VGT(SZ:300476) Chang Jiang Shang Bao·2025-09-02 23:53Core Viewpoint - The company, Shenghong Technology, has capitalized on the opportunities presented by AI computing power, resulting in significant revenue and profit growth, alongside a substantial increase in stock price over the past year [1][4]. Financial Performance - In the first half of 2025, Shenghong Technology achieved revenue of approximately 90.31 billion yuan, representing an 86% year-on-year increase [2][4]. - The net profit attributable to shareholders reached 21.43 billion yuan, marking a staggering 366.89% increase compared to the previous year [2][4]. - The company's operating cash flow net amount was 11.90 billion yuan, reflecting an 81.86% year-on-year growth [1]. Growth Drivers - Shenghong Technology's rapid growth is attributed to its strategic focus on AI computing and data center products, leading to large-scale production and technological advancements [1][4]. - The company has successfully broken through core technological barriers in high-layer and high-density interconnect (HDI) manufacturing, becoming a global leader in producing advanced PCB products [4][6]. Market Position - Shenghong Technology ranks as the sixth largest PCB supplier globally and the third among domestic PCB manufacturers in mainland China [5][9]. - As of June 2025, a total of 1,075 funds held approximately 1.79 billion shares of Shenghong Technology, accounting for 20.96% of the company's circulating shares [1][9]. R&D and Capacity Expansion - The company has significantly increased its R&D investment, with expenditures rising from 2.87 billion yuan in 2022 to 3.53 billion yuan in the first half of 2025, a 78.46% increase [6]. - Shenghong Technology is actively expanding its production capacity both domestically and internationally, with investments in manufacturing facilities in Thailand and Vietnam to meet global demand [7].