公司4日晚间发布提示称，经自查，公司目前日常生产经营活动正常，内外部经营环境未发生重大变 化。公司未发现对公司股票交易价格产生重大影响的媒体报道。公司主营业务为印制电路板（PCB）的 研发、生产和销售及印制电路板的表面贴装（SMT），公司产品包括刚性电路板、柔性电路板、刚柔 结合板、高密度互联电路板和PCBA，应用领域较为广泛。公司生产的PCB产品可用于人形机器人，但 相关产品占公司营业收入比重很小，占公司营业收入比重低于0.05%，不会对公司当期业绩产生重大影 响。 骏亚科技(603386) 5日再度涨停，截至发稿，该股报16.65元/股，涨停板上封单超10万手。至此，该股已 连续3个交易日涨停。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603386 证券简称：骏亚科技 公告编号：2025-043 广东骏亚电子科技股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 广东骏亚电子科技股份有限公司（以下简称"公司"）股票于2025年12月2日、12月3日、12月4日连续 三个交易日内日收盘价格涨幅偏离值累计达到20%，根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动。 ● 经公司自查并向控股股东、实际控制人核实，截至本公告披露日，公司、控股股东及实际控制人不存 在应披露而未披露的重大事项。 ● 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、本股票交易异常波动的具体情况 公司股票于2025年12月2日、12月3日、12月4日连续三个交易日内日收盘价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 经公司核实，公司董事、高级管理人员、控股股东及 ...

智通财经APP讯，骏亚科技(603386.SH)发布股价异动公告称，经公司自查，未发现对公司股票交易价 格产生重大影响的媒体报道。公司主营业务为印制电路板(PCB)的研发、生产和销售及印制电路板的表 面贴装(SMT)，公司产品包括刚性电路板、柔性电路板、刚柔结合板、高密度互联电路板和PCBA，应 用领域较为广泛，具体情况详见公司披露的定期报告。公司生产的PCB产品可用于人形机器人，但相关 产品占公司营业收入比重很小，占公司营业收入比重低于0.05%，不会对公司当期业绩产生重大影响。 ...

格隆汇12月4日丨骏亚科技(603386.SH)公布股票交易异常波动公告，经公司自查，未发现对公司股票交 易价格产生重大影响的媒体报道。公司主营业务为印制电路板（PCB）的研发、生产和销售及印制电路 板的表面贴装（SMT），公司产品包括刚性电路板、柔性电路板、刚柔结合板、高密度互联电路板和 PCBA，应用领域较为广泛，具体情况详见公司披露的定期报告。公司生产的PCB产品可用于人形机器 人，但相关产品占公司营业收入比重很小，占公司营业收入比重低于0.05%，不会对公司当期业绩产生 重大影响。 ...

Core Viewpoint - Nvidia's CEO Huang Renxun refers to Chen Tao, the founder and chairman of Shenghong Technology, as "China's partner" and "Nvidia's key person in China," highlighting the deep ties between Shenghong Technology and AI giants like Nvidia, which have significantly boosted the company's performance amid the global AI wave [2][16]. Financial Performance - Shenghong Technology's revenue for the first three quarters of this year reached 14.117 billion yuan, 1.3 times that of the entire previous year, while net profit attributable to shareholders was 3.245 billion yuan, nearly three times last year's figure [4][15]. - In Q3 alone, the company achieved a revenue of 5.086 billion yuan, a year-on-year increase of 78.95%, and a net profit of 1.102 billion yuan, up 260.52% year-on-year [4][5]. - The overall gross profit margin for the first three quarters was 35.85%, an increase of 14.3 percentage points year-on-year, although Q3 saw a decline of 3.6 percentage points compared to the previous quarter [4][5]. Cost and Investment - Shenghong Technology's total operating costs for the first three quarters reached 10.32 billion yuan, a nearly 50% increase year-on-year, marking a historical high for the same period [5]. - The company has significantly increased its investment in R&D, with expenses rising 84.43% to 608 million yuan [5]. Capacity Expansion and Market Strategy - To meet global demand for high-layer PCBs and advanced HDI, Shenghong Technology is accelerating capacity expansion, with a net cash flow from investment activities turning from -999 million yuan last year to -3.639 billion yuan this year due to increased fixed asset expenditures [6][7]. - The company is implementing a "China + N" global layout strategy, with domestic capacity centered in Huizhou and overseas production lines being established in Thailand and Vietnam to enhance global delivery capabilities [7][10]. Industry Outlook - The PCB industry is experiencing robust demand, driven by the rapid evolution of AI technology and the growing needs for AI computing and servers, which are expected to support sustained growth in the sector [10].

Core Insights - Victory Technology (300476) is heavily held by public funds and has attracted attention from notable Wall Street investment firms, including Point 72, known for its aggressive investment strategies [1][2] Company Overview - Victory Technology specializes in the research, production, and sales of high-density printed circuit boards (PCBs), covering rigid and flexible circuit boards, with applications in AI, automotive electronics, new communication technologies, big data centers, industrial interconnects, medical instruments, computers, and aerospace [2][5] - As of July 30, 2023, the company's stock price has surged by 351.46% year-to-date, with a total market capitalization of 165.7 billion yuan [2] Investment Interest - As of the end of Q2 2023, 314 public funds held significant positions in Victory Technology, indicating a substantial increase in institutional interest [2] - Point 72, a global asset management firm, has shown frequent interest in A-share companies, conducting 252 research sessions in 2024 alone, leading all foreign institutions [4] Strategic Vision - The Chairman of Victory Technology, Chen Tao, emphasized the importance of embracing the AI era, predicting transformative changes across various industries, including a new computing epoch and accelerated robotics [5][7] - The company has achieved a compound annual growth rate of 30% over the past eight years, positioning itself as a leader in the PCB industry with a market value exceeding 160 billion yuan [5][6] Technological and Operational Advantages - Victory Technology boasts advanced technology in AI computing, AI servers, and high-density interconnect (HDI) PCBs, making it a core supplier for major companies like NVIDIA and Tesla [6] - The company has established production bases in Malaysia, Thailand, and Vietnam, enabling global delivery capabilities [6] Future Outlook - The company plans to enhance its core competitiveness by increasing production capacity and investing in high-end products and advanced manufacturing equipment [8] - The Chinese AI industry is projected to grow from 486.2 billion yuan in 2026 to 1 trillion yuan by 2030, with a compound annual growth rate of approximately 20% [6][7]

Group 1: Company Performance - The company achieved a revenue of 10.73 billion yuan in 2024, representing a year-on-year growth of 35.3%, with a CAGR of 22.5% from 2019 to 2024 [1] - The net profit attributable to shareholders reached 1.15 billion yuan in 2024, showing a year-on-year increase of 72.0%, with a CAGR of 20.0% from 2019 to 2024 [1] - In Q1 2025, the company reported a revenue of 4.31 billion yuan, up 80.3% year-on-year, and a net profit of 0.92 billion yuan, reflecting a significant growth of 339.2% [1] Group 2: Industry Growth - The global PCB market is projected to grow from 73.565 billion USD in 2024 to 94.661 billion USD by 2029, with a CAGR of 5.2% [2] - The market for PCBs with 18 layers and above is expected to reach 5.02 billion USD by 2029, growing at a CAGR of 15.7% from 2024 to 2029 [2] - The global HDI market is anticipated to grow from 10.54 billion USD in 2023 to 14.83 billion USD by 2028, with a CAGR of 7.1% [2] Group 3: Demand Drivers - The PCB market for servers and data storage is expected to reach 10.9 billion USD in 2024 and 18.9 billion USD by 2029, with a CAGR of 11.6% [3] - The PCB market for AI/HPC server systems is projected to grow from nearly 0.8 billion USD in 2023 to 3.17 billion USD by 2028, with a CAGR of 32.5% [3] - High-end HDI products are expected to be the fastest-growing segment in the PCB market related to AI servers over the next five years [3] Group 4: Strategic Positioning - The company has entered the supply chains of major North American cloud giants such as NVIDIA, AMD, Intel, Tesla, Microsoft, Bosch, Amazon, and Google [4] - The company is prepared for high-end AI data center products and has achieved mass production of advanced HDI and multi-layer products [4] - The company is expected to capture a significant market share in the AI PCB wave due to its leading technology, production yield, and rapid delivery capabilities [4] Group 5: Profit Forecast - The company is projected to achieve net profits of 5.535 billion yuan, 7.012 billion yuan, and 8.591 billion yuan from 2025 to 2027, with corresponding P/E ratios of 16.52, 13.04, and 10.65 [4]

Core Viewpoint - The company, Shenghong Technology, is making significant investments to enhance its core competitiveness and ensure sustainable development, particularly in response to the growing demand for AI computing hardware [1][4]. Group 1: Investment Plans - Shenghong Technology plans to invest no more than 3 billion yuan in 2025 for fixed assets and intangible assets, focusing on new factory construction, equipment procurement, and automation line upgrades [1][4]. - The investment is seen as a strategic move to accelerate the release of AI computing hardware capacity and deepen global expansion [1][4]. Group 2: Financial Performance - In Q1 2025, Shenghong Technology achieved a revenue of 4.312 billion yuan, representing an 80.31% year-on-year increase, and a net profit of 921 million yuan, up 339.22% year-on-year [2][3]. - For the full year 2024, the company reported a revenue of 10.73 billion yuan, a 35.31% increase, and a net profit of 1.154 billion yuan, a 71.96% increase [2][3]. - The company's gross margin rose to 33.37%, up 13.89 percentage points year-on-year, while the net margin reached 21.35%, up 12.58 percentage points year-on-year, significantly exceeding the global PCB industry average of 10%-15% [2][3]. Group 3: Market Outlook - Shenghong Technology anticipates continued growth in downstream industries such as automotive electronics and server/data storage, driven by AI, which will support high growth in multilayer boards and packaging substrates [3]. - The company expects a quarter-on-quarter net profit growth of no less than 30% in Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [3]. Group 4: Capacity Expansion and Globalization - To meet the surge in orders, Shenghong Technology is accelerating capacity expansion, with plans to raise up to 1.98 billion yuan through a stock issuance for overseas projects in Vietnam and Thailand [4]. - The company has a strong order backlog and a good capacity utilization rate, with new capacity expected to come online in June 2025, significantly enhancing its high-end HDI and multilayer production capabilities [4]. - Shenghong Technology has been focusing on globalization, with over 50% of its orders coming from overseas, achieved through acquisitions and investments in foreign factories [4]. Group 5: R&D and Innovation - The company has invested over 2 billion yuan in R&D since its listing, establishing comprehensive technological capabilities across the PCB industry chain [4][5]. - Shenghong Technology holds 399 patents, with innovations in AI computing, robotics, low-altitude economy, and autonomous driving, and has established partnerships with leading companies in the humanoid robotics sector [5]. - The company plans to continue increasing R&D investment to enhance product competitiveness and provide high-quality products and services to global customers [5].

Core Viewpoint - The company, Shenghong Technology, has reported significant growth in its financial performance, driven by increased orders related to AI computing power and a strong global expansion strategy [1][3]. Financial Performance - In Q1 2025, Shenghong Technology achieved a revenue of 4.312 billion yuan, representing a year-on-year increase of 80.31%, and a net profit of 921 million yuan, up 339.22% [1][3]. - For the full year 2024, the company reported a revenue of 10.731 billion yuan, a growth of 35.31%, and a net profit of 1.154 billion yuan, which is a 71.96% increase [3]. Product and Market Position - Shenghong Technology specializes in high-density printed circuit boards (PCBs), with products used in AI, automotive electronics, and aerospace sectors [2]. - The company has successfully entered the supply chains of major global clients such as NVIDIA, AMD, Intel, Tesla, Microsoft, Bosch, Amazon, Google, and Delta [3]. Global Expansion Strategy - The company has prioritized international expansion, with overseas orders now accounting for over 50% of total orders [5]. - Shenghong Technology plans to invest $260 million to establish a production base in Vietnam and has acquired 100% of APCB to enhance its overseas production capabilities [5]. - The company is also increasing its production capacity in Thailand and Vietnam, with plans to raise up to 1.9 billion yuan for various projects [5][6]. Research and Development - From 2020 to 2024, Shenghong Technology's cumulative R&D expenditure reached 1.603 billion yuan, reflecting its commitment to innovation as a core driver of growth [1][6]. - The company has consistently ranked among the top PCB manufacturers in China and globally, indicating its strong market position [6].