Core Insights - The company Xin Yi Chang (688383.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its business operations [1] Financial Performance - The company's operating revenue for the first half of 2025 was 402 million yuan, representing a year-on-year decrease of 28.30% [1] - The net profit attributable to shareholders was 2.6157 million yuan, down 96.05% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.4588 million yuan, also down 96.02% year-on-year [1] - Basic earnings per share were reported at 0.03 yuan [1] Profitability Analysis - The total profit for the company was 7.6779 million yuan, reflecting a year-on-year decrease of 89.54% [1] - The significant drop in profits is attributed to the impact of international trade policies on the downstream customer base, affecting international business layout and equipment investment willingness [1] - A reduction in smart equipment orders has led to decreased revenue [1]

Core Viewpoint - New Yichang (688383.SH) reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to the impact of international trade policies on downstream customers and a reduction in smart equipment orders [1] Financial Performance - The company achieved operating revenue of 402 million yuan, representing a year-on-year decrease of 28.30% [1] - Net profit attributable to shareholders was 2.6157 million yuan, down 96.05% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 2.4588 million yuan, also down 96.02% year-on-year [1] - Basic earnings per share stood at 0.03 yuan [1] Market Impact - The decline in revenue and profit is attributed to the adverse effects of international trade policies on the international business layout of downstream customer groups and their willingness to invest in equipment [1] - A decrease in orders for smart equipment has further contributed to the revenue drop [1]

Core Viewpoint - Open Source Securities issued a report on August 10, giving a "Buy" rating to Xinyi Chang (688383.SH) based on positive market trends and growth opportunities in advanced packaging and robotics [2] Group 1: Market Trends - The company is benefiting from the expansion of the display market and the increasing penetration of Mini/MicroLED technologies, leading to a positive trend in order recovery [2] Group 2: Business Expansion - The company is expanding its advanced packaging and robotics business, which opens up new growth opportunities [2] - The self-research of core components and the accumulation of algorithms are creating competitive barriers for the company [2]

Core Viewpoint - New Yi Chang is positioned to benefit from the accelerating demand for LED die bonding equipment, with growth opportunities in advanced packaging and robotics, leading to a "buy" rating from analysts [1][2]. Group 1: LED Business and Market Trends - The demand for LED products is improving, driven by the expansion of LED manufacturers and the penetration of Mini/Micro LED technologies. The company is expected to see significant performance growth as a result [2][3]. - The global Mini LED market is projected to exceed $3.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 40% from 2024 to 2028. The Micro LED market is expected to surpass $10 billion by 2027 [3]. Group 2: Advanced Packaging and Robotics Expansion - The company is expanding its semiconductor die bonding machine product line and plans to introduce wire bonding and testing packaging equipment in 2025, which will enhance its product offerings [4]. - The company has developed core components such as drivers and high-precision motors in-house, creating a competitive edge in the robotics sector. This strategic shift is expected to enhance market entry and growth potential [4]. Group 3: Financial Projections - The projected net profits for New Yi Chang are estimated to be 40 million yuan in 2025, 140 million yuan in 2026, and 270 million yuan in 2027. The current stock price corresponds to price-to-earnings (PE) ratios of 196.0, 53.1, and 27.8 for the years 2025 to 2027, respectively [2][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a global leader in LED die-bonding equipment and is benefiting from the expansion of LED manufacturers and the penetration of Mini/Micro LED technologies. The company is also expanding into semiconductor and robotics businesses, which is expected to open up new revenue growth opportunities. The projected net profit for 2025-2027 is estimated at 0.4/1.4/2.7 billion yuan, with corresponding PE ratios of 196.0/53.1/27.8 [6][53]. Summary by Sections LED Market Recovery and Mini/Micro LED Penetration - The LED market is recovering, with a focus on expanding Mini/Micro LED production. In the first half of 2025, there were 56 disclosed LED display-related projects with a total investment exceeding 112 billion yuan. The Mini LED global market is expected to exceed 3 billion USD by 2028, with a compound annual growth rate (CAGR) of approximately 40% from 2024 to 2028 [15][21]. Advanced Packaging and Robotics Business Expansion - The company is actively expanding its semiconductor die-bonding product line and has introduced new wire bonding and testing packaging equipment in 2025. The advanced packaging market is expected to grow significantly, driven by the demand for high-performance computing and AI chips. The global advanced packaging market is projected to reach 69.5 billion USD by 2029, with a CAGR of 11% from 2023 to 2029 [26][29]. Financial Summary and Valuation Metrics - The company's revenue is projected to grow from 1.04 billion yuan in 2023 to 1.58 billion yuan in 2027, with year-over-year growth rates of 15.3%, 17.1%, and 25.7% respectively. The gross margin is expected to improve from 30.6% in 2023 to 37.1% in 2027 [9][50]. Robotics Market Growth - The global robotics market is expected to exceed 400 billion USD by 2029, with China accounting for nearly half of this market. The company has established a new subsidiary focused on robotics and AI development, leveraging its expertise in core components and software algorithms to enhance its competitive edge in the market [41][43].

Core Points - The company Xin Yichang (688383.SH) announced its restricted stock incentive plan for 2025, with the grant date set for August 7, 2025 [1] - The grant price is set at 28.03 yuan per share, and a total of 842,400 restricted shares will be granted to 186 eligible incentive recipients [1]

证券代码：688383 证券简称：新益昌 公告编号：2025-040 深圳新益昌科技股份有限公司 关于调整 2025 年限制性股票激励计划首次授予 激励对象名单及授予数量的公告 本公司董事会及全体董事保证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。 深圳新益昌科技股份有限公司（以下简称"公司"）于 2025 年 8 月 7 日召 开了第三届董事会第三次会议和第三届董事会薪酬与考核委员会第二次会议，分 别审议通过了《关于调整 2025 年限制性股票激励计划首次授予激励对象名单及 授予数量的议案》。现将有关事项说明如下： 一、本次股权激励计划已履行的相关审批程序 （一）2025 年 5 月 23 日，公司召开第三届董事会薪酬与考核委员会第一次 会议，会议审议通过《关于<公司 2025 年限制性股票激励计划（草案）>及其摘 要的议案》《关于<公司 2025 年限制性股票激励计划实施考核管理办法>的议案》 以及《关于核查<公司 2025 年限制性股票激励计划激励对象名单>的议案》，公 司董事会薪酬与考核委员会对本激励计划的相关事项进行核实并出具了相关核 查 ...

证券代码：688383 证券简称：新益昌 公告编号：2025-041 深圳新益昌科技股份有限公司 关于向 2025 年限制性股票激励计划激励对象首次授予限制 性股票的公告 本公司董事会及全体董事保证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。 《深圳新益昌科技股份有限公司 2025 年限制性股票激励计划（草案）》（以 下简称"《激励计划（草案）》"）规定的限制性股票授予条件已经成就，根据 深圳新益昌科技股份有限公司（以下简称"公司"、"本公司"）2025 年第一 次临时股东会授权，公司于 2025 年 8 月 7 日召开第三届董事会薪酬与考核委员 会第二次会议、第三届董事会第三次会议，审议通过了《关于向 2025 年限制性 股票激励计划激励对象首次授予限制性股票的议案》，确定公司 2025 年限制性 股票激励计划（以下简称"本激励计划"）的授予日为 2025 年 8 月 7 日，并以 28.03 元/股的授予价格向符合授予条件的 186 名激励对象授予 84.24 万股限制性 股票。现将有关事项说明如下： 司董事会薪酬与考核委员会对本激励计划的相关 ...

深圳新益昌科技股份有限公司 2025 年限制性股票激励计划激励对象名单（截至授予日） 一、限制性股票激励计划的分配情况 本激励计划授予的限制性股票在各激励对象间的分配情况如下表所示： 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均未超过公司股 本总额的 1.00%。公司全部在有效期内的股权激励计划所涉及的标的股票总数累计不超过本激励计划提交 股东会时公司股本总额的 20.00%。 2、本激励计划拟授予激励对象不包括公司独立董事、单独或合计持有公司 5%以上股份的股东或实际 控制人及其配偶、父母、子女以及外籍员工。 3、激励对象离职或因个人原因自愿放弃获授权益的，由董事会对授予数量作相应调整，可以将激励对 象放弃的权益份额在激励对象之间进行分配或直接调减，但调整后任何一名激励对象通过全部在有效期内 的股权激励计划获授的本公司股票均不超过公司总股本的 1.00%。 深圳新益昌科技股份有限公司董事会 2025 年 8 月 7 日 | | | | 获授的限制 | | 占本激励计 | | --- | --- | --- | --- | --- | --- | | 姓名 | 国籍 | 职务 ...

深圳新益昌科技股份有限公司 董事会薪酬与考核委员会关于 2025 年限制性股票激励计划首次 授予激励对象名单的核查意见（截至授予日） 深圳新益昌科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员 会根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科 创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法规及 规范性文件和《深圳新益昌科技股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对公司 2025 年限制性股票激励计划（以下简称"本次激励计划"） 首次授予激励对象名单（截至授予日）进行了核查，发表核查意见如下： （一）本次激励计划首次授予的激励对象具备《公司法》等法律、法规及规 范性文件和《公司章程》规定的任职资格，符合《管理办法》《上市规则》规定 的激励对象条件，符合《激励计划（草案）》规定的激励对象范围，其作为公司 本次激励计划首次授予激励对象的主体资格合法、有效。 （二）本次激励计划首次授予的激励对象均不存 ...