Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][17]. Core Insights - The company has significantly increased its performance in the first half of 2025, achieving a revenue of 9.031 billion yuan, a year-on-year growth of 86.00%, and a net profit attributable to shareholders of 2.143 billion yuan, a year-on-year increase of 366.89% [2][4]. - The company is strengthening its technological barriers and consolidating its leading position in the AI computing power sector, having made breakthroughs in high-layer and high-density interconnect (HDI) technologies, which positions it as a key partner for major tech firms globally [2][3]. Financial Performance Summary - Revenue projections for the company are as follows: 7,931 million yuan in 2023, 10,731 million yuan in 2024, 19,297 million yuan in 2025, 24,909 million yuan in 2026, and 30,362 million yuan in 2027, with growth rates of 0.6%, 35.3%, 79.8%, 29.1%, and 21.9% respectively [4][10]. - The net profit attributable to shareholders is projected to be 671 million yuan in 2023, 1,154 million yuan in 2024, 4,561 million yuan in 2025, 6,536 million yuan in 2026, and 8,234 million yuan in 2027, with growth rates of -15.1%, 72.0%, 295.1%, 43.3%, and 26.0% respectively [4][10]. - The company's earnings per share (EPS) are expected to be 0.78 yuan in 2023, 1.34 yuan in 2024, 5.29 yuan in 2025, 7.58 yuan in 2026, and 9.54 yuan in 2027 [4][10]. Market Position and Strategy - The company is implementing a "China + N" globalization strategy, enhancing its operational network through domestic and overseas factories, which supports its leading position in the PCB industry and its advantages in AI computing power and servers [3]. - The company has a high capacity utilization rate and is expanding its production capabilities for high-end products, including HDI and multi-layer boards, with ongoing projects in Huizhou, Thailand, and Vietnam [3].
胜宏科技(300476):25H1业绩大幅增长,持续巩固AI算力领域布局领先地位