新益昌：高端装备营收高速增长 半导体战略转型提速

Core Viewpoint - New Yi Chang (688383) is actively transforming its strategy to focus on high-end semiconductor and new display packaging equipment, achieving significant revenue growth and optimizing its business structure [1][2][3]. Financial Performance - In the 2024 annual report, the company reported a revenue of 934 million yuan and a net profit attributable to shareholders of 40.46 million yuan [1]. - The operating cash flow net amount reached 139 million yuan, with a significant improvement in cash flow revenue ratio and accounts receivable turnover efficiency [1]. Business Strategy - The company is focusing on two main high-end sectors: semiconductor and new display packaging equipment, with the high-end equipment segment's revenue share surpassing 50% for the first time [1][2]. - New Yi Chang has entered the supply chains of major clients such as BOE, Samsung, and Konka, leveraging its technological advantages in Mini LED and semiconductor equipment [2]. Market Trends - The global semiconductor equipment market is projected to reach 121 billion USD by 2025, with China's market share exceeding 42% [2][6]. - The domestic semiconductor equipment market has seen a compound annual growth rate of 38.6% in revenue and 56.7% in net profit [6]. Technological Innovation - In 2024, the company invested 97.62 million yuan in R&D, accounting for 10.45% of its revenue, and added 62 new patents and 28 software copyrights [4]. - The company is advancing in key technologies such as high-speed precision motion control and intelligent sorting for Mini/Micro LED, which supports future product development [4]. Capacity Expansion - A high-end intelligent equipment manufacturing base project with a total investment of 600 million yuan is expected to generate over 680 million yuan in annual output after full production [4]. - Plans are in place to establish an intelligent manufacturing experimental factory to enhance the company's market positioning as a customized equipment supplier [4].