Core Insights - The company reported a total revenue of 14.117 billion yuan for Q3 2025, representing a year-on-year growth of 83.40% [1] - The net profit attributable to shareholders reached 3.245 billion yuan, with a significant year-on-year increase of 324.38% [1] - The basic EPS was 3.78 yuan, and the average ROE stood at 26.93% [1] Industry Overview - The global PCB market is projected to reach a value of 73.565 billion USD in 2024, with a year-on-year growth of 5.8%, and is expected to grow to 94.661 billion USD by 2029, reflecting a CAGR of 5.2% from 2024 to 2029 [1] - In mainland China, the PCB market is anticipated to be valued at 41.213 billion USD in 2024, with a projected market size of 49.704 billion USD by 2029, indicating a CAGR of 3.8% [1] - The demand for high-end products like HDI is rapidly increasing due to advancements in AI and AI computing power, with the global HDI market expected to reach 17.037 billion USD by 2029, growing at a CAGR of 6.4% from 2024 to 2029 [2] Company Strategy - The company is focusing on key technology routes related to GPU and CPU, investing in forward-looking technology layouts [3] - It aims to tackle challenges in cutting-edge technologies such as PCIe 6, Oakstream platform, and high-speed transmission devices [3] - The company is committed to technology-driven innovation and product development, emphasizing a market strategy of "technology marketing and quality winning" [3] Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 20.876 billion yuan, 31.043 billion yuan, and 45.180 billion yuan, respectively [3] - Net profit forecasts for the same period are 5.479 billion yuan, 8.638 billion yuan, and 12.790 billion yuan, with an upward revision for 2026-2027 compared to previous estimates [3] - The corresponding PE ratios are projected to be 52X, 33X, and 122X, maintaining a "buy" rating [3]

胜宏科技（300476） 公司点评 胜宏科技:业绩高速成长,Al 需求旺盛助力公司未来发展 投资评级:买入(维持) 报告日期:2025-10-29 | 收盘价（元） | 327.00 | | --- | --- | | 近 12 个月最高/最低（元） | 355.0/39.2 | | 总股本（百万股） | 870 | | 流通股本(百万股) | 855 | | 流通股比例 (%) | 99.1 | | 总市值 (亿元) | 2846 | | 流通市值(亿元) | 2797 | 公司价格与沪深 300 走势比较 770% 670% 570% 470% 370% 270% 170% 分析师:陈耀波 执业证书号: S0010523060001 郎箱: chenyaobo@hazq.com 分析师:李元晨 执业证书号: S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点: ● 事件点评:胜宏科技发布 2025年第三季度报告 2025 年三季报正式披露,营业总收入 141.17 亿元,同比去年增长 83.40%,归母净利润为 32.45 亿元,同比去年增长 324.38%,基本 EPS ...