VGT(SZ:300476) Zhi Tong Cai Jing·2026-02-24 23:24Company Overview - Shenghong Technology (Huizhou) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with J.P. Morgan, CITIC Securities International, and GF Securities as joint sponsors [1] - The company is a leading global supplier of printed circuit boards (PCBs) for artificial intelligence and high-performance computing, focusing on high-density interconnect (HDI) and multi-layer PCBs [1][4] Market Position - According to Frost & Sullivan, Shenghong Technology holds the largest market share in AI and high-performance computing PCBs globally as of the first half of 2025, and ranked seventh in 2024 with a market share of 1.7% [4] - The company has capabilities to produce PCBs with over 100 layers and is among the first to achieve mass production of 6-layer 24-layer HDI products [4] Product Applications - Shenghong Technology's products are widely used in high-growth sectors such as artificial intelligence, new energy vehicles, and high-speed network communications [4] - The company offers a full range of products for various applications, including: - AI and high-performance computing: Focus on low-loss materials and signal integrity optimization [8] - Smart terminals: Products for AI computers, wearable devices, and AR/VR devices [8] - Automotive electronics: Products designed for high reliability and temperature resistance [8] - Network communication: Products for 5G base stations and optical communication devices [8] - Medical devices: Products for high-end medical equipment and industrial automation [8] Financial Performance - Revenue for Shenghong Technology was approximately RMB 7.885 billion in 2022, RMB 7.931 billion in 2023, RMB 10.731 billion in 2024, and is projected to reach RMB 14.117 billion in 2025 [10] - The company’s gross profit margin has improved from 18.1% in 2022 to a projected 35.9% in 2025 [11] Industry Overview - The global PCB market is expected to grow from USD 62 billion in 2020 to USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9% [12] - By 2029, the PCB market is projected to reach USD 93.7 billion, driven by emerging technologies such as AI, 5G, and IoT [12] - The HDI PCB market is anticipated to grow from USD 9.4 billion in 2020 to USD 12.8 billion in 2024, with a CAGR of 8.0% [15]