【前沿】一PCB企业冲击A~H上市

Core Viewpoint - The rapid growth of Shenghong Technology's stock price and market value is closely linked to its deep partnership with Nvidia, positioning it as a key player in the AI server PCB supply chain, benefiting from trends in AI computing power, 5G base stations, and new energy vehicles [3][4]. Group 1: Industry Opportunities and Technological Advantages - China has been the world's largest PCB producer since 2006, contributing 56% of the global PCB market value, which is projected to reach $73.565 billion in 2024, with a compound annual growth rate of 5.2% expected until 2029 [4]. - Shenghong Technology has transitioned from serving home appliance companies to becoming a supplier for tech giants like Nvidia and Tesla, reflecting the upgrade of China's PCB industry [4][5]. - The company is one of the few capable of mass-producing "6-layer 24-layer HDI" boards, with a laser drilling precision of 0.076 mm and a stable yield rate of over 85% [5]. Group 2: Long-term Strategy and International Expansion - The founder's background has instilled a culture of resilience and forward-thinking within the company, leading to the establishment of an HDI division in 2019 to target the AI computing sector [6]. - Shenghong Technology's R&D expenses increased by over 40% year-on-year in 2024, emphasizing its commitment to technological innovation [6]. - The company has expanded its international presence by acquiring Singapore's MFS Group, gaining 66 international clients, and establishing production bases in various countries, enhancing its operational efficiency [6]. Group 3: Diverse Clientele and Future Prospects - In Q1 2025, Nvidia accounted for 70% of Shenghong Technology's orders, but the company is also diversifying its client base in sectors like new energy vehicles and IoT, supplying to companies such as Tesla and BYD [9]. - The upcoming IPO in Hong Kong is expected to raise approximately $1 billion for capacity expansion and R&D in Southeast Asia [9]. - The company's future growth hinges on its ability to adapt to AI industry cycles and maintain its position in the high-end market through continuous innovation [9].