CAGR of 14.04% [10] Group 4: Huitian Technology - Huitian Technology is one of the largest and most technically advanced PCB manufacturers in China, with a high market share in AI server motherboards [14] - The company was listed on the Shenzhen Stock Exchange in August 2010 [14] - In 2024, Huitian Technology's total revenue was 13.342 billion, a year-on-year increase of 49.26%, with a five-year CAGR of 15.64% [16] Group 5: Yingweike - Yingweike is a leading provider of precision temperature control energy-saving equipment, with over 50% market share in MLCP cold plates, compatible with NVIDIA's GB300 high-pressure circulation system [18] - The company was listed on the Shenzhen Stock Exchange in December 2016 [18] - In 2024, Yingweike achieved a total revenue of 4.589 billion, a year-on-year increase of 30.04%, with a five-year CAGR of 28.12% [21] Group 6: Zhongji Xuchuang - Zhongji Xuchuang is a global leader in optical module solutions and an important supplier of NVIDIA's 800G optical modules [22] - The company was listed on the Shenzhen Stock Exchange in April 2012 [24] - In 2024, Zhongji Xuchuang's total revenue reached 23.862 billion, a year-on-year increase of 122.64%, with a five-year CAGR of 35.64% [24] Group 7: Tianfu Communication - Tianfu Communication is a leader in the optical fiber connection niche market and an important supplier of NVIDIA's 800G optical modules [27] - The company was listed on the Shenzhen Stock Exchange in February 2015 [27] - In 2024, Tianfu Communication achieved a total revenue of 3.252 billion, a year-on-year increase of 67.74%, with a five-year CAGR of 38.91% [30] Group 8: Shenghong Technology - Shenghong Technology is among the top 100 PCB manufacturers globally, having launched several AI server-related products, with some already in mass supply to NVIDIA [31] - The company was listed on the Shenzhen Stock Exchange in June 2015 [33] - In 2024, Shenghong Technology's total revenue was 10.731 billion, a year-on-year increase of 35.31%, with a five-year CAGR of 17.66% [35]

Group 1 - The company, Shenghong Technology, reported that as of September 19, 2025, the number of shareholders is 164,803 [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a strong potential for growth in the AI PCB market [7][6][4]. Core Insights - The company is a global leader in AI PCB, with nearly half of its revenue coming from AI-related products. It achieved the highest global market share in AI and HPC product sales in Q1 2025, with revenue of 18.95 billion yuan [6][21]. - The global AI/HPC PCB market is expected to grow from approximately 6 billion USD in 2024 to 15 billion USD by 2029, with a CAGR of 20.1% [46][47]. - The company is positioned to benefit significantly from the structural expansion of the AI PCB market, with projected revenues of 20.7 billion yuan in 2025, 33.4 billion yuan in 2026, and 51.7 billion yuan in 2027, reflecting year-on-year growth rates of 92.9%, 61.2%, and 55% respectively [5][7]. Financial Data and Profit Forecast - Total revenue projections for 2024, 2025H1, 2025E, 2026E, and 2027E are 10.731 billion yuan, 9.031 billion yuan, 20.705 billion yuan, 33.379 billion yuan, and 51.722 billion yuan respectively, with corresponding year-on-year growth rates of 35.3%, 86.0%, 92.9%, 61.2%, and 55.0% [5]. - The net profit attributable to shareholders is forecasted to be 1.154 billion yuan in 2024, 2.143 billion yuan in 2025H1, 5.518 billion yuan in 2025E, 9.939 billion yuan in 2026E, and 15.573 billion yuan in 2027E, with year-on-year growth rates of 72.0%, 366.9%, 378.0%, 80.1%, and 56.7% respectively [5]. - The company’s gross margin is expected to improve from 22.7% in 2024 to 42.6% in 2026 and beyond, driven by product structure optimization and manufacturing efficiency [5][8]. Market Position and Competitive Advantage - The company specializes in high-end HDI and high-multilayer PCBs, serving major clients such as NVIDIA, AMD, Intel, and Tesla. It has established a significant technological lead, with a 2-3 year advantage over competitors in the AI PCB sector [6][10][21]. - The company has achieved large-scale production capabilities for 6-layer 24-layer HDI and is developing 10-layer 30-layer HDI technology, which positions it well to meet the increasing demand for high-density interconnects [6][10]. Growth Drivers - The expansion of AI computing demand is a key driver, with significant capital investments in AI infrastructure expected to boost the demand for high-end PCBs [45][46]. - The report highlights that the company’s operational efficiency and cost management will benefit from economies of scale as production capacity increases [9][8]. Valuation and Upside Potential - The report notes that the company's stock price corresponds to a PE ratio of 49.3 for 2025 and 27.4 for 2026, compared to an average PE of 35.3 for comparable companies, indicating a potential upside of 29% [7][6].

胜宏科技成交额达200亿元，现跌0.12%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company is a global leader in AI PCB, benefiting from the expansion of computing power demand and technological upgrades. It focuses on high-end HDI and high-layer PCBs, with significant revenue growth projected in the coming years [6][19]. - The global AI/HPC PCB market is expected to grow from approximately $6 billion in 2024 to $15 billion by 2029, with a CAGR of 20.1% [44][45]. - The company has established a strong position with key clients and advanced technology, allowing it to capitalize on the structural expansion trend in AI PCBs [7][10]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 20,705 million, 33,379 million, and 51,722 million yuan, respectively, with year-on-year growth rates of 92.9%, 61.2%, and 55.0% [5][8]. - Net profit attributable to shareholders is expected to reach 5,518 million, 9,939 million, and 15,573 million yuan for the same period, with growth rates of 378%, 80.1%, and 56.7% [5][8]. - The company’s gross margin is projected to improve, reaching 38.7% in 2025 and stabilizing at 42.6% by 2027 [5][8]. Market Position and Competitive Advantage - The company ranks first globally in AI/HPC PCB sales, with significant market shares in high-end HDI and high-layer PCBs [23][24]. - It has a strong collaborative development approach with key clients, which enhances its technological edge and market position [6][10]. - The company has a robust production capacity, with plans to expand further in Thailand and Vietnam, aiming for increased output in high-end products [31][32]. Technology and Product Development - The company is advancing towards high-frequency, high-layer, and high-end HDI technologies, which are critical for meeting the demands of AI computing applications [51][52]. - It has achieved significant milestones in mass production capabilities, including 6-layer 24-layer HDI and 70-layer high-multilayer PCBs [6][10]. - The focus on R&D and technological upgrades is expected to drive future profitability and market share growth [36][43].