证券研究报告：机械设备 | 公司点评报告 多领域装备领先，智能化优势显著。公司为国内半导体、新型显 示封装及电容器老化测试智能制造装备领域领先企业，积极开拓半导 体、LED 及新型显示、电容器老化测试国际市场，同时紧跟锂电设备 行业趋势，持续深化固态电池关键设备布局；公司聚焦下游产线智能 化升级，将前沿制造工艺与生产管理模式融入智能装备，依托与行业 头部企业协同机制维持技术领先优势，经过多年研发攻关，已掌握直 驱矢量控制、嵌入式浮点实时多路径运动控制、自动追踪纠偏控制技 术、深度学习机器视觉定位、分割、缺陷检测算法、复合铜箔铝箔镀 膜、光学镀膜等核心技术；在半导体与新型显示封装领域突破高速精 准运动控制、单邦双臂同步运行、Mini/Micro LED 原片智能分选及混 色算法等关键技术，相关固晶设备可对接云平台 MES 系统、实现大数 据分析、智能工单生产与远程控制，显著提升生产效率、降低人力成 本，在电容器设备领域掌握新一代恒流恒功充电、静态测试、高速整 型进料、多路静态老化监控、AI 外观全检等核心技术，设备支持实时 数据监控、大数据分析传输，可高效对接 MES 系统，实现电容器智能 快速老化检测，在锂电 ...

Summary of Micro LED CPO Conference Call Industry Overview - The discussion centers around the Micro LED CPO (Chip-on-Board) technology within the LED industry, particularly its potential as a solution for high-speed data transmission in the context of the rising demand driven by generative AI applications [1][2]. Core Insights and Arguments - **Energy Efficiency**: The Micro LED CPO solution significantly reduces energy consumption, achieving a transmission energy cost that is only 5% of that of traditional copper cable solutions. This energy-saving advantage positions Micro LED CPO as a potential alternative for optical interconnects [1]. - **Market Reaction**: The announcement has led to a surge in stock prices for several LED companies, indicating strong market interest and optimism regarding the benefits of Micro LED technology in the AI industry [1]. - **Technological Advancement**: Micro LED CPO is based on advanced CPO packaging technology, which promises higher interconnection speeds, greater integration, and lower power consumption, aligning well with the future needs of AI supercomputing clusters [2]. - **Development Timeline**: The technology is expected to gradually enter the implementation phase after 2027, as the industry matures and the technology overcomes current developmental challenges [2]. Additional Important Points - **Current Development Stage**: Micro LED technology is still in the early stages of research and development, facing challenges related to the performance of Micro LED chips, including switching frequency, lifespan, and optical coupling precision. Upgrades to substrate materials are also necessary [2]. - **Collaboration in R&D**: Leading domestic manufacturers are beginning to collaborate with downstream customers for joint research and sample testing, which is crucial for advancing the technology [2]. - **Investment Opportunities**: The report highlights specific companies that are expected to benefit from the Micro LED CPO upgrade, including Huacan Optoelectronics, Zhaochi Co., New Yichang, Sanan Optoelectronics, Jufei Optoelectronics, Jucan Optoelectronics, and Qianzhao Optoelectronics [2].

证券代码：688383 证券简称：新益昌 公告编号：2026-006 深圳新益昌科技股份有限公司 关于实施回购股份注销暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 2022 年 5 月 26 日，公司通过上海证券交易所交易系统以集中竞价交易方式 首次实施回购公司股份，2023 年 3 月 14 日，公司完成回购，已实际回购公司股 份 487,100 股，占公司总股本 102,133,600 股的比例为 0.4769%，回购最高价格 129.50 元/股，回购最低价格 87.17 元/股，回购均价 103.30 元/股，支付的总金额 为人民币 50,317,547.70 元（不含交易佣金等交易费用）。具体内容详见公司于 2023 年 3 月 17 日在上海证券交易所网站（www.sse.com.cn）披露的《深圳新益 昌科技股份有限公司关于股份回购实施结果公告》（公告编号：2023-014）。 二、回购股份注销履行的审批程序 公司于 2025 年 12 月 22 日召开第三届董事会审计委员 ...

（文章来源：证券日报） 证券日报网讯 2月27日，新益昌发布公告称，公司2025年度实现营业总收入72，684.99万元，同比下降 22.17%；归属于母公司所有者的净利润为-13，288.47万元，同比下降428.45%。 ...

Core Viewpoint - The company reported a significant decline in revenue and a net loss for the fiscal year 2025, indicating challenges in the traditional LED market and a need for strategic transformation [1] Financial Performance - The company achieved total operating revenue of 727 million yuan, a year-on-year decrease of 22.17% [1] - The net loss attributable to the parent company was 133 million yuan [1] Industry Context - Traditional LED technologies in general lighting and consumer electronics have reached maturity, leading to insufficient market growth momentum [1] - The company is facing operational pressure during the transition from old to new growth drivers due to cyclical adjustments in the industry [1] Risk Factors - Increased credit risk due to weakened fundamentals of some clients has led to a rise in provisions for bad debts related to accounts receivable and long-term receivables [1] - The company has increased provisions for inventory write-downs based on prudence principles, as the net realizable value of certain inventories fell below cost [1] Strategic Initiatives - The company is actively promoting industrial structure upgrades and enhancing quality and efficiency by focusing on core areas such as semiconductor and new display packaging technologies [1] - There is a commitment to long-term technological accumulation and product innovation, with increased R&D investment to build a technological moat [1] - Future strategies include further advancing strategic transformation, refined management, expanding overseas markets, and deepening high-value-added business layouts to achieve sustainable high-quality development [1]

Core Viewpoint - The company reported a significant decline in its financial performance for the year 2025, with total revenue and net profit both experiencing substantial decreases, indicating challenges in the traditional LED market and a need for strategic transformation [1] Financial Performance - The company achieved total operating revenue of 727 million yuan, a year-on-year decrease of 22.17% [1] - The net profit attributable to the parent company was -133 million yuan, a year-on-year decline of 428.45% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -134 million yuan, down 535.28% year-on-year [1] - Basic earnings per share were -1.31 yuan, reflecting a year-on-year decrease of 427.50% [1] Industry Context - Traditional LED technologies in general lighting and consumer electronics have reached maturity, leading to insufficient market growth momentum [1] - The company is actively promoting industrial structure upgrades and enhancing quality and efficiency, focusing on expanding into semiconductor and new display packaging technologies [1] Operational Challenges - The company faced operational pressure during the transition period between old and new growth drivers, influenced by cyclical adjustments in the industry [1] - There was an increase in bad debt provisions for accounts receivable and long-term receivables due to weakened fundamentals of some clients [1] - The company increased provisions for inventory write-downs based on prudence principles, as the net realizable value of certain inventories fell below cost [1] Strategic Initiatives - The company emphasizes long-term technological accumulation and product innovation, increasing R&D investment to build a technological moat [1] - Future plans include further advancing strategic transformation and refined management, aiming to establish differentiated competitive advantages and accelerate overseas market expansion [1] - The company is committed to deepening high value-added business layouts to achieve sustainable high-quality development [1]

证券代码：688383 证券简称：新益昌 公告编号：2026-005 深圳新益昌科技股份有限公司 2025 年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以深圳新益昌科技股份有限公司（以下简称"公司"）2025年年度报告 为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 注：1、本报告期初数同法定披露的上年年末数； 2、以上财务数据及指标以合并报表数据填制，但未经审计，最终结果以公司 2025 年年 度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、公司 2025 年度实现营业总收入 72,684.99 万元，同比下降 22.17%；实现 归属于母公司所有者的净利润-13,288.47 万元，同比下降 428.45%；实现归属于 母公司所有者的扣除非经常性损益的净利润-13,355.48 万元，同比下降 535.28%； 实现基本每股收益-1.3 ...

以上内容基于公开资料整理，不构成投资建议。 经济观察网深圳新益昌科技股份有限公司(股票代码：688383)2025年业绩预亏，2026年将重点拓展新型 显示与半导体业务，并推进海外市场布局。 在2026年2月5日的投资者调研活动中，公司管理层指出，2026年业绩增长预计主要依赖新型显示与半导 体业务板块的拓展。公司已注册新加坡子公司，并计划在未来设置销售中心，以加速国际化布局。公司 表示将持续关注产业链上下游优质企业，可能涉及并购重组活动。此外，公司在玻璃基Micro-LED设备 领域取得进展，已中标辰显光电的产线订单，后续交付及产能落地情况值得跟踪。 业绩经营情况 公司已于2026年1月29日发布2025年年度业绩预告，预计归母净利润亏损1.1亿元至1.6亿元，正式经审计 的年度报告计划在2026年内披露。 近期事件 ...

Group 1 - The company, Xinyi Chang (688383.SH), has released a profit forecast for the year 2025, expecting a net loss attributable to shareholders of the parent company between -160 million yuan and -110 million yuan compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -161 million yuan and -111 million yuan for 2025 [1] - The company's revenue from 2021 to 2024 has shown a declining trend, with figures of 1.197 billion yuan, 1.184 billion yuan, 1.040 billion yuan, and 934 million yuan respectively [1] Group 2 - The net profit attributable to shareholders for the years 2021 to 2024 was 232 million yuan, 205 million yuan, 60.30 million yuan, and 40.46 million yuan respectively [1] - The net profit after deducting non-recurring gains and losses for the same years was 220 million yuan, 186 million yuan, 47.96 million yuan, and 30.68 million yuan respectively [1] - The net cash flow from operating activities has fluctuated, with negative values of -96 million yuan in 2023 and a positive cash flow of 139 million yuan in 2024 [1] Group 3 - Xinyi Chang was listed on the Shanghai Stock Exchange on April 28, 2021, with an initial public offering of 25.53 million shares at a price of 19.58 yuan per share [2] - The total amount raised from the IPO was 500 million yuan, with a net amount of 442 million yuan after deducting issuance costs [2] - The company planned to raise 552 million yuan, with allocations for new projects, research center construction, and working capital [2]

Group 1 - The company expects a net loss attributable to shareholders of the parent company for the year 2025, estimated between -160 million yuan and -110 million yuan compared to the previous year's profit [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -161 million yuan and -111 million yuan [4] - The previous year's net profit was 40.46 million yuan, with a profit total of 26.25 million yuan [4][5] Group 2 - The main reasons for the expected loss include the maturity of traditional LED technologies, insufficient market growth, and increased credit risk due to weakened customer fundamentals [6] - The company is focusing on upgrading its industrial structure and enhancing quality and efficiency, particularly in semiconductor and new display packaging technologies [6] - Increased R&D investment is aimed at building a technological moat, with a commitment to sustainable high-quality development and expanding into overseas markets [6]