VGT(SZ:300476) Chang Jiang Shang Bao·2026-01-26 00:48Core Insights - Chen Tao has successfully transformed Shenghong Technology from a PCB player to a leader in the AI supply chain, demonstrating keen business acumen and strategic foresight [1][6] - The company is expected to achieve a net profit of 4.16 billion to 4.56 billion yuan in 2025, marking a 40-fold increase compared to the year before its IPO in 2014 [1][7] - Shenghong Technology's market capitalization has reached 230 billion yuan, reflecting its significant growth in the AI computing market [1][7] Group 1: Company Background and Development - Chen Tao began his career in the PCB industry in a Taiwanese factory, quickly rising to a management position by securing significant orders [2][3] - In 2003, he founded Shenghua Electronics, focusing on double-sided PCB production, despite facing challenges such as a lack of technical talent [2][3] - The company adopted aggressive service commitments, such as 48-hour prototyping and 7-day delivery, which helped it gain traction in the market [3] Group 2: Strategic Decisions and Market Positioning - In 2006, Shenghong Technology was established with a focus on multi-layer boards, marking a strategic shift away from low-end PCB production [3][4] - The company invested heavily in R&D and infrastructure, achieving significant technological advancements, including increasing multi-layer board capabilities from 8 to 24 layers [3][4] - By 2014, Shenghong Technology's revenue surpassed 1 billion yuan, leading to its listing on the Growth Enterprise Market [4] Group 3: AI Market Expansion - Recognizing the potential of the AI market, Chen Tao initiated a major expansion in 2017, investing heavily in high-end production lines and establishing a smart factory [6][7] - The company successfully entered NVIDIA's supply chain in 2020, providing high-end graphics card PCBs, and became a Tier 1 supplier by 2023 [7][8] - In 2025, Shenghong Technology is projected to benefit significantly from AI server demand, with over 70% of its orders linked to NVIDIA, leading to a projected profit increase of 260.35% to 295% compared to 2024 [7][8] Group 4: Financial Growth and Future Prospects - Chen Tao's personal wealth is expected to rise from 9 billion yuan in 2024 to 65 billion yuan in 2025, reflecting the company's success [1][8] - Shenghong Technology plans to acquire SPMY, a company in the photovoltaic manufacturing sector, to enhance its overseas production capacity [8]