10月24日，新益昌涨5.06%，截至发稿，报66.18元/股，成交4566.72万元，换手率0.69%，总市值67.59 亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，民生加银基金旗下1只基金位居新益昌十大流通股东。民生加银持续成长混合A（007731） 二季度新进十大流通股东，持有股数68.8万股，占流通股的比例为0.67%。根据测算，今日浮盈赚取约 219.47万元。 民生加银持续成长混合A（007731）成立日期2019年9月24日，最新规模11.11亿。今年以来收益 30.65%，同类排名2528/8154；近一年收益27.41%，同类排名2579/8025；成立以来收益87.14%。 民生加银持续成长混合A（007731）基金经理为朱辰喆。 截至发稿，朱辰喆累计任职时间3年315天，现任基金资产总规模14.83亿元，任职期间最佳基金回报 13.43%， 任职期间最差基金回报0.26%。 资料显示，深圳新益昌科技股份有限公 ...

Group 1 - The core viewpoint of the news is that Shenzhen Xinyi Chang Technology Co., Ltd. has experienced a decline in stock price, with a drop of 5.05% on October 14, bringing the total market value to 6.803 billion yuan and a cumulative decline of 6.22% over three days [1] - The company specializes in the research, production, and sales of intelligent manufacturing equipment in industries such as LED, capacitors, semiconductors, and lithium batteries, with the main revenue sources being 81.87% from die bonding machines and 11.15% from capacitor aging test equipment [1] - The stock turnover rate was reported at 1.99%, with a trading volume of 141 million yuan on the day of the report [1] Group 2 - Minsheng Jia Yin Fund's "Minsheng Jia Yin Sustained Growth Mixed A" (007731) has entered the top ten circulating shareholders of Xinyi Chang, holding 688,000 shares, which is 0.67% of the circulating shares, resulting in a floating loss of approximately 2.4355 million yuan on the day of the report [2] - The fund has achieved a year-to-date return of 36.02% and a one-year return of 43.48%, ranking 2320 out of 8162 and 1771 out of 8015 respectively [2] - The fund manager, Zhu Chenzhe, has been in position for 3 years and 305 days, with the fund's total asset size at 1.483 billion yuan [3]

从新益昌十大流通股东角度 9月16日，新益昌涨5.13%，截至发稿，报76.38元/股，成交1.30亿元，换手率1.69%，总市值78.01亿 元。 资料显示，深圳新益昌科技股份有限公司位于广东省深圳市宝安区福永街道和平路锐明工业园C8栋3 楼，成立日期2006年6月28日，上市日期2021年4月28日，公司主营业务涉及从事LED、电容器、半导 体、锂电池等行业智能制造装备的研发、生产和销售,为客户实现智能制造提供先进、稳定的装备及解 决方案。主营业务收入构成为：固晶机81.87%，电容器老化测试设备11.15%，配件及维修费3.31%，其 他设备2.73%，锂电池设备0.94%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 民生加银持续成长混合A（007731）基金经理为朱辰喆。 截至发稿，朱辰喆累计任职时间3年277天，现任基金资产总规模14.83亿元，任职期间最佳基金回报 9.86%， 任职期间最差基金回报-1.65%。 数据显示，民生加银基 ...

Core Insights - Company has been involved in the semiconductor and semi-semiconductor equipment sector for over a decade, indicating a long-term commitment to this industry [2] - The company has established a revenue share of approximately 14% from the semiconductor and semi-semiconductor field, showcasing its growing presence [2] - The company has successfully developed various back-end processing equipment, such as wire bonding, die bonding, dicing, and mounting, which have seen faster application deployment compared to front-end equipment [2] Industry Analysis - Semiconductor and semi-semiconductor equipment are characterized by high technical difficulty and entry barriers, making it a challenging sector [2] - The application deployment process in the industry shows a disparity between front-end and back-end equipment, with back-end equipment progressing more rapidly due to fewer certification and ecological entry barriers [2]

9月11日，新益昌涨5.52%，截至发稿，报73.97元/股，成交5815.08万元，换手率0.79%，总市值75.55亿 元。 民生加银持续成长混合A（007731）成立日期2019年9月24日，最新规模11.11亿。今年以来收益 22.28%，同类排名3398/8175；近一年收益52.1%，同类排名2511/7982；成立以来收益75.16%。 民生加银持续成长混合A（007731）基金经理为朱辰喆。 截至发稿，朱辰喆累计任职时间3年272天，现任基金资产总规模14.83亿元，任职期间最佳基金回报 7.8%， 任职期间最差基金回报-3.47%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，深圳新益昌科技股份有限公司位于广东省深圳市宝安区福永街道和平路锐明工业园C8栋3 楼，成立日期2006年6月28日，上市日期2021年4月28日，公司主营业务涉及从事LED、电容器、半导 体、锂电池等行业智能制造装备的研发、生产和销售,为客户实现智能制造提供先进、稳定 ...

据新益昌消息，近日，公司在珠海京东方晶芯科技有限公司Mini/Micro LED COB显示产品扩产项目招 标中再次中标，招标范围为固晶机。 ...

Summary of Kuake Intelligent Conference Call Industry and Company Overview - **Company**: Kuake Intelligent - **Industry**: AI servers, optical modules, semiconductors, consumer electronics, PCB laser cutting, and discrete devices Key Points and Arguments 1. **AI Server Business Growth**: Kuake Intelligent's AI server business is benefiting from the growth in high-speed connectors, liquid cooling electromagnetic pumps, and PCB demand, with collaborations with clients like MoSi, Amphenol, and Feilong to supply pumps for Huawei and Nvidia [2][4] 2. **Optical Module Progress**: The optical module business is progressing well, having entered leading enterprises and achieved mass shipments, with a focus on solid crystal machines and placement machines, maintaining a gross margin above 50% [2][10] 3. **Semiconductor Market Leadership**: In the semiconductor sector, Kuake has secured nearly 100 orders for high-speed solid crystal machines from Chengdu APS, achieving domestic substitution, and has received significant orders for silicon carbide silver sintering equipment from major clients like Huichuan and BYD [2][4][17] 4. **Consumer Electronics Performance**: Despite poor performance in Apple-related business, the Android segment is thriving, with smart glasses becoming a significant growth point, including substantial orders from Meta and entry into the supply chains of Xiaomi and ByteDance [2][6][16] 5. **PCB Laser Cutting Market Potential**: The PCB laser cutting market shows great potential, with several million orders received, and is expected to grow rapidly in the next two years, although it is not the company's primary focus [2][11] 6. **Discrete Devices Potential**: The discrete device sector is underestimated but has significant potential, with increasing demand for diodes and transistors driven by automotive intelligence [2][18] 7. **Cash Flow Improvement**: The increase in net cash flow is attributed to good order volumes leading to increased prepayments, resulting in higher contract liabilities [5] 8. **Future of AI Servers**: Kuake plans to expand its AI server applications, focusing on connectors and liquid cooling pumps, anticipating a significant growth period in the next two years [8][9] 9. **AOI Equipment Development**: The AOI equipment business is rapidly developing, with a target of 200 million yuan for 2025, focusing on optical modules, semiconductors, and servers [3][24] 10. **Smart Glasses Market Outlook**: The smart glasses segment is expected to significantly increase its market penetration, with ongoing projects with major clients and potential future collaborations with Apple [16][20] Other Important Insights - **Market Competition**: The competition in the optical module solid crystal machine market is intense, with many domestic and international players, but Kuake is optimistic about its future prospects [12] - **Profit Margins**: New business areas like servers and optical modules maintain gross margins above 50%, despite competitive pressures [13][26] - **Client Relationships**: Kuake has established strong relationships with key clients in various sectors, including significant orders from leading technology companies [17][19] - **Focus on Specific Markets**: The company is concentrating on specific markets such as wearable devices and has a high market share in the laser welding sector for smart glasses [20][22]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.30 yuan per share [7][4]. Core Insights - The company has demonstrated stable operations with revenue and profit growth, achieving a revenue of 1.876 billion yuan in H1 2025, a year-on-year increase of 2.34%, and a net profit of 163 million yuan, up 69.69% year-on-year [1]. - The gross margin for H1 2025 was 32.64%, a decrease of 3.62 percentage points year-on-year, while the net margin improved by 2.85 percentage points to 8.21% [1]. Business Development - The company has diversified its business across various sectors, including consumer electronics, new energy equipment, and automotive automation equipment, enhancing its competitive edge through vertical integration and smart manufacturing technologies [2][3]. - In the consumer electronics segment, the company covers a wide range of products, including smartphones, tablets, and smart wearables, while also extending its capabilities into component assembly and testing [2]. - The new energy equipment sector has seen significant growth, with lithium battery equipment shipments increasing and new orders for smart charging stations and logistics solutions rising by over 70% compared to the same period in 2024 [2]. - The automotive automation equipment division has established stable partnerships with well-known domestic and international manufacturers, significantly increasing the number of new international projects [2]. Financial Forecast - The company is projected to achieve revenues of 5.834 billion yuan, 6.826 billion yuan, and 7.937 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 514 million yuan, 649 million yuan, and 815 million yuan [4][6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.15 yuan, 1.45 yuan, and 1.82 yuan, respectively, with price-to-earnings (P/E) ratios of 32, 25, and 20 times [4][6].

截至6月30日，新益昌股东户数4534.00，较上期增加2.28%；人均流通股22526股，较上期减少2.23%。 2025年1月-6月，新益昌实现营业收入4.02亿元，同比减少28.30%；归母净利润261.57万元，同比减少 96.05%。 分红方面，新益昌A股上市后累计派现1.22亿元。近三年，累计派现7100.78万元。 机构持仓方面，截止2025年6月30日，新益昌十大流通股东中，民生加银持续成长混合A（007731）位 居第九大流通股东，持股68.80万股，为新进股东。香港中央结算有限公司位居第十大流通股东，持股 68.32万股，为新进股东。 融资方面，新益昌当日融资买入2860.67万元。当前融资余额2.19亿元，占流通市值的2.88%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，新益昌8月26日融券偿还200.00股，融券卖出200.00股，按当日收盘价计算，卖出金额1.49万 元；融券余量4551.00股，融券余额33.87万元，低于近一年30%分位水平，处于低位。 资料显示，深圳新益昌科技股份有限公司位于广东省深圳市宝安区福永街道和平路锐明工业园C8栋3 楼，成立日期2006 ...

Core Viewpoint - The company emphasizes the strategic opportunities in the equipment market and is committed to customer-oriented development and the industrial application of its R&D technologies [1] Group 1 - The company is actively promoting the industrial application of its R&D technologies to enrich its product line [1] - The company is making strategic preparations for future business breakthroughs [1] - The company's solid crystal machine project is progressing normally and in an orderly manner [1] Group 2 - Currently, the sales volume of the solid crystal machine project is relatively small [1]