300476 Shenghong Technology
Investor Relations Management Information 20250904
1. The company is rapidly developing under the AI wave and has become a leading company in the AIPCB field. What core competencies does it rely on?
Answer: (1) Strategic Advantage The company firmly embraces the core development philosophy of “Embracing AI, Moving Towards the Future,” seizing historical opportunities brought by the innovation of AI computing power technology and the upgrade of data centers, successfully capturing market opportunities. In the future, the company will continue to focus on technological innovation and product layout around customers, grow together with customers, grasp future technology and product trends, and provide customers with better technology and quality services, continuously enhancing core competitiveness.
(2) Technological Advantage The company leverages its advantages in R&D technology, manufacturing technology, and quality technology, deeply participating in collaborative R&D projects with core customers, entering a critical period of proprietary technology accumulation ahead of schedule, establishing technological barriers, and leading the market in mass production technology by 2-3 years. The company is globally leading in AI computing power and AI server technology.
(3) Quality Advantage The company’s products are stable and highly reliable. The yield rates for high-end HDI and high-layer products are among the highest in the industry. AI technology achieves full coverage at all detection stations in the entire process, enabling automatic judgment, automatic screening, automatic statistics, and automatic analysis, ensuring zero outflow of defective products. By archiving historical data through AI, the company accurately analyzes high-frequency problem occurrence links, promotes continuous improvement of product defects, and achieves the goal of zero-defect production. In addition, the company’s laboratory benchmarks against the American RLI standard, obtaining CNAS national accreditation, with testing accuracy, reliability, and authority exceeding industry standards, and testing efficiency improved by over 50%.
(4) Capacity Advantage The company’s existing production capacity covers multiple regions including Guangdong, Hunan, Thailand, and Malaysia, with the Huizhou headquarters becoming the world’s largest single PCB production base, leading the industry in global delivery and service capabilities. With the upgrades and expansion projects of the Thailand and Vietnam factories gradually coming online, the company’s capacity for high-end products will further increase, better meeting global customer demands.
(5) Customer Advantage With leading advantages in R&D technology, manufacturing technology, and quality technology, the company deeply participates in the pre-research of new products for top international customers, starting relevant technology development reserves 2-3 years in advance, providing full tracking service from product planning to technical capability enhancement to expansion plans, forming strong technological barriers and customer stickiness, with strong market competitiveness, creating a solid moat.
(6) AI Smart Factory Advantage The company is the first in the industry to build a new generation of industrial internet smart factory, achieving a reduction in delivery time by 3-5 days, saving nearly 50% in labor, and increasing capacity by about 40%. It is one of the earliest companies to apply automation equipment on a large scale and build an intelligent manufacturing system.
(7) Management and Cultural Advantage The company’s founder and chairman, Mr. Chen Tao, is a recognized technical expert and leader in the PCB industry, leading the company to accurately grasp industry trends, deeply explore downstream industry demand iteration trends, and promote rapid company development. Under the chairman’s leadership, the company has formed a senior management team with strong technical expertise, rich experience, and an international perspective. At the same time, the company adheres to a talent-driven strategy, establishing a global talent introduction and training system, focusing on the introduction of high-end management and technical talents in core areas such as AI computing power.
(8) Global Management Advantage The company firmly implements the “China + N” globalization layout strategy, with the Huizhou headquarters as the core, coordinating management across various regional centers to achieve global operations, and utilizing AI technology to empower the entire process of R&D, production, supply chain, quality control, and logistics. Relying on the horizontal integration advantages of PCB, the company improves its global strategic layout to meet customer global delivery needs, providing high technology, high quality, and high-quality services.
2. How does the company view the future demand trends in downstream industries?
Answer: In the AI era, high-layer and high-end HDI have become essential needs for PCB technology. Prismark estimates that the five-year compound growth rate of AIPCB will be about 20%. In the next five years, driven by artificial intelligence, fields such as AI computing power, AI servers, AI mobile phones, AIPC, humanoid robots, and autonomous driving will develop rapidly, leading to a significant increase in demand for high-layer PCBs with more than 24 layers and even 100+ layers, as well as high-end HDI with more than 24 layers, greatly enhancing the value of PCBs.
Currently, the company sees that the overall market demand is highly certain and growing, especially in the AI field. From a supply-demand structure perspective, the industry’s demand for high-end capacity continues to increase, while the supply of high-end products remains relatively tight.
3. What specific capacity plans does the company currently have, and what is the progress of the expansion?
Answer: To consolidate the company’s leading position in the global PCB industry and its advantages in AI computing power and AI servers, the company continues to expand the production capacity of high-end products such as high-end HDI and high-layer PCBs, including the updating of HDI equipment and factory projects in Huizhou, as well as HDI and high-layer expansion projects in Thailand and Vietnam, with an expansion speed leading the industry.
4. The company has been leading the industry in technology layout for 2-3 years. What specific technological advantages and achievements does it have?
Answer: In the field of AI computing power PCBs, the company holds a leading market share globally, with core applications covering key devices such as AI computing power cards, computing power servers, computing power server cabinets, data center switches, and general substrates. The company has mass production capabilities for high-precision circuit boards with more than 70 layers and is among the first in the world to achieve large-scale production of 6-layer 24-layer AI computing power data center products, as well as 8-layer 28-layer HDI and 16-layer Any-layer HDI technology capabilities. Currently, the company is continuously advancing the R&D certification of 10-layer 30-layer HDI and possesses technology capabilities for high-layer PCBs with more than 100 layers. Relying on digital factories and intelligent quality control systems, the company integrates the entire link of “R&D – Production – Traceability,” with its technology level at the industry-leading position. The company, leveraging its leading advantages in R&D technology, manufacturing technology, and quality technology, deeply participates in the pre-research of new products for top international customers, providing full tracking service from product planning to technical capability enhancement to expansion plans, forming strong technological barriers and customer stickiness, with strong market competitiveness, creating a solid moat.