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AI时代下的PCB大变局:胜宏科技逆袭鹏鼎控股 为何“英伟达链”吃肉 “果链”只能喝汤?
Mei Ri Jing Ji Xin Wen· 2025-08-23 07:06
Core Viewpoint - Nvidia has become the first company in the world to surpass a market capitalization of $4 trillion, reaching $4.5 trillion on August 12, 2023, which has significantly impacted related stocks in the A-share market, particularly Shenghong Technology, whose stock price has surged over 450% this year [1][2]. Company Performance - Shenghong Technology's stock price reached 245 yuan per share on August 18, 2023, with a market capitalization exceeding 200 billion yuan, making it the "king of PCB stocks" [1][2]. - In contrast, Pengding Holdings, despite maintaining revenue scale advantages, reported a net profit in Q1 2023 that was only 52.8% of Shenghong Technology's [1][2]. - Shenghong Technology's revenue from January to August 2023 has increased significantly, while Pengding Holdings remains heavily reliant on its major client, Apple, which contributes over 81% of its revenue [6][7]. Market Dynamics - The competitive landscape has shifted, with Shenghong Technology benefiting from its deep integration into Nvidia's AI GPU supply chain, while Pengding Holdings continues to depend on the consumer electronics sector [1][2][6]. - The global AI PCB market is projected to grow significantly, with estimates of reaching $5.6 billion in 2025 and $10 billion by 2026, indicating a robust growth trajectory for companies aligned with AI applications [7]. Historical Context - Shenghong Technology was founded in 2006 and has historically been overshadowed by industry leaders like Pengding Holdings, which had a revenue of 170.93 billion yuan and a net profit of 15.26 billion yuan at the time of Shenghong's IPO in 2015 [3][4]. - The turning point for Shenghong Technology came in 2019 when it decided to invest in high-end HDI products, allowing it to enter Nvidia's supply chain and achieve significant revenue growth [4][5]. Future Outlook - Shenghong Technology is expected to surpass 10 billion yuan in revenue for the first time in 2024, while Pengding Holdings is projected to generate 351.4 billion yuan in revenue, indicating a significant gap in scale [5][6]. - Both companies face challenges in maintaining their competitive advantages, with Shenghong Technology's strong position in AI-related products and Pengding Holdings' reliance on the Apple supply chain [2][6][11].
AI时代下的PCB大变局:胜宏科技逆袭鹏鼎控股 为何“英伟达链”吃肉,“果链”只能喝汤?
Mei Ri Jing Ji Xin Wen· 2025-08-23 07:05
Core Viewpoint - Nvidia has become the first company in the world to surpass a market capitalization of $4 trillion, reaching $4.5 trillion on August 12, 2023, which has significantly impacted related stocks in the A-share market, particularly Shenghong Technology, whose stock price has surged over 450% this year [1][2]. Group 1: Company Performance - Shenghong Technology's stock price reached 245 yuan per share, with a total market value exceeding 200 billion yuan, making it the "king of PCB stocks" [1][2]. - In contrast, Pengding Holdings, while maintaining absolute revenue advantages, reported a net profit in Q1 that was only 52.8% of Shenghong Technology's [1][2]. - As of August 22, 2023, the market capitalization ranking among major PCB companies is led by Shenghong Technology at 189.88 billion yuan, followed by Pengding Holdings at 120.31 billion yuan [5]. Group 2: Market Dynamics - The core logic behind Shenghong Technology's rise is its deep integration with Nvidia's AI GPU supply chain, while Pengding Holdings remains heavily reliant on the communication and consumer electronics sectors, primarily serving Apple [1][2]. - The PCB industry is entering a new growth cycle driven by AI applications, with the global AI PCB market expected to reach $5.6 billion in 2025 and grow to $10 billion by 2026, reflecting a compound annual growth rate of 33% [8][10]. Group 3: Strategic Decisions - Shenghong Technology's strategic decision to enter the high-end HDI market in 2019 has allowed it to become a Tier 1 supplier for Nvidia's H-series AI acceleration cards [5][6]. - Pengding Holdings is also expanding its HDI and SLP product lines, with plans to invest 8 billion yuan in a new industrial park to enhance its capacity for AI-related PCB products [9]. Group 4: Competitive Landscape - The competition between Shenghong Technology and Pengding Holdings highlights the differences in their customer bases, with Shenghong benefiting from the AI boom while Pengding remains focused on traditional consumer electronics [2][8]. - Analysts note that while Shenghong Technology currently enjoys a first-mover advantage in AI-related PCBs, other companies, including Pengding, are ramping up their production capabilities to catch up [11][12].
由创新高个股看市场投资热点
量化藏经阁· 2025-08-22 11:32
报 告 摘 要 乘势而起:市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布,以追踪市场趋势、把握市场热点。 截至2025年8月22日,上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为0.00%、 0.00%、0.00%、0.00%、0.00%、0.06%、0.00%、0.00%。中信一级行业指数中家电、国防军工、综合、传媒、计算机行业指数距离250日新高较 近,食品饮料、煤炭、房地产、银行、消费者服务行业指数距离250日新高较远。概念指数中,数字货币、万得风电、航天军工、汽车零部件、金属非金 属、汽车、家用电器等概念指数距离250日新高较近。 见微知著:利用创新高个股进行市场监测 截至2025年8月22日,共1606只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是机械、医药、电子行业,创新高个股数量占比最 高的是国防军工、有色金属、医药行业。按照板块分布来看,本周制造、科技板块创新高股票数量最多;按照指数分布来看 ...
中证A500ETF迎来新成员,A500指数周涨4.27%丨A500ETF观察
中证A500指数(000510.CSI)本周上涨4.27%,截至8月22日收盘,报5198.91点。本周日均平均成交额为 8003.97亿元,单日成交额环比上升32.60%。 本周一,华夏基金管理的A500增指(512370)上市,中证A500基金来到39只。本周,39只中证A500基 金中,所有基金均以2%或以上的涨幅收盘,其中,汇添富基金以4.62%的涨幅领涨。从规模来看,当前 中证A500基金总规模达1810.70亿元,相较上周有所上升。具体到单只基金,规模排名前三的为华泰柏 瑞、国泰基金、易方达基金,规模依次为203.31亿元、183.57亿元、183.57亿元。 申万宏源证券发布研报称,短期牛市氛围继续主导市场。看中期做短期,牛市氛围不容易消失,9月初 之前有望维持强势,9月初之后市场休整幅度有限。维持2025年四季度好于2025年三季度,2026年会更 好的判断。 国投证券依然强调当前若纯粹基于流动性上涨,对于后续大盘向上空间展望是谨慎乐观的,大盘指数向 上空间真正打开需要市场从流动性牛—基本面牛—新旧动能转化牛实现"三头牛"的兑现转变,这是未来 一年逐步验证的过程。 中证A500指数周报 | 南 ...
胜宏科技股价上涨1.82% 拟赴港上市拓展全球布局
Jin Rong Jie· 2025-08-22 10:31
截至2025年8月22日收盘,胜宏科技股价报220.10元,较前一交易日上涨3.94元,涨幅1.82%。当日成交 量为40.48万手,成交金额达89.05亿元,振幅4.92%。 风险提示:股市有风险,投资需谨慎。 本文源自:金融界 作者:A股君 胜宏科技属于电子元件行业,主营业务为印制电路板的研发、生产和销售。公司产品主要应用于人工智 能、新能源汽车、高速网络通信等领域。2015年6月,公司在深交所创业板上市。 根据港交所披露信息,胜宏科技已于8月20日提交赴港上市申请。2024年公司实现营业收入107.31亿 元,同比增长35.31%;归属于上市公司股东的净利润11.54亿元,同比增长71.96%。 从资金流向来看,胜宏科技8月22日主力资金净流出6300.11万元,占流通市值的0.03%。近五日主力资 金累计净流出27.04亿元,占流通市值的1.44%。 ...
PCB行业专题:AI PCB技术演进,设备材料发展提速
Minsheng Securities· 2025-08-22 09:38
Investment Rating - The report maintains a "Recommended" rating for leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd. [4][5] Core Viewpoints - The PCB industry is experiencing rapid advancements in packaging and high-density interconnect technologies, with traditional HDI and substrate technologies evolving into mSAP processes to meet the demands of high-speed signal transmission and large-scale integration [1][2] - The demand for PCB is driven by AI applications, leading to significant expansions in production capacity among leading companies, with total investments exceeding 30 billion RMB [2][20] - The core materials for PCB, including copper foil, electronic cloth, and resin, are undergoing upgrades to meet the high-frequency and high-speed requirements of AI applications [2][20][26] Summary by Sections 1. CoWoP and mSAP as Core Technologies - CoWoP (Chip-on-Wafer-on-PCB) is emerging as a future packaging route, enhancing interconnect density and reducing costs by directly using large-size PCBs [1][11] - mSAP (Modified Semi-Additive Process) is becoming the core process for achieving sub-10 µm line capabilities, essential for high-performance applications [1][14] 2. PCB Capacity Expansion and Material Upgrades - Leading PCB manufacturers are actively expanding production capacity, with significant investments announced by companies like Huadian Co., Ltd. and Shenghong Technology [2][20] - The upgrade of core materials includes the transition of copper foil from HVLP1 to HVLP5, electronic cloth to third-generation low-dielectric cloth, and resin to hydrocarbon and PTFE types [2][20][28] 3. Tight Supply of Core Equipment and Acceleration of Domestic Substitution - The supply of core PCB equipment, including drilling, plating, and etching imaging, is tight, with domestic manufacturers accelerating their layouts in advanced process equipment [2][49] - Companies like Dazhu CNC and Ding Tai High-Tech are focusing on high-layer boards and HDI equipment to meet the increasing demands of the industry [2][49] 4. Investment Recommendations - The report suggests focusing on leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd., as well as material companies with core technologies like Honghe Technology and Zhongcai Technology [3][4] - Equipment manufacturers involved in domestic substitution, such as Dazhu CNC and Xinqi Microelectronics, are also highlighted as potential investment opportunities [3][4]
A+H丨AI业务驱动增长、年内股价涨超4倍,胜宏科技(300476.SZ)拟赴港IPO!
Xin Lang Cai Jing· 2025-08-22 07:38
近日,胜宏科技(300476.SZ)向港交所主板递交上市申请,摩根大通、中信建投国际、广发证券(香港)为 联席保荐人。 据了解,胜宏科技早在2015年就于深交所创业板上市,公司2025年以来股价一路攀升,截至8月22日收 盘,公司市值达到约亿元。 业绩持续攀升,年内股价涨幅超400% 公开资料显示,胜宏科技是一家人工智能及高性能计算PCB供应商,专注于高阶HDI、高多层PCB的研 发、生产和销售,产品广泛应用于人工智能、新能源汽车、高速网络通信等领域。 截至目前,胜宏科技拥有多元化的产品组合,涵盖单层及双层PCB、高多层PCB、高阶HDI及FPC,为 全球超350家客户提供服务。 在业绩表现上,2022年至2024年以及2025年一季度,胜宏科技营业收入分别为人民币78.85亿、79.31 亿、107.31亿和43.12亿元;对应的毛利分别为14.31亿元、16.43亿元、24.39亿元、4.66亿元及14.39亿 元;净利润分别为人民币7.91亿、6.71亿、11.54亿和9.21亿元。 报告期内,毛利率分别为18.15%、20.72%、22.72%、19.49%及33.37%;净利率分别为10.03%、 ...
上海证券:高端PCB产能加速推进 PCB产业链迎景气周期
Zhi Tong Cai Jing· 2025-08-22 06:31
AI服务器硬件升级推动高端PCB需求激增。以英伟达(NVDA.US) AI服务器为例,其核心模组(如UBB、 OAM加速板)需采用高多层板,单机PCB 价值量显著高于传统服务器。全球AI 服务器出货量从2020年 50万台增至2024 年200 万台,年复合增长率达45.2%,直接推升高层板和HDI 板的需求。从PCB厂商产 能利用率来看,胜宏科技(300476)(300476.SZ)产能利用率目前处于较高水平,在手订单饱满,稼动 率维持在较高水平,扩产计划稳步实施;鹏鼎控股(002938)(002938.SZ)产能利用率较上年有所提升;中 京电子(002579)(002579.SZ)目前订单饱和度总体在90%以上,珠海新工厂产能利用率总体在80%-90% 区间。AI服务器对 PCB 技术的要求远远高于传统产品,AI 算力基础设施的建设需要更多的 PCB 来构 建其核心架构,推动PCB 行业持续增长。 PCB产能扩张带动相关产业链需求放量 上海证券发布研报称,AI服务器对 PCB 技术的要求远远高于传统产品,AI 算力基础设施的建设需要更 多的 PCB 来构建其核心架构,推动PCB 行业持续增长。随着PCB ...
胜宏科技涨2.04%,成交额17.40亿元,主力资金净流入3134.85万元
Xin Lang Cai Jing· 2025-08-22 03:04
8月22日,胜宏科技盘中上涨2.04%,截至09:53,报220.58元/股,成交17.40亿元,换手率0.93%,总市 值1902.92亿元。 资金流向方面,主力资金净流入3134.85万元,特大单买入3.84亿元,占比22.06%,卖出3.12亿元,占比 17.93%;大单买入4.53亿元,占比26.02%,卖出4.93亿元,占比28.35%。 胜宏科技今年以来股价涨427.82%,近5个交易日跌4.39%,近20日涨41.82%,近60日涨161.63%。 分红方面,胜宏科技A股上市后累计派现14.83亿元。近三年,累计派现5.83亿元。 机构持仓方面,截止2025年3月31日,胜宏科技十大流通股东中,香港中央结算有限公司位居第三大流 通股东,持股3479.47万股,相比上期增加926.53万股。易方达创业板ETF(159915)位居第五大流通股 东,持股1493.62万股,相比上期减少117.72万股。睿远成长价值混合A(007119)位居第六大流通股 东,持股1311.98万股,为新进股东。南方中证500ETF(510500)位居第八大流通股东,持股774.63万 股,相比上期减少76.88万股。摩 ...