胜宏科技：AI背后的隐形冠军

Core Viewpoint - Shenghong Technology has transformed from a small factory in Huizhou to a Tier-1 core supplier for Nvidia, becoming integral to the supply chains of major tech giants like Google, Tesla, and Microsoft, primarily through its focus on PCB technology [1][12]. Company History - Shenghong Technology was established in 2006, evolving from Shenghua Electronics, founded by Chen Tao, who transitioned from a military career to the PCB industry [2][13]. - Initially focusing on double-sided PCBs, Shenghua Electronics gained traction by promising rapid prototyping and delivery, eventually entering the supply chains of TCL and Skyworth [2][14]. - By 2008, Shenghong had achieved a monthly PCB production capacity of 50,000 square meters, and in 2010, it restructured to cover a range of products from basic PCBs to high-end MLBs [2][14]. Financial Milestones - Shenghong went public on the Shenzhen Stock Exchange in June 2015, raising approximately 533 million yuan for high-end PCB production expansion and R&D [3][14]. - In 2022-2024, the company reported revenues of 7.885 billion yuan, 7.931 billion yuan, and 10.731 billion yuan, with net profits of 791 million yuan, 671 million yuan, and 1.154 billion yuan, reflecting growth rates of 6.10%, 0.58%, and 35.31% respectively [6][17]. Recent Developments - In 2023, Shenghong acquired MFS Technology for approximately $460 million to enter the flexible circuit board (FPC) market, complementing its rigid board production [4][16]. - The company also acquired APCB in Thailand for about 279 million yuan to enhance its Southeast Asian production capacity, targeting high-end MLB manufacturing [5][16]. Future Projections - For 2025, Shenghong expects revenues of 14.117 billion yuan, a year-on-year increase of 83.40%, with net profits projected to reach between 4.16 billion yuan and 4.56 billion yuan, indicating a growth of 260.35% to 295.0% [7][19]. - By 2026, with significant orders from Nvidia and Google, Shenghong anticipates net profits between 8.861 billion yuan and 9.713 billion yuan, with a potential market capitalization of 4,076 billion to 4,467 billion yuan based on a PE ratio of 46 [10][22]. Industry Outlook - The global AI server PCB market is expected to grow by 113% in 2026, driven by ongoing advancements in AI infrastructure, which will significantly increase the value and market space for related components [11][21]. - Shenghong's technological advancements and established client base position it favorably within a concentrated market, where only a few companies can reliably supply high-end AI PCBs [22].