胜宏科技递表港交所 为人工智能及高性能计算PCB供应商

Core Viewpoint - Shenghong Technology has submitted its listing application to the Hong Kong Stock Exchange, with J.P. Morgan, CITIC Securities International, and GF Securities (Hong Kong) as joint sponsors [1] Company Overview - Shenghong Technology is a leading global supplier of PCBs 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 including AI computing cards, servers, AI servers, data center switches, and general substrates [3] - Shenghong Technology is recognized for its technological leadership, capable of producing PCBs with over 100 layers and being among the first to achieve mass production of 6-layer 24-layer HDI products [3] Industry Trends - The explosive growth of AI technology is creating structural growth opportunities in the PCB industry, as AI server PCBs require high-frequency, low-signal loss, and high-heat dissipation capabilities [3] - The value of a single AI server PCB is significantly higher than that of traditional servers, leading to a projected substantial increase in demand for high-performance PCBs as AI applications expand [3] Market Projections - Global server shipments are expected to reach approximately 16 million units in 2024, with AI servers accounting for about 2 million units, representing 12.8% of total shipments [4] - By 2029, global server shipments are projected to grow to 18.8 million units, with AI server shipments reaching 5.4 million units, resulting in a compound annual growth rate (CAGR) exceeding 20% and an increase in AI servers' share to 21.7% [4] - The global capital expenditure for data centers is anticipated to reach $455 billion in 2024, with a significant portion allocated to AI infrastructure, driving demand for high-performance PCBs [4] Financial Performance - Shenghong Technology's revenue for the fiscal years 2022, 2023, and 2024 is reported as approximately RMB 7.885 billion, RMB 7.931 billion, and RMB 10.731 billion, respectively [5] - The company's profit attributable to owners for the same periods is approximately RMB 790 million, RMB 671 million, and RMB 1.154 billion, indicating a growth trajectory [5]