证券代码：300476 证券简称：胜宏科技 公告编号：2026-013 一、担保情况概述 胜宏科技（惠州）股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日、2026 年 1 月 28 日分别召开了第五届董事会第十二次会议和 2026 年第一次 临时股东会，审议通过了《关于 2026 年度担保额度预计的议案》，同意公司为 合并报表范围内部分全资子公司的融资提供担保，担保总额度预计不超过人民币 263,445 万元，担保额度在有效期内可循环滚动使用，任一时点的实际担保余额 不得超过上述额度。担保方式包括但不限于保证、抵押、质押等；担保金额、担 保期限、担保方式等具体担保条款，均以与债权人签订的最终协议为准。公司可 以根据实际情况，在上述额度范围内，在符合要求的担保对象之间进行担保额度 的调剂。担保额度期限自 2026 年第一次临时股东会审议通过后十二个月内有效。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《关于 2026 年度担保额度预计的公告》（公告编号：2026-005）。 二、担保的进展情况 近日，公司全资子公司 Pole Star Limited（以下简称" ...

格隆汇2月13日｜胜宏科技公告称，2026年1月23日，公司拟通过新加坡全资孙公司MFSS以现金收购 TCL中环新能源控股子公司间接全资持股的SPMY100%股权，购买总对价不超5100万美元。2月13日， MFSS按约定支付全部交易对价款，资金源于自有资金、银行贷款等，与卖方完成全部交割工作。公司 已通过MFSS享有标的公司100%股权权益，未来将改建并整合标的公司，使其成马来西亚FPC/PCB生产 基地。 ...

证券日报网讯 2月12日，胜宏科技在互动平台回答投资者提问时表示，根据中国证券登记结算有限公司 提供的数据，截至2026年1月30日，公司股东人数为217548户。 （文章来源：证券日报） ...

格隆汇2月12日丨胜宏科技(300476.SZ)在互动平台表示，公司专业从事高密度印制线路板的研发、生产 和销售，不涉及AEC产品业务。 ...

Investment Rating - The report maintains a "Recommended" rating for Pengding Holdings (002938) with a target PE of 30x for 2025E and 24x for 2026E, while other companies like Shenghong Technology (300476) and Shengyi Technology (600183) do not have a specific rating [3]. Core Insights - North American cloud vendors are experiencing a significant increase in capital expenditures, driven by AI demand, with total capital expenditures projected to rise from approximately $160 billion to about $450 billion from 2023 to 2025, indicating a strong alignment between capital expenditure growth and AI computing demand [9][25]. - The NPO (Near-Photonics Optics) and CPO (Co-Packaged Optics) technologies are gaining traction in the industry, providing substantial growth opportunities for domestic optical communication companies [31][46]. - The report emphasizes the importance of scalable optical modules in future cloud infrastructure, with NPO currently favored by domestic cloud vendors due to its advantages in interconnect density and cost [34][36]. Summary by Sections North American Cloud Vendors' Financial Performance - Microsoft reported Q4 FY26 revenue of $81.273 billion, a year-over-year increase of 16.72%, with a net profit of $38.458 billion, up 59.52% [12]. - Google achieved Q4 FY25 revenue of $113.828 billion, a 17.99% increase year-over-year, with a net profit of $34.455 billion, up 29.84% [16]. - Amazon's Q4 FY25 revenue reached $213.386 billion, a 13.62% increase year-over-year, with a net profit of $2.1192 billion, up 5.93% [20]. - Meta's Q4 FY25 revenue was $59.893 billion, a 23.78% increase year-over-year, with a net profit of $22.768 billion, up 9.26% [21]. Capital Expenditure Outlook for 2026 - Google is expected to have a capital expenditure of $175-185 billion in 2026, representing a year-over-year increase of 97% [25]. - Meta's capital expenditure is projected to be in the range of $115-135 billion for 2026, indicating a 77% increase year-over-year [27]. - Amazon's capital expenditure for 2026 is estimated at around $200 billion, a 50% increase from previous estimates [20]. NPO and CPO Technology Developments - NPO technology is gaining popularity among cloud vendors due to its high interconnect density and cost-effectiveness, making it suitable for distributed scale-up networks [34][36]. - CPO technology, which integrates optical engines and switching chips, is being actively promoted by NVIDIA and is expected to replace traditional pluggable optical modules in the future [37][42]. - The report highlights the significant development space for domestic optical communication companies driven by the advancements in NPO and CPO technologies [31][46].

Group 1 - The company, Shenghong Technology, highlighted that in the commercial aerospace sector, PCBs serve as critical components providing essential support for related equipment and control systems [1] - Due to commercial policy restrictions, the company is unable to discuss specific customer names and business situations without permission [1]

Group 1 - The core viewpoint is that Shenghong Technology emphasizes the importance of PCBs as critical components in the commercial aerospace sector, providing essential support for related equipment and control systems [1] - Due to commercial policy restrictions, the company is unable to disclose specific customer names and business situations without permission [1]

Investment Rating - The report maintains a "Recommended" rating for Pengding Holdings (002938) with a target price reflecting a potential upside of over 15% compared to the benchmark index [3]. Core Insights - North American cloud vendors are experiencing a significant increase in capital expenditures, driven by ongoing AI demand, with total capital expenditures projected to rise from approximately $160 billion to about $450 billion from 2023 to 2025, indicating a strong alignment with AI computing needs [9][25]. - The NPO (Near-Passive Optical) and CPO (Co-Packaged Optics) technologies are gaining traction, providing substantial growth opportunities for domestic optical communication companies, with NPO being particularly favored by cloud service providers [31][36]. Summary by Sections North American Cloud Vendors' Financial Performance - Microsoft reported Q4 FY26 revenue of $81.273 billion, a year-over-year increase of 16.72%, with net profit rising 59.52% to $38.458 billion, exceeding market expectations [12]. - Google achieved Q4 FY25 revenue of $113.828 billion, up 17.99% year-over-year, with net profit increasing by 29.84% to $34.455 billion, driven by strong cloud business performance [16]. - Amazon's Q4 FY25 revenue reached $213.386 billion, a 13.62% increase year-over-year, with net profit of $2.1192 billion, reflecting robust AWS growth [20]. - Meta's Q4 FY25 revenue was $59.893 billion, up 23.78% year-over-year, with net profit of $22.768 billion, showcasing strong performance in advertising [21]. Capital Expenditure Outlook for 2026 - Google is expected to increase its capital expenditures to a range of $175 billion to $185 billion in 2026, representing a year-over-year growth of approximately 97% [25]. - Meta's capital expenditure guidance for 2026 is set between $115 billion and $135 billion, indicating a nearly 77% increase compared to 2025 [27]. - Amazon's capital expenditure for FY2026 is projected at around $200 billion, a 50% increase from previous estimates, primarily for AI computing and cloud infrastructure [20]. NPO and CPO Technology Developments - NPO technology is gaining popularity among cloud vendors due to its high interconnect density and cost-effectiveness, facilitating the construction of distributed Scale Up networks [34][36]. - CPO technology, which integrates optical engines and switching chips, is being actively promoted by NVIDIA, with plans for deployment in AI supercomputing environments [37][42]. - The report highlights significant opportunities for domestic optical communication companies, recommending continued attention to the CPO and NPO supply chains, including companies like Zhongji Xuchuang and Tianfu Communication [46].

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-8.52 billion), Zhongji Xuchuang (-7.46 billion), and Shenghong Technology (-7.05 billion) [1] - Other notable stocks with capital outflows are Light Media (-6.74 billion), China Duty Free Group (-5.71 billion), and Zhongwen Online (-5.64 billion) [1] - Guizhou Moutai experienced a capital outflow of -5.61 billion, while Aerospace Electronics saw -5.46 billion [1] Group 2 - The stock performance shows that Xinyi Technology had a decline of -0.31%, and Zhongji Xuchuang decreased by -0.17% [2] - Light Media faced a significant drop of -10.8%, while Zhongwen Online fell by -6.91% [2] - Guizhou Moutai's stock decreased by -1.42%, and Aerospace Electronics dropped by -2.33% [2] Group 3 - Other companies with notable capital outflows include Agricultural Bank (-4.80 billion) and China Satellite (-4.79 billion) [3] - Industrial Fulian had a slight decline of -0.24%, while Xian Dao Intelligent saw a minimal change of -0.05% [3] - The overall trend indicates a significant capital outflow from various sectors, including telecommunications, media, and banking [1][2][3]

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and cultural media sectors, highlighting potential investment risks in these areas [1][2][3] Group 1: Stock Performance and Fund Flow - The stock with the highest outflow is Xinyiseng, with a fund outflow of 30.50 billion yuan and a decline of 5.46% [2] - Zhongji Xuchuang follows closely with a fund outflow of 29.64 billion yuan and a decrease of 4.28% [2] - Other notable stocks with significant outflows include BlueFocus with 12.91 billion yuan and a drop of 3.57%, and Jiecheng Co. with 12.13 billion yuan but an increase of 4.73% [2] - Cultural media stocks such as Chinese Online and Guanghua Media also experienced outflows of 10.27 billion yuan (down 6%) and 9.38 billion yuan (up 5.09%), respectively [2][3] Group 2: Sector Analysis - The communication equipment sector is heavily impacted, with both Xinyiseng and Zhongji Xuchuang showing substantial fund outflows [2] - The cultural media sector also shows mixed performance, with some stocks like Guanghua Media gaining while others like Chinese Online are declining [2][3] - The home appliance industry, represented by Sanhua Zhikong and Zhao Chi Co., shows minor outflows of 8.30 billion yuan and 7.45 billion yuan, respectively, with slight declines in stock prices [2][3]