VGT(SZ:300476) 21世纪经济报道·2025-09-14 00:21Core Viewpoint - The article discusses the significant rise in the stock price of Shenghong Technology, a leading PCB manufacturer, driven by its strong performance in the AI sector and its partnership with Nvidia, despite concerns about overvaluation in the market [2][14]. Group 1: Company Performance - Shenghong Technology's stock price surged over 700% this year, reaching a closing price of 352.49 CNY per share, with a market capitalization nearing 300 billion CNY [4][6][7]. - The company reported a net profit of 2.143 billion CNY for the first half of the year, a year-on-year increase of 366.89%, with Q2 revenue of 4.719 billion CNY, up 91.51% year-on-year [6][8]. - The company has established itself as a key player in the high-density interconnect (HDI) PCB market, ranking sixth globally and third among domestic manufacturers in China [7][9]. Group 2: Market Dynamics - The global HDI market is projected to reach 17.037 billion USD by 2029, with a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, while AI-related HDI products are expected to grow at a CAGR of 19.1% [9]. - Shenghong Technology's strategic partnership with Nvidia has positioned it to capture over 70% of related orders, significantly benefiting from the increasing demand for AI servers [8][9]. Group 3: Shareholder Actions - Major shareholders, including the company's founder and executives, have begun to reduce their holdings, cashing out over 400 million CNY amid the stock price surge [10][11][13]. - The company announced plans for a Hong Kong IPO to raise approximately 1 billion USD (about 7.18 billion CNY) to support its expansion and technological advancements [13].