VGT(SZ:300476) 智通财经网·2025-08-20 09:12Core Viewpoint - Shenghong Technology (Huizhou) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with J.P. Morgan, CITIC Securities International, and GF Securities (Hong Kong) as joint sponsors [1][3]. Company Overview - Shenghong Technology is a leading global supplier of PCBs (Printed Circuit Boards) for artificial intelligence and high-performance computing, focusing on the R&D, production, and sales of advanced HDI and multi-layer PCBs [3]. - The company holds the largest market share in the AI and high-performance computing PCB sector, with key applications in AI computing cards, servers, AI servers, data center switches, and general substrates [3]. Technological Capabilities - Shenghong Technology is recognized as a technology leader in the PCB industry, capable of producing high multi-layer PCBs with over 100 layers and has achieved mass production of 6-layer 24-layer HDI products [3]. - The company has developed advanced technologies such as 8-layer 28-layer HDI and Any-layer HDI, which are crucial for applications in AI, new energy vehicles, and high-speed network communications [3]. Market Growth Potential - The explosive growth of AI technology is creating structural growth opportunities in the PCB industry, with increasing demand for high-performance PCBs driven by the expansion of AI applications [3]. - The value of a single PCB in AI servers is significantly higher than that in traditional servers, indicating a shift in market dynamics [3]. Financial Performance - Shenghong Technology's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately RMB 7.885 billion, RMB 7.931 billion, and RMB 10.731 billion, respectively [4][5]. - The company reported profits attributable to shareholders of RMB 790 million, RMB 671 million, and RMB 1.154 billion for the same periods [5].