胜宏科技（300476）：持续推进产能扩建，新料号放量在即

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology [5] Core Views - Shenghong Technology is expected to achieve a net profit attributable to shareholders of 4.16-4.56 billion yuan in 2025, representing a year-on-year growth of 260.35%-295.00% [1] - The company is recognized as a leader in AI PCB, capitalizing on the growth opportunities presented by AI development [3] - The expansion of production capacity and the release of new products are anticipated to significantly support the company's performance growth in the coming years [1][3] Financial Projections - Revenue is projected to reach 19.98 billion yuan in 2025, with a year-on-year growth rate of 86.2% [4] - The net profit for 2026 and 2027 is expected to be 10.5 billion yuan and 18.04 billion yuan, respectively, with growth rates of 140.6% and 71.8% [4] - The earnings per share (EPS) is forecasted to be 5.02 yuan in 2025, increasing to 20.73 yuan by 2027 [4] Production Capacity and Technology - Shenghong Technology is among the first globally to achieve large-scale production of 6-layer 24-layer HDI products and is advancing in the development of next-generation HDI technologies [2] - The company has the capability for R&D and mass production of high-layer PCBs exceeding 70 layers and is developing technology for over 100 layers [2] - The expansion plans for production bases in Thailand and Vietnam are progressing as scheduled, with domestic production facilities partially operational [2]