VGT(SZ:300476) Zhong Guo Zheng Quan Bao·2025-10-15 20:25Core Viewpoint - The rapid advancement of artificial intelligence (AI) technology is significantly transforming the global economy and industrial landscape, with Shenghong Technology emerging as a leader in the AI printed circuit board (PCB) sector since its listing in 2015 [1][2]. Group 1: Company Overview - Shenghong Technology, established in 2006, specializes in the research, production, and sales of high-layer PCBs, high-density interconnect (HDI) PCBs, flexible PCBs, and rigid-flex boards, with applications in AI, new energy vehicles, communication technology, data centers, industrial internet, medical instruments, and computers [1][2]. - The company has consistently ranked among the top in both the "China PCB Top 100" and "Global PCB Top 100" lists, driven by its strategic focus on AI-related PCB manufacturing [2][3]. Group 2: Financial Performance - In the first half of 2025, Shenghong Technology achieved revenue of 9.031 billion yuan, a year-on-year increase of 86%, and a net profit of 2.143 billion yuan, representing a growth of over 360% [3]. - From 2021 to 2024, the company's revenue is projected to grow from 7.432 billion yuan to 10.731 billion yuan, indicating a solid growth trajectory [3]. Group 3: Technological Advancements - Shenghong Technology has established a strong technological barrier by focusing on key technology breakthroughs and has successfully entered the supply chains of several leading international tech companies [4][5]. - The company has invested in 73 ongoing R&D projects as of June 30, 2025, with R&D expenditure reaching 450 million yuan in 2024, a 29.15% increase year-on-year, and a 78.46% increase to 353 million yuan in the first half of 2025 [4][5]. Group 4: Production Capabilities - The company has developed capabilities for manufacturing over 100-layer PCBs and has achieved large-scale production of 6-layer 24-layer HDI products, along with advanced technologies for 8-layer 28-layer and 16-layer HDI [5][6]. - Shenghong Technology has established five R&D and production bases domestically and internationally, including in Thailand and Vietnam, to meet global delivery demands [6]. Group 5: Future Outlook - With the implementation of the "AI+" action plan by the State Council, the company anticipates a broad future for the AI industry and aims to deepen its global strategic layout while enhancing its industry-leading position [7]. - The company plans to focus on high-layer HDI and PCB demands, which are expected to grow, and will continue to innovate in technology and product development to align with customer needs [7][8].