Tai Mei Ti A P P·2025-08-13 07:19Core Viewpoint - Shenghong Technology, valued at over 160 billion yuan, is preparing for an IPO in Hong Kong, aiming to leverage international capital markets for global influence and to enhance its resilience against uncertainties [1][3]. Group 1: Company Overview - Shenghong Technology has become one of the most prominent companies in the A-share market for 2025, with a stock price increase of over 350% this year, making it a "tenfold bull stock" [1][7]. - The company generates 60% of its revenue from overseas clients, including major tech giants like Tesla, AMD, Intel, Microsoft, Google, Amazon, Bosch, and Aptiv [1][10]. Group 2: Strategic Partnerships - Shenghong Technology is a key partner of NVIDIA, recognized as the only mainland supplier invited to NVIDIA's annual conference in early 2025 [4]. - The company has achieved Tier 1 supplier status for NVIDIA's H-series AI accelerator cards, capturing over 50% of the market share and binding over 70% of orders in Q1 2025 [5][6]. Group 3: Financial Performance - Shenghong Technology's revenue surged from less than 4 billion yuan in 2019 to over 10.7 billion yuan in 2024, with a net profit increase from 460 million yuan to 1.15 billion yuan [6]. - In Q1 2025, the company reported a revenue of 4.31 billion yuan, a year-on-year increase of 80.31%, and a net profit of 921 million yuan, up 339.22% year-on-year [6][7]. Group 4: IPO Plans - The company plans to issue up to 10% of its total share capital as H-shares in Hong Kong, with an additional 15% over-allotment option for underwriters [12]. - The funds raised will be used for expanding production capacity, enhancing product lines, increasing R&D investment, and supplementing working capital [12][13]. Group 5: Market Context - The global PCB market is projected to grow from 73.57 billion USD in 2024 to over 94.6 billion USD by 2029, with an annual growth rate of nearly 5% [14]. - Shenghong Technology's move to Hong Kong aligns with the increasing demand for PCBs in AI servers, data centers, and smart vehicles, positioning the company for future growth [14][15].