Shenghong Technology: The Champion in AI Computing Power PCBs, Could List as Early as This Month
Follow Brother Er Gou, and your IPO journey in Hong Kong stocks will be a triumphant march～～
Last Sunday, which was March 29th, A-share's big bull stock Shenghong Technology passed the Hong Kong Stock Exchange's hearing and is expected to launch its IPO this month. Brother Er Gou is quite looking forward to it.
Brother Er Gou went all in on Shenghong Technology in 2025, of course, made a profit and got out. Although he didn't ride it to the peak, he's still grateful.
The company is one of the leading global suppliers of AI and high-performance computing printed circuit board (PCB) products, focusing on the R&D, production, and sales of high-end high-density interconnect (HDI) and high-layer count PCBs.
The company possesses the capability to manufacture PCBs with over 100 layers. It is among the first globally to achieve mass production of 6-step 24-layer HDI products and has the technical ability for 10-step 30-layer HDI and 16-layer Any-layer HDI.
The company's core applications cover key equipment such as AI computing cards, servers, AI servers, data center switches, and general substrates.
According to Frost & Sullivan, based on the revenue scale of AI and high-performance computing PCBs in the first half of 2025, the company ranked first globally with a 13.8% market share; in 2024, based on the same metric, the company ranked seventh globally with a 1.7% market share.
In terms of revenue, the company's 2025 revenue was 19.292 billion yuan. Revenue for 2026E, 2027E, and 2028E is projected to reach 36.605 billion yuan, 64.749 billion yuan, and 87.785 billion yuan, respectively, with year-on-year growth rates of 90%, 77%, and 36% from 2026 to 2028, indicating strong growth momentum.
In terms of profit, the 2025 EPS was 4.98 yuan. EPS for 2026E, 2027E, and 2028E is projected to reach 11.46 yuan, 20.91 yuan, and 27.76 yuan, respectively, showing strong resonance between earnings growth and revenue expansion.
As a core supplier to NVIDIA, the company's chairman, Chen Tao, was also the only one from the mainland invited to attend the supplier dinner hosted by Boss Huang, which highlights its core position.
Actually, Shenghong Technology's performance hasn't been good recently. Brother Er Gou thinks it's mainly due to the following aspects:
1. The YL situation is escalating, and Trump's various concept maneuvers have caused the entire capital market to be volatile, showing how fickle people's sentiments are.
2. Shenghong Technology's 2025 private placement price was 248 yuan, and the current stock price is hovering around 250 yuan, which serves as a basic anchor for pricing.
3. The Hong Kong listing is imminent, and A-share funds are waiting for it. Once the Hong Kong IPO price is set, Da Shengzi will basically open up room for growth.
4. Of course, the most crucial point comes last: the Q1 report hasn't been released yet, and it's 99.99% likely to significantly exceed expectations. After all, products are in short supply, the company is actively expanding production, and capacity from the Huizhou factory buildings 4 and 9 and Thailand's A2 building has already been released in Q1.
Finally, Er Gou needs to emphasize that Brother Er Gou has bought some Shenghong Technology recently. My position influences my view, and I'm looking forward to Da Shengzi's Hong Kong listing。。。。。。
Follow Brother Er Gou, and your IPO journey in Hong Kong stocks will be a triumphant march～～
$VGT(300476.SZ) $胜宏科技(惠州)股份有限公司(25198.HK) $NVIDIA(NVDA.US)
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