近日，胜宏科技(300476.SZ)向港交所主板递交上市申请，摩根大通、中信建投国际、广发证券(香港)为 联席保荐人。 据了解，胜宏科技早在2015年就于深交所创业板上市，公司2025年以来股价一路攀升，截至8月22日收 盘，公司市值达到约亿元。 业绩持续攀升，年内股价涨幅超400% 公开资料显示，胜宏科技是一家人工智能及高性能计算PCB供应商，专注于高阶HDI、高多层PCB的研 发、生产和销售，产品广泛应用于人工智能、新能源汽车、高速网络通信等领域。 截至目前，胜宏科技拥有多元化的产品组合，涵盖单层及双层PCB、高多层PCB、高阶HDI及FPC，为 全球超350家客户提供服务。 在业绩表现上，2022年至2024年以及2025年一季度，胜宏科技营业收入分别为人民币78.85亿、79.31 亿、107.31亿和43.12亿元；对应的毛利分别为14.31亿元、16.43亿元、24.39亿元、4.66亿元及14.39亿 元；净利润分别为人民币7.91亿、6.71亿、11.54亿和9.21亿元。 报告期内，毛利率分别为18.15%、20.72%、22.72%、19.49%及33.37%；净利率分别为10.03%、 ...

Core Viewpoint - Shenghong Technology (Huizhou) Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the AI and high-performance computing PCB market, with significant revenue growth projected for the coming years [2]. Financial Performance - The company reported revenues of RMB 78.85 billion, RMB 79.31 billion, and RMB 107.31 billion for the years 2022, 2023, and 2024 respectively, with profits of RMB 7.91 billion, RMB 6.71 billion, and RMB 11.54 billion during the same period [2][4]. - In the first three months of 2025, Shenghong Technology achieved revenue of RMB 43.12 billion, representing an 80.3% year-on-year increase, and a profit of RMB 9.21 billion, marking a 339.2% increase [2][4]. Market Position - According to Frost & Sullivan, Shenghong Technology is projected to hold the largest market share globally in the AI and high-performance computing PCB sector by the first quarter of 2025, with key applications in AI computing cards, servers, data center switches, and general substrates [2]. Stock Performance - As of August 21, the stock price of Shenghong Technology was reported at RMB 216.16, with a total market capitalization of approximately RMB 186.48 billion, reflecting a year-to-date increase of 415.67%, making it one of the best-performing companies in the A-share market over the past two years [4]. Leadership and Background - The founder and major shareholder, Chen Tao, holds a 31.24% stake in the company, and is recognized for his significant contributions to the PCB industry, being referred to as "the key person for NVIDIA in China" by NVIDIA's CEO Jensen Huang [6][8]. Client Base and Growth Potential - Shenghong Technology has successfully entered the supply chains of top global server clients, with its products being utilized by renowned brands such as NVIDIA, AMD, Intel, Tesla, and Microsoft, which provides a solid foundation for future growth [9].

Core Viewpoint - The company plans to invest a total of 8 billion RMB in the Huai'an Industrial Park to enhance its production capacity for various PCB solutions, targeting the rapidly growing AI application market [1] Investment Plan - The board of directors approved an investment of 8 billion RMB for the integration and construction of the Huai'an Industrial Park [1] - The investment period is set from the second half of 2025 to 2028 [1] Product Expansion - The investment will support the construction of production capacity for products including SLP, high-end HDI, and HLC [1] - The aim is to expand soft board production capacity to provide comprehensive PCB solutions across multiple fields such as servers, optical communications, humanoid robots, smart vehicles, and AI edge products [1] Strategic Alignment - This investment is aligned with the company's strategy to capitalize on the AI trend and leverage the ONE AVARY product technology platform [1] - The initiative aims to accelerate the company's full industry chain layout in AI, enhancing overall competitive strength [1]

Core Viewpoint - The company, Pengding Holdings, has approved an investment plan totaling 8 billion RMB to develop an industrial park in Huai'an, focusing on expanding production capacity for various PCB solutions to cater to the growing AI application market [1] Investment Plan - The total investment for the Huai'an industrial park project is 8 billion RMB, with the construction period set from the second half of 2025 to 2028 [1] - The investment will include the construction of production capacity for SLP, high-end HDI, and HLC products, aimed at enhancing soft board production capacity [1] Strategic Focus - The project aims to leverage the AI trend and utilize the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI, covering cloud, management, and terminal aspects [1] - The investment is intended to strengthen the company's overall competitive strength in various fields, including servers, optical communications, humanoid robots, smart vehicles, and AI edge products [1]

证券日报网讯兴森科技8月15日在互动平台回答投资者提问时表示，公司的PCB产品可用于服务器、交 换机、计算和存储领域，客户群体多为下游行业领先企业或龙头企业。 （文章来源：证券日报） ...

Core Viewpoint - The report from CICC indicates a systematic expansion in global computing power demand, particularly for GPUs and ASICs, which is expected to significantly enhance the value of PCB products due to advancements in materials and high-layer designs [1] Industry Summary - The AI-related PCB market is projected to reach a total scale of $5.6 billion in 2025 and $10 billion in 2026, driven by strong demand for computing infrastructure [1] - The PCB and CCL markets are experiencing sustained high demand due to AI, prompting core suppliers in the industry to accelerate capacity expansion [1] - A total investment of approximately 32 billion yuan has been announced by seven listed companies in A-shares for PCB capacity expansion, with a focus on upgrading products to higher-end specifications [1] Supply Chain Insights - The ramp-up period for high-end product yields is lengthy, and the local supply chain in Southeast Asia is not yet fully mature, which may lead to a lag in capacity release compared to demand growth [1] - A supply-demand gap is expected to persist in the medium term due to these factors [1]

Core Viewpoint - The rise of AI-enabled personal computers (AI PCs) is transforming the PC industry, shifting from isolated products to a more integrated, ecosystem-driven approach, enhancing user experience through applications like AI search, content generation, and intelligent recommendations [1] Group 1 - AI PCs are emerging as a leading product in the PC market, establishing a dominant position for future development [1] - The value of PCB boards used in AI PCs has significantly increased compared to traditional PCs due to enhanced computing power [1] - The company has quickly entered the AI PC market and established deep partnerships with various PC manufacturers, providing customized product solutions for AI PCs and desktop all-in-one machines [1]

Group 1: Company Performance Highlights - Zhenray Technology reported a net profit increase of 1006.99% and a revenue growth of 73.64% in the first half of the year, driven by significant growth in its main business [3] - Pengding Holdings achieved a revenue of 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit of 1.233 billion yuan, up 57.22% [3] - Jinlongyu's revenue reached 115.682 billion yuan, a 5.67% increase, with a net profit of 1.756 billion yuan, growing by 60.07% [4] - Zhuhua Group's total revenue was 10.412 billion yuan, up 14.89%, and net profit increased by 57.83% to 585 million yuan [4] - Kweichow Moutai reported total revenue of 91.094 billion yuan, a 9.16% increase, and a net profit of 45.403 billion yuan, growing by 8.89% [6] Group 2: Turnaround Stories - Zhongke Sanhuan achieved a net profit of 44 million yuan after a loss of 72 million yuan in the previous year, despite a revenue decrease of 11.17% to 2.922 billion yuan [9] - Yangfan New Materials reported a revenue of 473 million yuan, a 47.9% increase, and turned a loss of 21.24 million yuan into a net profit of 23.14 million yuan [9] - Haineng Technology's revenue grew by 34.87% to 136 million yuan, with a net profit of 547,150 yuan, recovering from a loss of 1.401 million yuan in the previous year [9]

Group 1: China Unicom - Company revenue exceeded RMB 200 billion in the first half of the year, with a total profit of RMB 17.7 billion, representing a year-on-year increase of 5.2% [1] - Internet communication revenue reached RMB 131.9 billion, while intelligent network revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - The number of connected users surpassed 1.2 billion, with mobile and broadband users increasing by over 11 million, reaching a total of 480 million [1] Group 2: Kweichow Moutai - The net profit for the first half of the year increased by 8.89%, with favorable factors outweighing unfavorable ones [2] Group 3: Shuanghui Development - The company reported a total meat product export volume of 1.57 million tons, a year-on-year increase of 3.67%, and total revenue of RMB 28.5 billion, up 3.00% [4] - The total profit decreased by 2.36%, while the net profit attributable to shareholders rose by 1.17% due to improved profitability in tax-exempt businesses [4] Group 4: Pengding Holdings - The company achieved a revenue of RMB 16.375 billion, a year-on-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% [6] - The increase in revenue was attributed to a rise in customer orders [6] Group 5: Jinlongyu - The company reported a net profit increase of 60.07%, with revenue reaching RMB 115.68 billion, up from RMB 109.48 billion [9] - The growth in revenue was driven by increased sales of kitchen foods, feed raw materials, and oil technology products [9] Group 6: Other Companies - Zhenray Technology reported a turnaround in net profit due to significant growth in main business revenue [12] - Zhongke Sanhuan achieved a net profit increase of 160.82%, despite a revenue decline of 11.17% [16]

Core Insights - A significant number of A-share listed companies have reported substantial earnings growth in their semi-annual reports, with many companies showing impressive performance [1][3][4] Group 1: Company Performance - Zhenray Technology reported a net profit increase of 1006.99% and a revenue growth of 73.64% year-on-year, driven by a surge in its main business income [3] - Pengding Holdings achieved a revenue of 16.375 billion yuan, up 24.75% year-on-year, and a net profit of 1.233 billion yuan, reflecting a 57.22% increase [3] - Jinlongyu's revenue reached 115.682 billion yuan, a 5.67% increase, with a net profit of 1.756 billion yuan, up 60.07% [4] - Zhuhai Group's total revenue was 10.412 billion yuan, growing 14.89%, and its net profit increased by 57.83% to 585 million yuan [4] - Kweichow Moutai reported total revenue of 91.094 billion yuan, a 9.16% increase, and a net profit of 45.403 billion yuan, up 8.89% [6] Group 2: Strategic Developments - Zhenray Technology is focusing on strategic emerging industries such as commercial aerospace and deep-sea technology, leveraging its technological advantages and strong customer service [3] - Kweichow Moutai is enhancing its international market presence, with overseas revenue of approximately 2.9 billion yuan, accounting for 3.24% of total revenue, and increasing its foreign distributor count to 115 [6] Group 3: Turnaround Stories - Zhongke Sanhuan reported a revenue of 2.922 billion yuan, down 11.17%, but turned a profit of 44 million yuan compared to a loss of 72 million yuan in the previous year [9] - Yangfan New Materials achieved a revenue of 473 million yuan, up 47.9%, and turned a loss of 21.24 million yuan into a profit of 23.14 million yuan [9] - Haineng Technology reported a revenue of 136 million yuan, a 34.87% increase, and a net profit of 547,150 yuan, recovering from a loss of 1.401 million yuan in the previous year [9]