丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨胜宏科技（300476.SZ） [Table_Title] 胜宏科技 2025 年三季报点评：全球 AI PCB 领 先企业，旺盛需求加速成长 报告要点 [Table_Summary] 胜宏科技发布 2025 年三季报：2025 年前三季度，公司实现营业收入 141.17 亿元，同比增长 83.40%；实现归母净利润 32.45 亿元，同比增长 324.38%；分别实现毛利率和净利率 35.85% 和 22.98%。单季度看，2025Q3 公司实现营业收入 50.86 亿元，同比增长 78.95%，环比增长 7.80%；实现归母净利润 11.02 亿元，同比增长 260.52%，环比下滑 9.88%；分别实现毛利率 和净利率 35.19%和 21.66%。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 research.95579.com 1 [Table_scodeMsg2] 胜宏科技（300476.SZ） cjzqdt11111 [Table_Title 胜宏科技 2 ...

Core Insights - The PCB sector has experienced significant growth, with the CITIC PCB Index rising over 140% since April, driven primarily by the explosive demand for AI computing power [1][3][5] - The current market valuation of the PCB sector is not excessively high, as it reflects the growth potential and certainty of companies that can capitalize on AI benefits [1][6][7] Industry Trends - The demand for AI computing power is the main driver of the PCB industry's growth, with AI servers requiring more advanced and higher-layer PCBs compared to traditional servers [3][4][12] - The PCB industry is entering a high-growth phase, supported by strong mid-year financial reports indicating improved profitability and capital expenditure plans exceeding 30 billion yuan from leading companies [9][10][11] Valuation and Market Sentiment - Despite recent price increases, many leading PCB companies still have reasonable valuations, with some trading at dynamic P/E ratios in the teens, indicating potential for further appreciation [6][7] - The market is differentiating between companies based on their ability to secure AI-related orders and maintain technological advantages, leading to a more selective investment approach [6][7][11] Long-term Growth Logic - The long-term growth logic of the PCB industry is clear, driven by the continuous increase in computing power demand and advancements in PCB technology [12][13] - Key factors for sustaining industry prosperity include ongoing global AI infrastructure development and domestic companies' breakthroughs in high-end products [12][13] Investment Opportunities - In addition to PCB, the consumer electronics sector, particularly innovations in edge AI hardware, presents significant investment opportunities [2][13] - The focus on "selling shovels" in the AI revolution emphasizes investing in leading PCB companies that are deeply integrated into the supply chains of major tech firms [15][16]