VGT(SZ:300476) 3 6 Ke·2026-02-25 10:05Core Viewpoint - Shenghong Technology (300476.SZ) is preparing to list on the Hong Kong Stock Exchange, aiming to establish an "A+H" dual listing structure, enhancing its market presence and capital access [2][4]. Financial Performance - Shenghong Technology's revenue for 2022, 2023, and 2024 is projected to be RMB 7.885 billion, RMB 7.931 billion, and RMB 10.731 billion respectively, with net profits of RMB 790 million, RMB 671 million, and RMB 1.154 billion [4][5]. - For the first nine months of 2025, the company reported revenue of RMB 14.117 billion, an 83% increase from the previous year, with a net profit of RMB 3.245 billion and a profit margin of 23% [5][7]. Future Projections - The company expects a net profit of RMB 41.6 billion to RMB 45.6 billion for 2025, representing a growth of 260.35% to 295% compared to the previous year [7]. - Shenghong Technology aims to leverage opportunities in AI and data center upgrades, focusing on high-value, high-technology products to drive growth [7]. Product and Market Focus - Shenghong Technology specializes in high-density printed circuit boards (PCBs), with applications in AI, automotive electronics, new communication technologies, and more [4][6]. - The company’s product range includes rigid and flexible circuit boards, with significant revenue contributions from multi-layer PCBs (MLPCB) and high-density interconnect (HDI) boards [6]. Recent Acquisitions - Shenghong Technology has acquired 100% of SunPower Malaysia Manufacturing Sdn. Bhd. for up to USD 51 million, integrating it into its existing operations in Malaysia [8]. Shareholding Structure - As of September 30, 2025, the largest shareholders include Shenzhen Shenghua Xinye Investment Co., Ltd. with 15.63% and Shenghong Technology Group (Hong Kong) Ltd. with 15.24% [9][13]. - The company’s major shareholder, Chen Tao, controls approximately 31% of the company’s equity [9][16].