VGT(SZ:300476) Zhong Guo Zheng Quan Bao·2025-10-16 08:38Core Viewpoint - The company is committed to embracing artificial intelligence (AI) and driving technological innovation to contribute to the high-quality development of the AI industry [1][11]. Company Overview - Shenghong Technology, established in 2006, specializes in the research, production, and sales of high-layer printed circuit boards (PCBs), high-density interconnect (HDI) boards, flexible circuit boards, and rigid-flex boards, with applications in AI, new energy vehicles, communication technology, data centers, industrial internet, medical instruments, and computers [5][6]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2015 and has positioned itself as a leader in the global AI and high-performance computing PCB manufacturing sector [5][6]. Financial Performance - In the first half of the year, the company 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% [6]. - From 2021 to 2024, the company's revenue is projected to grow from 7.432 billion yuan to 10.731 billion yuan [6]. Strategic Focus - The company aims to seize the opportunities presented by AI development, focusing on three strategic pillars: smart factories, green manufacturing, and high-tech/high-quality services [6][11]. - It has established a robust innovation framework encompassing technology, talent, and capital to enhance its core competitiveness [6][11]. Technological Advancements - Shenghong Technology has made significant investments in R&D, with 73 ongoing projects and a planned R&D expenditure of 450 million yuan in 2024, reflecting a year-on-year increase of 29.15% [9]. - The company has developed advanced capabilities in manufacturing high-layer PCBs and HDI products, achieving mass production of complex HDI technologies [9][10]. Market Position - The company has established itself as a leader in the PCB industry, consistently ranking among the top in both China and globally [5][6]. - It has built five R&D and production bases domestically and internationally, including in Thailand and Vietnam, to meet global delivery demands [10]. 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 plans to deepen its global strategic layout [11]. - The company will continue to focus on high-demand areas such as AI computing power, AI servers, humanoid robots, and autonomous driving, aiming to enhance efficiency and quality in its smart factories [11][12].