Xinyichang(SH:688383) Ping An Securities·2025-08-19 04:17Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company focuses on continuous R&D investment in new display technologies and semiconductors, with a significant drop in revenue and net profit in the first half of 2025 due to reduced orders in smart equipment and international trade policy impacts [5][9] - The company is a leading domestic manufacturer of LED die bonders and is expected to benefit from the growth of the Mini/MicroLED industry, with a projected market value increase for COB LED display technology [10] - The company has made substantial investments in R&D, totaling approximately 44.88 million yuan in the first half of 2025, marking a 3.37% increase year-on-year, and has secured 35 new patents and 6 software copyrights [9][10] Financial Summary - In the first half of 2025, the company achieved revenue of 402 million yuan, a decrease of 28.30% year-on-year, and a net profit of 2.62 million yuan, down 96.05% year-on-year [5][9] - Revenue projections for 2025-2027 are 887 million yuan, 1.15 billion yuan, and 1.50 billion yuan respectively, with corresponding net profits of 0.51 billion yuan, 1.04 billion yuan, and 1.40 billion yuan [10] - The company's gross margin and net margin for the first half of 2025 were 32.94% and 1.43%, respectively, reflecting a decline from the previous year [9] Industry Position - The company has established strong partnerships with notable clients in the LED and semiconductor sectors, including BOE, Huaxing, and international firms like Samsung [9][10] - The report highlights the company's strategic acquisitions and new subsidiaries aimed at enhancing its capabilities in semiconductor packaging and robotics, positioning it for diversified growth [10]