另外，公司筹划港股上市，8月20日已向香港联合交易所有限公司递交了发行境外上市股份(H股)并在香 港联交所主板挂牌上市的申请。 作为AIPCB龙头，胜宏科技（300476）10月27日发布2025年三季报显示，在销售额增加背景下，公司第 三季度净利润11.02亿元，同比增长260.52%。不过，截至第三季度末，多家机构股东出手减持，"牛 散"郭超新进成为第九大流通股东。 今年7月以来，胜宏科技股价加速上攻，累计涨幅超过1.53倍，牛散、私募加仓，而机构股东减持。 三季报显示，胜宏科技今年第三季度营业收入50.86亿元，同比增长78.95%；归属股东净利润11.02亿 元，同比增长260.52%。2025年前三季度营业收入141.17亿元，同比增长83.4%；归属净利润32.45亿 元，同比增长324.38%；基本每股收益3.78元。 截至三季度末，陆股通、惠州博达兴实业及易方达创业板交易型开放式指数证券投资基金、中证500交 易型开放式指数证券投资基金、睿远成长价值混合型证券投资基金着手减持；"牛散"郭超、飒露紫550 毛毛私募证券投资基金新进成为前十大流通股东。 报告期内，公司扩大产能资产投入增加，在建工程 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company is actively embracing opportunities and challenges brought by the AI wave, achieving significant results in various downstream application areas, particularly in data centers and AI servers [3][4]. - The company has become the world's largest automotive PCB supplier in 2024, with expectations for substantial growth in the automotive business due to increasing penetration of AI applications in vehicles [3][4]. - The company is expanding its high-end PCB production capacity to meet the growing demand from AI servers and related fields, with significant investments planned for upgrading existing facilities and constructing new ones [6][7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, while the net profit attributable to shareholders was 650 million yuan, a slight decline of 1.06% [2]. - The forecasted revenues for 2025, 2026, and 2027 are 14.981 billion yuan, 17.705 billion yuan, and 20.893 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 2.04 yuan, and 2.56 yuan [7][9]. Market Position and Strategy - The company is a core supplier of PCBs for AI servers, with competitive advantages in high-end PCB mass production capabilities and established long-term strategic partnerships with leading global clients [4][6]. - The company plans to invest 5 billion yuan in its Zhuhai Jinwan base to enhance high-end production capacity, focusing on technology upgrades and new production lines for AI server high-end HDI boards [6][7]. Growth Potential - The company is expected to benefit from the ongoing growth in AI computing demand, with a robust pipeline of orders in AI servers and high-end optical modules [3][4]. - The anticipated release of high-end production capacity across global manufacturing bases is expected to open new avenues for revenue growth in the AI server business [6][7].