第三季度业绩“失速”，“达链”龙头胜宏科技被股民戏称“原谅概念股”

Core Viewpoint - The quarterly performance of Shenghong Technology has been characterized by significant year-on-year growth but a decline in quarter-on-quarter results, leading to its label as a "forgivable concept stock" in the investor community due to its involvement in the AI sector [1][2]. Financial Performance - For Q3 2025, Shenghong Technology reported revenue of 5.086 billion yuan, a year-on-year increase of 78.95%, and a net profit attributable to shareholders of 1.102 billion yuan, up 260.52% year-on-year [2]. - However, the net profit for Q3 showed a quarter-on-quarter decline of 9.88% compared to Q2 2025, where it was 1.223 billion yuan [2][6]. Market Position and Technology - Shenghong Technology has established itself as a Tier 1 supplier for NVIDIA and holds the largest market share in high-performance AI and computing PCBs globally as of Q1 2025 [5]. - The company is recognized for its advanced technology, being one of the first to achieve large-scale production of 6-layer 24-layer HDI PCBs, which are essential for high-density wiring and high-speed signal transmission in AI servers [5][6]. Management Insights - The management attributed the quarter-on-quarter decline in net profit to three main factors: product upgrades, increased labor costs due to new hires, and rising R&D expenses from new product introductions [7]. - The management indicated that future performance growth would not be linear but rather a stepwise process, with expectations for new products to ramp up in the following quarters [7][8]. Capacity Expansion and Investment - As of September 30, 2025, Shenghong Technology's construction in progress amounted to 3.548 billion yuan, a significant increase of 1283.08% from the beginning of the year [11]. - The company has also increased its long-term borrowings from 2.31 billion yuan at the start of the year to 3.866 billion yuan to support its investments [11]. Strategic Changes - The company plans to undertake "fast board" tasks starting in 2025, which involves rapid prototyping for PCB designs, significantly reducing the time from validation to mass production [12][13]. - This strategic shift aims to bridge the gap between prototyping and large-scale production, potentially shortening the timeline by at least six months [13]. Insider Activity - Notably, the founder's family and executives have engaged in significant share sell-offs, with a total of over 2.1 billion yuan in shares sold between May and August 2025 [14][15][16].