证券研究报告 | 朝闻国盛 gszqdatemark 2025 03 13 年 月 日 朝闻国盛 润泽科技（300442.SZ）-数据中心龙头，AI 拉动新一轮需求上 涨 今日概览 重磅研报 【固定收益】当前债市与 2022 年赎回潮有何异同？——20250312 【通信&计算机】润泽科技（300442.SZ）-数据中心龙头，AI 拉动新一 轮需求上涨——20250312 研究视点 gszqdatemark 2025 03 13 年 月 日 重磅研报 【固定收益】当前债市与 2022 年赎回潮有何异同？ 对外发布时间: 2025 年 03 月 12 日 【电子】胜宏科技（300476.SZ）-2025Q1 业绩大超预期，AI PCB 龙头 凌空起——20250312 | 作者 | | --- | 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com | 行业表现前五名 | | | | | --- | --- | --- | --- | | 行业 | 1 月 | 3 月 | 1 年 | | 机械设备 | 9.1% | 8.6% | 28.2% | | 钢铁 ...

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology [5] Core Views - Shenghong Technology's Q1 2025 performance significantly exceeded market expectations, indicating the beginning of high growth driven by barriers, customers, and R&D, positioning the company as a global leader in AI PCB [1][2] - The company is expected to achieve revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.3%, and a net profit of 1.135 billion yuan, up 69.0% year-on-year [11] - For Q1 2025, the forecasted net profit ranges from 780 million to 980 million yuan, representing a year-on-year growth of 272.12% to 367.54% [2] Summary by Sections Performance Analysis - The company anticipates a significant increase in orders for high-value products such as high-density interconnect (HDI) and AI multi-layer boards, driven by the acceleration of new AI server products from overseas major clients [2][3] - The complexity and high barriers associated with AI HDI technology are highlighted, with Shenghong's capabilities demonstrating a significant competitive advantage over other leading manufacturers [3] Product Development - Shenghong Technology has achieved a leading position in AI HDI technology and is rapidly advancing in high multi-layer board technology, collaborating closely with key clients to explore new product structures and materials [4] - The company has successfully integrated new technologies and materials, enhancing its product offerings and establishing a strong technical barrier in the industry [4] Market Trends - The report emphasizes the ongoing trend of AI HDI technology, which is essential for the performance upgrades of chip products, necessitating more efficient PCB designs [3] - The company is well-positioned to capitalize on the high demand for AI PCBs, with ongoing capacity expansions in Thailand and Vietnam to meet global needs [9] Financial Projections - Revenue forecasts for 2025 and 2026 have been raised to 20.115 billion yuan and 26.200 billion yuan, respectively, with net profit estimates adjusted to 4.620 billion yuan and 6.391 billion yuan [9] - The report projects a significant increase in profitability, with a PE ratio of 13.1 for 2025 and 9.4 for 2026, indicating strong future earnings potential [11]