胜宏科技：AI HDI量产

Investment Rating - Buy rating for Shenghong Technology (300476) [2] Core Views - Shenghong Technology achieved significant growth in H1 2024 with revenue of 4.855 billion yuan, up 32.29% YoY, and net profit attributable to shareholders of 459 million yuan, up 33.23% YoY [2] - The company is strategically expanding into emerging fields such as AI computing power, AI servers, new energy vehicles, and data centers, leveraging its technical expertise [2] - Key products like 5-tier and 6-tier HDI for high-end AI data center computing power and 1.6T optical modules have entered mass production, enhancing its competitive edge [2] - R&D investment in H1 2024 reached 198 million yuan, focusing on advanced technologies like PCIe 6.0, 800G/1.6T optical transmission, 6G communication, and L3/L4 autonomous driving [2] - The company is well-positioned to capitalize on the growing demand for HDI PCB technology, which is critical for high-speed communication and AI server applications [3] Financial Performance and Projections - Revenue is projected to grow from 7.931 billion yuan in 2023 to 16.001 billion yuan in 2026, with a CAGR of 26.3% [5] - Net profit attributable to shareholders is expected to increase from 671.35 million yuan in 2023 to 1.9316 billion yuan in 2026, with a CAGR of 30.1% [5] - EPS is forecasted to rise from 0.78 yuan in 2023 to 2.24 yuan in 2026 [5] - The company's P/E ratio is expected to decline from 34.93 in 2023 to 12.14 in 2026, indicating improving valuation metrics [5] Industry and Technology Trends - HDI PCB technology is a long-term growth driver due to its high integration, signal integrity, and thermal management advantages, particularly in high-speed communication and AI server applications [3] - The company is focusing on high-frequency, high-speed HDI PCB development, which requires advanced materials, production equipment, and testing capabilities [3] - Shenghong Technology is actively upgrading its manufacturing processes, including high-layer precision HDI and thick-board optimization, to support next-generation AI server and communication product development [2]