据港交所2月24日披露，胜宏科技（300476）(惠州)股份有限公司(简称：胜宏科技(300476.SZ))向港交所主板递交上市申请，摩根大通、中信建投（601066） 国际、广发证券为联席保荐人。该公司曾于2025年8月20日递交过上市申请。据招股书，以2024年及2025年上半年销售收入计，胜宏科技是全球领先的人工 智能及高性能计算印刷电路板("PCB")供货商，专注于高阶高密度互连("HDI")、高多层印刷电路板("MLPCB")的研发、生产和销售。 公司简介 招股书显示，根据弗若斯特沙利文的资料，以2025年上半年人工智能及高性能算力PCB收入规模计，胜宏科技的市场份额位居全球第一，于2024年，以同一 指标计，胜宏科技位居全球第七，市场份额为1.7%，核心应用涵盖 AI算力卡、服务器、AI服务器、数据中心交换机、通用基板等关键设备。 作为PCB行业技术引领者，胜宏科技具备生产100层以上高多层PCB制造能力，是全球首批实现6阶24层HDI产品大规模生产，以及8阶28层HDI与16层任意互 联(Any-layer)HDI技术能力的企业。产品广泛应用于人工智能、新能源汽车、高速网络通信等高增长领域。 胜 ...

Group 1 - The core viewpoint of the article highlights that Shenghong Technology's stock price increased by 1.82% to 220.10 yuan as of August 22, 2025, with a trading volume of 404,800 hands and a transaction amount of 8.905 billion yuan [1] - Shenghong Technology operates in the electronic components industry, focusing on the research, production, and sales of printed circuit boards, with applications in artificial intelligence, new energy vehicles, and high-speed network communication [1] - The company submitted an application for a Hong Kong listing on August 20, 2025, indicating its growth strategy and expansion plans [1] Group 2 - In 2024, Shenghong Technology achieved a revenue of 10.731 billion yuan, representing a year-on-year growth of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, which is a 71.96% increase year-on-year [1] - The net outflow of main funds on August 22 was 63.011 million yuan, accounting for 0.03% of the circulating market value, while the cumulative net outflow over the past five days reached 2.704 billion yuan, representing 1.44% of the circulating market value [1]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.91 billion RMB, a year-on-year increase of 20.75% [1] - The net profit attributable to shareholders was 0.47 billion RMB, up 29.47% year-on-year [1] - The net profit excluding non-recurring gains and losses was 0.48 billion RMB, reflecting a growth of 44.64% [1] Group 2: PCB Business Development - The PCB business focuses on communication equipment, particularly in data centers and automotive electronics, with a slight recovery in wireless orders and continued growth in wired demand [2] - Orders in the data center sector continued to grow, driven by demand for AI accelerator cards and servers [2] - The automotive electronics sector is experiencing stable growth, particularly in new energy and ADAS directions [2] Group 3: Packaging Substrate Business - The company offers a wide range of packaging substrate products, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers [3] - Demand for packaging substrates improved in Q1 2025, mainly due to increased demand for storage products [3] Group 4: Production Capacity and Utilization - The overall production capacity utilization remains high, particularly in the PCB business due to sustained demand in computing power and automotive electronics [4] - The packaging substrate business has seen an increase in capacity utilization compared to Q4 2024 due to improved demand in the storage sector [4] Group 5: Impact of U.S. Sales and Tariff Policies - Direct sales to the U.S. accounted for a low proportion of total revenue, indicating limited impact from U.S. tariff policies [5] - The company is closely monitoring the evolving international trade environment and maintaining communication with industry stakeholders [5] Group 6: HDI Process Capability - The company possesses HDI process capabilities, applicable in communication, data centers, industrial control, medical, and automotive electronics sectors [6] Group 7: FC-BGA Packaging Substrate Development - The company has achieved batch production capability for FC-BGA packaging substrates with up to 20 layers, with ongoing development for products exceeding 20 layers [7] - The Guangzhou packaging substrate project is in the early stages of ramping up production, with some cost impacts on profits [7] Group 8: Expansion Plans - The PCB business is expanding with factories in Shenzhen, Wuxi, Nantong, and a project in Thailand, focusing on technology upgrades and capacity enhancement [8] - The Nantong Phase IV project is under construction to establish an HDI technology platform [8] Group 9: Thailand Factory Investment - The total investment for the Thailand factory is 1.274 billion RMB, aimed at enhancing overseas market reach and meeting international customer demands [9] Group 10: Raw Material Price Changes - Key raw materials have seen price increases in Q1 2025 due to commodity price fluctuations, impacting costs [10] - The company is actively monitoring raw material prices and maintaining communication with suppliers and customers [10]

Group 1: Financial Performance - The net profit attributable to shareholders for 2024 was 227 million, an increase of 3.45% year-on-year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 202 million, up 14.76% year-on-year [2] - In Q1 2025, the net profit attributable to shareholders reached 73 million, a significant increase of 78.51% year-on-year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 66 million, reflecting an increase of 87.74% year-on-year [2] Group 2: Key Growth Drivers - Continuous technological iteration and innovation in product upgrades, particularly in nano-coatings, smart equipment, functional film materials, and polishing materials [3] - Expansion of downstream industry demand driven by high-value PCB products related to artificial intelligence and high-speed network communication [3] - Global strategic layout with accelerated capacity deployment in Southeast Asia and enhancement of global market share through localized service networks [3] - Upgrading smart manufacturing to improve automation and efficiency, optimizing processes to reduce production costs, and establishing a digital quality control system [3] Group 3: Company Strategy and Outlook - The company focuses on core business areas, leveraging technological breakthroughs and operational optimization to create sustainable value for shareholders [3] - The activity did not involve any major information that needs to be disclosed [3] - Investors are advised to be aware of investment risks regarding the company's performance outlook and development plans [3]