胜宏科技(300476)：AIPCB市场份额全球领先 技术、产能优势夯实行业地位

Core Viewpoint - The company has reported significant growth in revenue and net profit for the first half of 2025, driven by strong demand in the AI computing sector and high-end PCB products [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 9.031 billion yuan, representing an 86% year-on-year increase, and a net profit attributable to shareholders of 2.143 billion yuan, reflecting a 366.89% year-on-year growth [1][2]. - For Q2 2025, the company recorded revenue of 4.719 billion yuan, a 91.51% year-on-year increase and a 9.42% quarter-on-quarter increase, with a net profit of 1.222 billion yuan, up 390.14% year-on-year and 32.78% quarter-on-quarter [2]. Profitability Metrics - The company's gross margin and net margin improved to 36.22% and 23.73% respectively in H1 2025, with further increases in Q2 2025 to 38.83% and 25.91% [2]. Technological Advancements - The company has successfully broken through technological barriers in high-end PCB products, achieving full coverage of PCB categories and maintaining a leading position in the AI PCB industry [3]. - The company has developed advanced capabilities in high-layer PCBs, including 100-layer multi-layer PCBs and 8-layer 28-layer HDI, and is progressing towards next-generation 10-layer 30-layer HDI [3]. Global Expansion - The company is actively enhancing its global footprint through the establishment of domestic and overseas factories and acquisitions, which supports its high-end manufacturing and customer service capabilities [4]. - Production capacity is centered around the headquarters in Huizhou, with clear product positioning across various production lines, facilitating efficient collaboration based on customer needs [4]. Investment Outlook - The company has revised its profit forecasts for 2025-2027, expecting net profits of 5.578 billion yuan, 9.274 billion yuan, and 14.736 billion yuan respectively, reflecting a positive outlook driven by sustained AI computing demand [5]. - The company is positioned to benefit from the ongoing upgrade of AI hardware and the increasing value of related PCB products, maintaining a "recommended" rating [5].