$VGT(02476.HK) South Korean retail investors' top buy【Sheng Hong Technology's core developments from April to early May 2026】
1. Business Progress: Diverging Situations Between Old and New Projects
Current main business (GB300): Production and delivery are normal. In Q1 2026, Sheng Hong's procurement of CCL (Copper Clad Laminate) increased by approximately 20% quarter-on-quarter, primarily for GB300 production.
Google Project (V8AX): The project timeline is delayed by one quarter compared to expectations. The small-batch mass production originally scheduled for Q2 2026 has been postponed to Q3. On the positive side, Sheng Hong has passed the relevant tests, received Google's order, and has begun production.
NVIDIA Rubin Platform (Next-Generation Core):
Compute Board: Previously delayed by about one and a half months due to production process issues, but overall R&D is still progressing.
Orthogonal Backplane: According to a clear schedule, the next key test is expected to be conducted and yield results in early May 2026. This is the core node the market is most focused on.
2. Market Position and Share
NVIDIA Supply Chain: In NVIDIA's switch board segment, Sheng Hong maintains a share of approximately 60%. Its share in GB300 switch board supply is also 60%, and it is expected to maintain a similar level or see a slight decline in the Rubin platform.
Competitive Landscape: Despite competition from new entrants like Jingwang Electronics, Sheng Hong's position remains solid due to its verification advantages in high-speed materials (M8) and strong production capacity reserves.
3. Capacity and Cost
Capacity Expansion: The capacity expansion plan is progressing smoothly. New capacity will be released every month in 2026, with a large amount of new capacity construction expected to be completed by year-end.
Price Trend: There is a price increase trend in the PCB industry. Sheng Hong plans to raise prices in multiple time windows such as January, March, and April 2026, passing on cost pressures (especially on the material side) to downstream customers.
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