高阶HDI及高多层板

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胜宏科技(300476):25H1业绩大幅增长,持续巩固AI算力领域布局领先地位
Great Wall Securities· 2025-08-29 10:50
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][17]. Core Insights - The company has significantly increased its performance in the first half of 2025, achieving a revenue of 9.031 billion yuan, a year-on-year growth of 86.00%, and a net profit attributable to shareholders of 2.143 billion yuan, a year-on-year increase of 366.89% [2][4]. - The company is strengthening its technological barriers and consolidating its leading position in the AI computing power sector, having made breakthroughs in high-layer and high-density interconnect (HDI) technologies, which positions it as a key partner for major tech firms globally [2][3]. Financial Performance Summary - Revenue projections for the company are as follows: 7,931 million yuan in 2023, 10,731 million yuan in 2024, 19,297 million yuan in 2025, 24,909 million yuan in 2026, and 30,362 million yuan in 2027, with growth rates of 0.6%, 35.3%, 79.8%, 29.1%, and 21.9% respectively [4][10]. - The net profit attributable to shareholders is projected to be 671 million yuan in 2023, 1,154 million yuan in 2024, 4,561 million yuan in 2025, 6,536 million yuan in 2026, and 8,234 million yuan in 2027, with growth rates of -15.1%, 72.0%, 295.1%, 43.3%, and 26.0% respectively [4][10]. - The company's earnings per share (EPS) are expected to be 0.78 yuan in 2023, 1.34 yuan in 2024, 5.29 yuan in 2025, 7.58 yuan in 2026, and 9.54 yuan in 2027 [4][10]. Market Position and Strategy - The company is implementing a "China + N" globalization strategy, enhancing its operational network through domestic and overseas factories, which supports its leading position in the PCB industry and its advantages in AI computing power and servers [3]. - The company has a high capacity utilization rate and is expanding its production capabilities for high-end products, including HDI and multi-layer boards, with ongoing projects in Huizhou, Thailand, and Vietnam [3].
【招商电子】胜宏科技:Q2业绩指引高增符合预期,加速扩产望激发AI业务未来爆发潜力
招商电子· 2025-04-23 09:19
点击招商研究小程序查看PDF报告原文 公司发布2025年一季报,25Q1收入 43.1 亿同比+80.3%环比+42.2%,归母净利9.21 亿同比+339.2%环比+136.2%,扣非归母净利 9.24 亿同比 +347.2%环比+153.9%。公司预计 Q2净利润环比增长不低于 30%,25H1净利润同比超过 360%。结合公司近况,我们点评如下: 投资评级定义 股票评级 以报告日起6个月内,公司股价相对同期市场基准(沪深300指数)的表现为标准: 25Q1收入创历史新高,利润超出指引区间中值,主要受益于公司AI相关高毛利订单爆发。 Q1收入43.1亿同比+80.3%环比+42.2%,归母净利9.21亿 同比+339.2%环比+136.2%,扣非归母净利 9.24 亿同比+347.2%环比+153.9%,经营性现金流净额 4.24 亿同比+134.6%,期末存货 23.3 亿较期初增 加 2.8 亿 。 毛 利 率 33.37% 同 比 +13.89pct 环 比 +7.68pct , 净 利 率 21.35% 同 比 +12.58pct 环 比 +8.50pct , 期 间 费 用 率 为 7.59% ...