赛道Hyper | 达链核心：胜宏科技Q1赚爆

Core Viewpoint - Shenghong Technology continues to demonstrate strong performance in Q1 2025, maintaining its position as a leading player in the PCB industry, particularly in the AI PCB sector, with significant revenue and profit growth driven by technological advancements and market opportunities [1][2][6]. Financial Performance - In Q1 2025, Shenghong Technology reported total revenue of 4.312 billion yuan, a year-on-year increase of 80.31% [2][5]. - The net profit attributable to shareholders reached 921 million yuan, marking a staggering year-on-year growth of 339.22% [2][5]. - The gross margin improved to 33.37%, up 13.89 percentage points from the previous year, while the net margin reached 21.35%, an increase of 12.58 percentage points [3][5]. - Operating cash flow for Q1 2025 was 424 million yuan, reflecting a 134.60% increase compared to the same period last year [4][5]. Market Position and Growth Drivers - Shenghong Technology ranks 13th globally among PCB suppliers and 4th among domestic manufacturers in mainland China, with a leading market share in AI computing cards and data center products [1][2]. - The company has achieved a significant increase in the proportion of high-margin products, with AI server PCBs accounting for over 60% of revenue in Q1 2025, up from 35% in 2024 [3][6]. - The global AI server market is projected to reach $31.79 billion in 2025, with Shenghong Technology positioned as a core supplier for NVIDIA's GB200 server PCBs, which have a value 5-8 times higher than traditional servers [6][7]. Technological Advancements - Shenghong Technology has successfully enhanced its HDI yield from below 50% to 85%, surpassing the industry average of 70%, while maintaining a 12% lower unit cost compared to competitors [1][2]. - The company is among the first to achieve mass production of 28-layer acceleration cards and has developed advanced 5th and 6th generation HDI technologies, meeting the high demands of NVIDIA's GB200 NVL72 architecture [8][9]. - Ongoing R&D investments focus on high-layer PCBs and high-frequency materials, solidifying the company's competitive edge in the high-end PCB market [6][9]. Competitive Landscape - Shenghong Technology's gross margin and net margin significantly exceed those of competitors, with a gross margin of 33.37% compared to 25.12% for its closest rival, Shenzhen Deep South Circuit [10]. - The company has established deep partnerships with leading clients such as NVIDIA and AMD, enhancing its market position and order visibility [10][11]. - Shenghong Technology forecasts a net profit growth of no less than 30% in Q2 2025, with a year-on-year increase in net profit expected to exceed 360% for the first half of the year [10].