VGT(SZ:300476) Mei Ri Jing Ji Xin Wen·2025-07-08 09:53Core Insights - The development of the entire AI industry chain is heavily reliant on PCB technology, with China accounting for 56% of global PCB output, yet high-end product technology remains limited by chip advancements [2][11] - Shenghong Technology aims to achieve a revenue target of 20 billion yuan by 2026, with a projected revenue of 20 billion yuan in 2024, reflecting a significant growth trajectory [7][11] Company Overview - Shenghong Technology was founded in 2003 and achieved public listing within seven years, showcasing rapid growth in the PCB sector [3] - The company has seen substantial revenue growth, with a 35.3% increase in total revenue and a 71.98% increase in net profit expected in 2024 [7] Industry Context - PCB is referred to as the "mother of electronic products," essential for various applications including communications, consumer electronics, and automotive electronics [4] - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is expected to grow to $94.661 billion by 2029, with a compound annual growth rate of 5.2% from 2024 to 2029 [4] Technological Advancements - The manufacturing process of PCBs has become increasingly complex, with up to 140 processing steps required for advanced PCBs, driven by the need to support higher chip performance [9] - Shenghong Technology has established a smart factory that enhances production efficiency, reducing lead times by 3 to 5 days and increasing capacity by 40% [10] Market Position - Shenghong Technology has successfully integrated into the supply chains of major international companies such as NVIDIA, AMD, and Tesla, reflecting its strong market position [11] - The company's stock has surged over 278% since 2025, indicating robust investor confidence and market performance [11]