报告期内，胜宏科技坚定执行"拥抱AI，奔向未来"的核心发展理念，精准把握AI算力技术革新与数据中 心升级浪潮带来的历史新机遇，占据全球PCB制造技术制高点，凭借研发技术优势、制造技术优势和品 质技术优势，深耕细作国际头部大客户，快速落地AI算力、数据中心等领域的产品布局，实现大规模 量产，产品结构持续优化，推动公司业绩高速增长。 2025年上半年，胜宏科技充分发挥自身技术优势，深度参与客户产品预研，深化与全球头部科技行业客 户战略合作。公司率先突破高多层与高阶HDI相结合的核心技术壁垒，具备100层以上高多层板制造能 力，是全球首批实现6阶24层HDI产品大规模生产，及8阶28层HDI与16层任意互联(Any-layer)HDI技术 能力的企业，并加速布局下一代产品，支持最前沿人工智能产品及自动驾驶平台。凭借领先的技术能 力、交付能力和全球化服务能力，公司已成为国内外众多头部科技企业的核心合作伙伴，在AI算力 卡、AI Data Center UBB和交换机市场份额全球领先。根据Prismark数据，公司位列全球PCB供应商第6 名、中国内资PCB厂商第3名。 全球化布局上，2025上半年，胜宏科技坚定实施" ...

Core Viewpoint - The current AI wave is driving significant growth in the industry chain, particularly benefiting companies like Victory Technology, which is seen as a key player in the "NVIDIA chain" [1][2]. Company Overview - Victory Technology's stock price surged from 41.54 CNY per share at the beginning of the year to 230.70 CNY by August 15, marking a 452% increase and a market capitalization of 199 billion CNY [2]. - The company is expanding its business from traditional consumer electronics and communication markets to automotive electronics and AI computing, with plans for a Hong Kong IPO to seek greater overseas development opportunities [2][16]. Industry Dynamics - The PCB industry has experienced significant shifts, with production moving from North America, Europe, and Japan to Asia, particularly China, which became the largest PCB producer in 2006 [4]. - The global PCB market is projected to recover in 2024, with an estimated total output value of approximately 74 billion USD, reflecting a growth of about 5.8% [11]. Financial Performance - In Q1 2023, Victory Technology reported an 80.31% year-on-year increase in revenue and a 339.22% increase in net profit, significantly outperforming peers [14]. - The company anticipates a net profit growth of no less than 30% quarter-on-quarter by Q2 2025 and over 360% year-on-year for the first half of 2025 [14]. Strategic Initiatives - Victory Technology has been actively expanding its production capacity and product offerings, including the acquisition of Pole Star Limited to enhance its PCB product range [9]. - The company is focusing on high-end markets and has plans to invest in projects in Vietnam and Thailand to support its international expansion [16]. Market Trends - The demand for high-density interconnect (HDI) and IC packaging substrates is expected to grow, with the market for 18-layer and above multilayer boards projected to increase at a compound annual growth rate of 15.7% from 2024 to 2029 [13]. - The company has established a diverse customer base, including major international firms like NVIDIA, AMD, and Tesla, indicating strong market positioning [14].

每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①PCB+英伟达+人形机器人+算力+数据中心！这家公司AI算力卡市场份额全球第一且产品最终广泛应用 于英伟达等客户，应用于人形机器人的PCB产品已小批量出货；②创新药+减肥药！这家公司已在国内获 批上市23款1类创新药和4款2类新药；③光模块+铜缆高速连接+石英砂！公司投建高速率光模块生产基地 项目额度增至8亿元。 前言 ...

Core Viewpoint - Shenghong Technology's board has approved the issuance of H-shares and application for listing on the Hong Kong Stock Exchange to enhance global brand recognition and competitiveness, with a proposed issuance of H-shares not exceeding 10% of the total share capital post-issuance [1] Group 1: Financial Performance - In 2024, Shenghong Technology achieved revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, up 71.96% [1] - In Q1 2025, the company reported revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit of 921 million yuan, reflecting a staggering increase of 339.22% [1] - The company forecasts a net profit growth of no less than 30% quarter-on-quarter for Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [2] Group 2: Market Position and Strategy - Shenghong Technology has capitalized on the AI boom, with over 40% of its revenue in Q1 2025 coming from AI computing and data center-related products, holding the largest market share in AI computing cards globally [1] - The competitive landscape in the domestic PCB industry for AI servers is relatively stable, with companies at various stages of production and development; Shenghong Technology has achieved large-scale production of AI server-related PCB products and has entered the supply chain of top global server clients [2] Group 3: Stock Performance - Since January 2024, Shenghong Technology's stock price has increased by over 10 times [3] - As of July 29, 2023, the stock price closed at 189.25 yuan per share, with a market capitalization of 163.3 billion yuan [4]

Group 1 - The company, Shenghong Technology, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital strength [2] - Shenghong Technology is recognized as a leading player in the PCB industry, with a significant operational footprint of 236,000 square meters and approximately 15,000 employees [2] - The company has implemented strategies focused on "smart factories, green manufacturing, and high-quality services," and has been a pioneer in industry transformation, achieving "national-level green factory" certification [2] Group 2 - The company has production capabilities for 28-layer HDI circuit boards and 14-layer high-precision HDI interconnection boards, positioning itself among the top in international technology [3] - Shenghong Technology has become a core partner for major international companies such as NVIDIA and Tesla [3] - In Q1 2025, the company's net profit reached a record high of 980 million yuan, representing a year-on-year increase of 367.54% [3]

答：厂房四项目按计划有序推进中，预计6月中旬开 始正式投产，新建厂房投产初期的产线磨合和产能产量逐 步释放是行业的必经过程，公司对后续的生产经营及效益 实现充满信心。 3、公司订单情况？ 答：目前公司在手订单饱满，业务进展顺利，订单生 产和交付均在正常履行中。 4、公司为什么能做到这么好的良率水平？ 公司依托数字工厂与智慧化品控体系，贯通"研发-生 产-追溯"全链路，技术水平处于行业领先地位。凭借领先 的研发技术优势、制造技术优势和品质技术优势，深度参 与国际头部大客户新产品预研，从产品规划到技术能力提 升，再到扩产计划，全程跟踪服务客户，已形成较强的技 术壁垒与客户粘性，市场竞争力强劲，构建了深厚的护城 河。 2、厂房四的建设投产情况？ 证券代码：300476 证券简称：胜宏科技 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | 现场参观 | | | ☐其他 摩根士丹利、盘京投资、国盛证券、粤民投、铭海基金、 | | 参与单位名称及人员姓名 | 榕湖投资、歌汝投资、巨子投资、富安达投 ...