VGT(SZ:300476) Chang Jiang Shang Bao·2025-04-23 00:40Core Viewpoint - The company, Shenghong Technology, has reported significant growth in its financial performance, driven by increased orders related to AI computing power and a strong global expansion strategy [1][3]. Financial Performance - In Q1 2025, Shenghong Technology achieved a revenue of 4.312 billion yuan, representing a year-on-year increase of 80.31%, and a net profit of 921 million yuan, up 339.22% [1][3]. - For the full year 2024, the company reported a revenue of 10.731 billion yuan, a growth of 35.31%, and a net profit of 1.154 billion yuan, which is a 71.96% increase [3]. Product and Market Position - Shenghong Technology specializes in high-density printed circuit boards (PCBs), with products used in AI, automotive electronics, and aerospace sectors [2]. - The company has successfully entered the supply chains of major global clients such as NVIDIA, AMD, Intel, Tesla, Microsoft, Bosch, Amazon, Google, and Delta [3]. Global Expansion Strategy - The company has prioritized international expansion, with overseas orders now accounting for over 50% of total orders [5]. - Shenghong Technology plans to invest $260 million to establish a production base in Vietnam and has acquired 100% of APCB to enhance its overseas production capabilities [5]. - The company is also increasing its production capacity in Thailand and Vietnam, with plans to raise up to 1.9 billion yuan for various projects [5][6]. Research and Development - From 2020 to 2024, Shenghong Technology's cumulative R&D expenditure reached 1.603 billion yuan, reflecting its commitment to innovation as a core driver of growth [1][6]. - The company has consistently ranked among the top PCB manufacturers in China and globally, indicating its strong market position [6].