来源：洞察IPO 2026年2月24日，胜宏科技（300476.SZ）再度向港交所递交主板上市申请，联席保荐机构为摩根大通、 中信建投国际与广发证券。 这是胜宏科技继2025年8月首次递表失效后，第二次冲击港股IPO，公司于2015年在深交所创业板上 市，截至2026年2月25日收盘，胜宏科技股价报292.58元，市值约2552.93亿元。 01 行业"卖水人" 作为AI算力赛道的核心供应商，胜宏科技已登顶全球AI及高性能计算PCB市占率榜首，成为行业"卖水 人"。 胜宏科技本次赴港港股上市，是公司全球化与资本战略的关键一步。公司已在A股创业板上市多年，依 托AI产业爆发实现市值与业绩双跃升，此次登陆港股，意在搭建境内外联动的融资体系，支撑高端产 能扩张、技术研发投入与全球市场拓展。 产品结构同步升级，高阶HDI与高多层PCB收入占比持续提升，低附加值传统产品占比不断压缩，整体 产品矩阵向高端化、高毛利化转型。 02 三重核心风险 总的来看，胜宏科技近年业绩增长态势显著。 2022年至2024年，胜宏科技收入分别约为78.85亿元、79.31亿元、107.31亿元。2025年前三季度，公司 营收同比增长83. ...

招股书显示，胜宏科技是全球领先的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。凭借领先的技术、高品质产品 和强大的生产能力，成为众多全球顶尖科技企业的重要合作伙伴。根据弗若斯特沙利文的资料，以2025年第一季度人工智能及高性能算力PCB收入规模计， 公司的市场份额位居全球第一，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。 智通财经APP获悉，胜宏科技(惠州)股份有限公司(简称：胜宏科技(300476.SZ))于2025年8月20日所递交的港股招股书满6个月，于2026年2月20日失效，递表 时摩根大通、中信建投国际、广发证券(香港)为联席保荐人。 ...

智通财经APP获悉，胜宏科技(惠州)股份有限公司(简称：胜宏科技(300476.SZ))于2025年8月20日所递交的港股招股书满6个月，于2026年2月20日失效，递表 时摩根大通、中信建投国际、广发证券(香港)为联席保荐人。 招股书显示，胜宏科技是全球领先的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。凭借领先的技术、高品质产品 和强大的生产能力，成为众多全球顶尖科技企业的重要合作伙伴。根据弗若斯特沙利文的资料，以2025年第一季度人工智能及高性能算力PCB收入规模计， 公司的市场份额位居全球第一，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。 ...

Core Viewpoint - Shenzhen Toptech Technology Co., Ltd. has submitted its registration, focusing on smart controllers and industrial IoT solutions, and is recognized as a national-level specialized and innovative "little giant" enterprise [1] Group 1: Company Performance - Toptech reported a total revenue of 1.132 billion yuan and a profit of 111 million yuan for 2025, showing steady growth year-on-year [1] - The company successfully passed the listing committee review of the Beijing Stock Exchange in January, becoming one of the first companies to be approved in the new year [1] Group 2: Investment Banking Activities - GF Securities, the exclusive sponsor for Toptech, ranks sixth in the industry with 13 IPOs among the 348 companies currently in the A-share IPO queue, focusing on specialized and innovative enterprises and strategic emerging industries [1][2] - Guangdong-based Yu-Chip Semiconductor, another company supported by GF Securities, is the first 12-inch wafer manufacturing enterprise to enter mass production in the province, planning to raise 7.5 billion yuan through an IPO on the ChiNext board [2] Group 3: Industry Trends - The proportion of specialized and innovative enterprises among the companies sponsored by GF Securities reached 82.98% as of June 2025, significantly higher than the market average [3] - The report from Ernst & Young and Zhejiang University indicates that the proportion of specialized and innovative listed companies in total listings was 47.66%, 45.05%, and 60.00% for the years 2022, 2023, and 2024, respectively [3] Group 4: Strategic Focus - GF Securities is enhancing its industry research capabilities and transitioning to a comprehensive financial "resource allocation investment bank," focusing on specialized and innovative industries [4] - The stock price of Shenghong Technology, a leading supplier of AI and high-performance computing PCBs, increased nearly sixfold from 41.92 yuan to 287.58 yuan in 2025, reflecting the growing demand for AI infrastructure [4] Group 5: Future Outlook - GF Securities' investment banking business is expected to continue releasing potential by focusing on specialized and innovative industries, aiding more such enterprises in entering the capital market [5]

Group 1 - The company expects to turn a profit in the fiscal year 2025, with the performance forecast period from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies between the company and the auditors [1][3] - The main reasons for the performance changes include stable revenue growth due to industry recovery, with specific impacts from the FCBGA packaging substrate business and the high-layer PCB business [3] Group 2 - The FCBGA packaging substrate business has not yet achieved mass production, resulting in a financial drag with an annual expense of approximately 660 million yuan, although sample order quantities have significantly increased year-on-year [3] - The high-layer PCB business incurred a loss of about 100 million yuan for the year, but quarterly losses have been narrowing, nearing breakeven in the fourth quarter [3] - Other financial impacts include interest expenses from convertible bonds of approximately 17 million yuan, a fair value loss of about 38 million yuan from equity redemption rights, and an increase in income tax expenses of about 36 million yuan due to high-tech enterprise certification [4] Group 3 - The total impact on the company's net profit attributable to shareholders is approximately 100 million yuan [5] - The company has not identified any significant uncertainties affecting the accuracy of the performance forecast as of the announcement date [6]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 132 million to 140 million yuan in 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between 138 million and 146 million yuan, also indicating a return to profitability year-on-year [1] - The company’s revenue is experiencing stable growth due to industry recovery [1] Business Segments - The FCBGA packaging substrate business of Guangzhou Xingsen Semiconductor Co., Ltd. has not yet achieved mass production, which continues to drag on profitability, with total expenses for the year amounting to approximately 660 million yuan [1] - The sample order quantity for the FCBGA business has seen significant year-on-year growth [1] - The high-layer PCB business of Yixing Silicon Valley Electronic Technology Co., Ltd. suffered a loss of about 100 million yuan for the year due to suboptimal product structure, although quarterly losses have been narrowing, with the fourth quarter nearing breakeven [1]

Core Viewpoint - The company expects a net profit attributable to shareholders of 132 million to 140 million yuan for the year 2025, indicating a turnaround from losses in the previous year [1] Group 1: Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses of 138 million to 146 million yuan for 2025 [1] - The net profit is expected to show a year-on-year improvement, moving from a loss to profitability [1] Group 2: Revenue and Business Impact - The company's revenue is projected to grow steadily due to industry recovery, with significant contributions from its subsidiaries [1] - The FCBGA packaging substrate business has not yet achieved mass production, impacting profitability, with an annual expense of approximately 660 million yuan [1] - The high-layer PCB business is expected to incur a loss of about 100 million yuan for the year, although quarterly losses are narrowing, nearing breakeven in Q4 [1] Group 3: Other Financial Influences - Interest expenses related to convertible bonds are estimated to impact profits by about 17 million yuan [1] - Fair value loss from the redemption rights of Guangzhou Xingsen Semiconductor Co., Ltd. is expected to be around 38 million yuan [1] - The company anticipates an increase in income tax expenses by approximately 36 million yuan due to the recognition of deferred tax assets following the high-tech enterprise certification of Zhuhai Xinke Semiconductor Co., Ltd. [1] - The company expects to recognize a fair value loss of about 13 million yuan from its investment in Shenzhen Ruijun Semiconductor Co., Ltd., which continues to operate at a loss [1]

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies, such as昊志机电 and 胜宏科技 [1][3][5] Company Performance - 昊志机电 expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%, with a non-net profit forecast of 77 million to 112 million yuan, reflecting a growth of 79.77% to 163.19% [1][3] - 胜宏科技 anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, indicating a year-on-year increase of 260.35% to 295% [3][5] Market Drivers - The growth in the PCB industry is attributed to the rapid increase in demand for AI computing infrastructure and the continuous upgrade of consumer electronics, which has significantly boosted sales of specialized processing equipment [3][5] - The sales revenue of PCB spindle products from 昊志机电 reached 169 million yuan, marking an increase of 83.99% [3] Industry Trends - The PCB market is entering a high prosperity cycle due to the explosive growth of AI applications, with increasing demand for high-density interconnect (HDI) and multi-layer boards [7] - Consulting firm Prismark predicts a global PCB market value growth of approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029 [7] Competitive Landscape - Companies like 金安国纪 and 东威科技 are also forecasting significant profit growth, with 金安国纪 expecting a net profit of 280 million to 360 million yuan, reflecting a year-on-year increase of 655.53% to 871.40% [6][7] - The industry is witnessing a trend of domestic companies enhancing their production capacity and focusing on high-end products to maintain competitive advantages in the global market [5][6]

Core Insights - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics [1][4][9] Company Performance - Haoshi Electromechanical expects a net profit increase of 54.4% to 99.03% for 2025, with projected profits between 128 million to 165 million yuan [2] - The company attributes its growth to the rising demand in the PCB market driven by AI computing infrastructure and consumer electronics upgrades, alongside accelerated domestic substitution and technological innovation [2][4] - Shenghong Technology anticipates a net profit increase of 260.35% to 295% for 2025, with expected profits between 4.16 billion to 4.56 billion yuan [5] - The company emphasizes its commitment to embracing AI and capitalizing on the historical opportunities presented by the AI computing technology revolution [6][7] Market Trends - The PCB industry is witnessing structural growth due to the rapid increase in demand for AI computing infrastructure and continuous upgrades in consumer electronics [4][9] - The global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029 [9] - The demand for high-density interconnect (HDI) and high-layer count boards is surging, leading global PCB companies to increase capital investments and expand high-end production capacity [9] Other Companies' Performance - Other PCB companies, such as Jin'an Guoji, Xinqi Microelectronics, and Guanghe Technology, are also expected to report significant profit increases in 2025 [8] - Jin'an Guoji anticipates a net profit of 280 million to 360 million yuan, representing a year-on-year growth of 655.53% to 871.40% [8]

Core Insights - The company has the capability for mass production of high-precision circuit boards with over 70 layers, positioning itself as a leader in the industry [1] - It is among the first globally to achieve large-scale production of 6-stage 24-layer AI computing data center products, showcasing its advanced technological capabilities [1] - The company is actively advancing the research and certification of 10-stage 30-layer HDI technology and possesses capabilities for over 100-layer high multilayer PCB technology [1]