VGT(SZ:300476) Sou Hu Cai Jing·2025-08-31 12:36Core Viewpoint - Shenghong Technology (300476) has received approval from the China Securities Regulatory Commission for its recent private placement, indicating strong growth potential in the AI PCB market, which is characterized by high certainty and demand for high-end products [1][4]. Financial Performance - In the first half of the year, Shenghong Technology achieved operating revenue of 9.031 billion yuan, a year-on-year increase of 86%; net profit attributable to shareholders reached 2.143 billion yuan, up 366.89% [2]. - The significant growth in performance is attributed to seizing opportunities in AI computing power development, optimizing product structure, and strengthening technical barriers [2]. Market Demand and Supply - The demand for AI PCBs is high and growing, with trends focusing on reducing energy consumption per unit of computing power and enhancing performance capabilities [2]. - Despite increasing demand for high-end capacity, the supply of high-end products remains relatively tight, prompting the company to consider factors such as order scale and profitability in capacity allocation [4]. Technological Advancements - Shenghong Technology has made significant breakthroughs in core technologies, including the ability to manufacture high multilayer boards and advanced HDI products, positioning itself as a leader in the global market [3]. - The company is also accelerating the development of next-generation products to support cutting-edge AI applications and autonomous driving platforms [3]. Expansion Plans - The company plans to raise no more than 1.9 billion yuan through private placement to fund projects in Vietnam and Thailand, as well as to supplement working capital and repay bank loans [4]. - The Thai factory has completed its first phase of upgrades and is expected to improve product structure significantly in the second half of the year, with profitability anticipated to increase [4]. Profitability and Margins - Shenghong Technology's gross margin has significantly improved, reaching 36.22%, an increase of 15.62 percentage points year-on-year, while net margin stands at 23.73%, up 14.28 percentage points [5]. - The company expects further enhancements in profitability due to improved yield rates and ongoing upgrades in processes and materials [5].