胜宏科技：持续推进产能扩建，新料号放量在即-20260119

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology (300476.SZ) [2][3] Core Views - Shenghong Technology is expected to achieve a net profit attributable to shareholders of approximately 4.16 to 4.56 billion yuan for the year 2025, representing a year-on-year growth of 260.35% to 295.00% [2] - The company is actively expanding its production capacity and is set to launch new materials, which is anticipated to drive significant revenue growth [2] - The company has established itself as a leader in the HDI (High-Density Interconnect) technology sector, with plans to advance to 10-layer 30-layer HDI product development [2] - Shenghong Technology's revenue is projected to reach 35.8 billion yuan in 2026 and 57.5 billion yuan in 2027, with net profits expected to be 10.5 billion yuan and 18.0 billion yuan respectively [2] Financial Summary - Revenue for 2023 is reported at 7.93 billion yuan, with projections of 10.73 billion yuan for 2024, 19.98 billion yuan for 2025, 35.80 billion yuan for 2026, and 57.54 billion yuan for 2027 [7] - The net profit attributable to shareholders is forecasted to grow from 671 million yuan in 2023 to 18.04 billion yuan in 2027, with significant year-on-year growth rates [7] - The latest diluted EPS is expected to increase from 0.77 yuan in 2023 to 20.73 yuan in 2027 [7] - The company’s return on equity (ROE) is projected to rise from 8.8% in 2023 to 47.8% in 2027 [7]