Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,102,914,826.44, a slight increase of 0.29% compared to CNY 1,099,710,339.59 in the same period last year[4] - Net profit attributable to shareholders increased by 5.37% to CNY 101,210,584.21 from CNY 96,051,022.16 year-on-year[4] - The net profit after deducting non-recurring gains and losses rose by 7.99% to CNY 100,909,865.00 compared to CNY 93,446,957.27 in the previous year[4] - Basic earnings per share increased by 7.69% to CNY 0.14 from CNY 0.13 year-on-year[5] - The net profit for Q1 2025 was CNY 105,691,853.75, an increase of 5.9% compared to CNY 99,809,039.22 in Q1 2024[19] - The operating profit for Q1 2025 was CNY 130,264,629.79, compared to CNY 115,750,115.76 in Q1 2024, reflecting a growth of 12.5%[19] - The company reported a total comprehensive income of CNY 117,627,225.91 for Q1 2025, compared to CNY 98,012,983.99 in Q1 2024[20] - The basic and diluted earnings per share for Q1 2025 were both CNY 0.14, up from CNY 0.13 in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net outflow of CNY 142,861,922.80, compared to a net outflow of CNY 290,675,786.58 in the same period last year[4] - The cash flow from operating activities showed a net outflow of CNY -142,861,922.80, an improvement from CNY -290,675,786.58 in Q1 2024[24] - The company achieved a net cash inflow from financing activities of CNY 337,235,307.69, compared to CNY 170,616,057.67 in Q1 2024, marking a significant increase[25] - The total cash outflow from investing activities was CNY 153,945,021.18, down from CNY 251,939,819.50 in Q1 2024[24] - The company's cash and cash equivalents increased to CNY 575,806,937.56 as of March 31, 2025, compared to CNY 531,905,064.88 at the end of 2024, representing a growth of approximately 8.2%[13] - The cash and cash equivalents at the end of Q1 2025 were CNY 556,462,796.95, a decrease from CNY 625,980,716.39 at the end of Q1 2024[25] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 6,275,368,445.64, reflecting a growth of 10.30% from CNY 5,689,469,572.47 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to CNY 6,275,368,445.64, up from CNY 5,689,469,572.47 at the end of 2024, reflecting a growth of approximately 10.3%[16] - Total liabilities increased to CNY 2,604,206,224.88 from CNY 2,138,194,029.31, which is an increase of about 21.7%[15] - Shareholders' equity attributable to the parent company increased by 3.39% to CNY 3,518,943,073.21 from CNY 3,403,635,216.49 at the end of the previous year[5] - The company's equity attributable to shareholders rose to CNY 3,518,943,073.21 from CNY 3,403,635,216.49, marking an increase of approximately 3.4%[16] Operational Metrics - Total revenue for Q1 2025 reached CNY 1,102,914,826.44, slightly up from CNY 1,099,710,339.59 in Q1 2024, indicating a growth of approximately 0.2%[18] - Total operating costs for Q1 2025 were CNY 968,822,720.42, down from CNY 979,078,449.15 in Q1 2024, reflecting a decrease of about 1.3%[18] - The total revenue from operating activities was CNY 1,020,686,042.11, up from CNY 992,535,093.08 in the same period last year[23] Inventory and Receivables - Accounts receivable rose significantly to CNY 626,361,352.94 from CNY 451,282,337.49, marking an increase of about 38.8%[13] - Inventory levels increased to CNY 2,258,314,102.95 from CNY 1,990,012,749.91, which is an increase of approximately 13.5%[14] Research and Development - R&D expenses for Q1 2025 were CNY 23,459,048.66, slightly down from CNY 25,861,071.07 in Q1 2024, indicating a decrease of about 9.3%[18] Debt and Interest - Short-term borrowings surged to CNY 873,615,401.55 from CNY 487,863,343.44, indicating an increase of about 79%[15] - The company incurred interest expenses of CNY 13,433,341.59 in Q1 2025, compared to CNY 10,275,794.05 in Q1 2024, indicating a rise of 30.5%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 14,411[9] - The weighted average return on net assets decreased slightly to 2.92% from 2.98% year-on-year[5] - The company reported non-recurring gains of CNY 300,719.21 after accounting for tax and minority interests[7]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 7.7 CNY for 2025, based on a 13x PE valuation [2][9][4]. Core Views - The company has shown steady revenue growth, with a projected increase in revenue from 4,438 million CNY in 2023 to 6,061 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.2% [2][8]. - The net profit attributable to the parent company is expected to grow from 404 million CNY in 2023 to 558 million CNY in 2027, with a notable increase in profit margins [2][8]. - The company is expanding its production capacity, with new projects in Vietnam and other regions, which is expected to enhance its competitive position in the global market [8]. Financial Summary - **Revenue Forecast**: - 2023: 4,438 million CNY - 2024: 4,841 million CNY (growth of 9.1%) - 2025: 5,019 million CNY (growth of 3.7%) - 2026: 5,552 million CNY (growth of 10.6%) - 2027: 6,061 million CNY (growth of 9.2%) [2][11] - **Net Profit Forecast**: - 2023: 404 million CNY - 2024: 428 million CNY (growth of 6.0%) - 2025: 433 million CNY (growth of 1.0%) - 2026: 496 million CNY (growth of 14.6%) - 2027: 558 million CNY (growth of 12.5%) [2][11] - **Earnings Per Share (EPS)**: - 2023: 0.55 CNY - 2024: 0.59 CNY - 2025: 0.59 CNY - 2026: 0.68 CNY - 2027: 0.76 CNY [2][11] - **Profitability Ratios**: - Gross Margin: Expected to increase from 18.6% in 2023 to 19.5% in 2027 - Net Margin: Expected to improve from 9.1% in 2023 to 9.2% in 2027 - Return on Equity (ROE): Expected to stabilize around 12.0% by 2027 [2][11].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 7.7 CNY for 2025, based on a 13x PE valuation [2][9][4]. Core Views - The company has shown steady revenue growth, with a projected increase in revenue from 4,438 million CNY in 2023 to 6,061 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.2% [2][8]. - The net profit attributable to the parent company is expected to grow from 404 million CNY in 2023 to 558 million CNY in 2027, with a notable increase in profit margins [2][8]. - The company is expanding its production capacity, with new projects in Vietnam and other regions, which is expected to enhance its competitive position in the global market [8]. Financial Summary - **Revenue Forecast**: - 2023: 4,438 million CNY - 2024: 4,841 million CNY (growth of 9.1%) - 2025: 5,019 million CNY (growth of 3.7%) - 2026: 5,552 million CNY (growth of 10.6%) - 2027: 6,061 million CNY (growth of 9.2%) [2][11] - **Net Profit Forecast**: - 2023: 404 million CNY - 2024: 428 million CNY (growth of 6.0%) - 2025: 433 million CNY (growth of 1.0%) - 2026: 496 million CNY (growth of 14.6%) - 2027: 558 million CNY (growth of 12.5%) [2][11] - **Earnings Per Share (EPS)**: - 2023: 0.55 CNY - 2024: 0.59 CNY - 2025: 0.59 CNY - 2026: 0.68 CNY - 2027: 0.76 CNY [2][11] - **Profitability Ratios**: - Gross Margin: Expected to increase from 18.6% in 2023 to 19.5% in 2027 - Net Margin: Expected to improve from 9.1% in 2023 to 9.2% in 2027 - Return on Equity (ROE): Expected to stabilize around 12.0% by 2027 [2][11]. Industry Context - The company operates in the textile and apparel industry, which is experiencing a shift towards higher quality and sustainable products, aligning with the company's strategic initiatives [4][8]. - The report highlights the company's efforts in diversifying its product offerings and enhancing production efficiency, which are critical for maintaining competitiveness in a challenging market environment [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [6][14]. Core Insights - The company is projected to achieve revenues of 4.84 billion yuan, a net profit attributable to shareholders of 430 million yuan, and a net profit excluding non-recurring items of 410 million yuan for the year 2024, representing year-on-year growth of 9.1%, 6.0%, and 5.2% respectively [3][6]. - The growth in sales is driven by increased volume, particularly in the cashmere business, with significant year-on-year increases in revenue for cashmere yarn [4]. - The company is expanding its production capacity globally, with new projects in Vietnam and Yinchuan set to commence production in 2025, which will enhance its product offerings and market reach [5][6]. Company Overview - The latest closing price of the company's stock is 5.71 yuan, with a total market capitalization of 4.2 billion yuan [2]. - The company has a debt-to-asset ratio of 37.6% and a price-to-earnings ratio of 9.68, indicating a relatively stable financial position [2][5]. - The largest shareholder is Zhejiang Xin'ao Industrial Co., Ltd., which reflects a concentrated ownership structure [2]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 460 million yuan, 510 million yuan, and 570 million yuan respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 [6][10]. - Revenue growth rates are expected to be 9.07% in 2024, followed by 3.96% in 2025, and then increasing again to 9.46% in 2026 [10][11]. Product Performance - In 2024, the company’s revenue from various product lines includes 2.54 billion yuan from fine wool yarn, 1.55 billion yuan from cashmere yarn, and 670 million yuan from wool tops, with cashmere yarn showing a notable year-on-year growth of 26.7% [4][5]. - The average selling prices for fine wool yarn, cashmere, and wool tops have decreased due to industry price pressures, but the company has maintained resilient sales volumes [4]. Cost Management - The gross margin for the company improved to 19.0% in 2024, with fine wool yarn margins increasing due to better product mix and production efficiency, while cashmere margins faced pressure from depreciation and other costs [5][6]. - The company’s management expenses have increased due to rising employee costs and share-based payment expenses, impacting the net profit margin, which decreased to 9.3% [5]. Strategic Outlook - The company is focusing on expanding its product categories and enhancing its global footprint, particularly in the outdoor sports segment, which is expected to provide significant growth opportunities in the future [5][6]. - The ongoing trade tensions may have short-term impacts on demand, but the company’s cost control and advanced equipment are seen as long-term advantages [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [6][14]. Core Views - The company is projected to achieve revenues of 4.84 billion yuan, a net profit attributable to shareholders of 430 million yuan, and a net profit excluding non-recurring items of 410 million yuan for the year 2024, representing year-on-year growth of 9.1%, 6.0%, and 5.2% respectively [3][6]. - The growth in sales is driven by an increase in the volume of cashmere products, with cashmere yarn revenue growing by 26.7% year-on-year [4]. - The company is expanding its production capacity globally, with new projects in Vietnam and Yinchuan set to commence production in 2025, which will enhance its product offerings in various textile categories [5][6]. Company Overview - The latest closing price of the company's stock is 5.71 yuan, with a total market capitalization of 4.2 billion yuan [2]. - The company has a total share capital of 730 million shares, with 721 million shares in circulation [2]. - The company's debt-to-asset ratio stands at 37.6%, and its price-to-earnings ratio is 9.68 [2]. Financial Projections - The company is expected to achieve net profits of 460 million yuan, 510 million yuan, and 570 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 [6][10]. - Revenue growth rates are projected at 9.07% for 2024, 3.96% for 2025, and 9.46% for 2026 [10][11].

纺织服饰/纺织制造 毛精纺纱线量利齐升，羊绒纱线市场持续开拓 2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 5.73 | | 一年最高最低(元) | 8.53/5.09 | | 总市值(亿元) | 41.86 | | 流通市值(亿元) | 41.29 | | 总股本(亿股) | 7.30 | | 流通股本(亿股) | 7.21 | | 近 3 个月换手率(%) | 52.91 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 新澳股份 沪深300 相关研究报告 《Q3 羊毛纱线及毛利率承压，期待扩 产释放业绩 —公司信息更新报告》 -2024.10.22 《H1 量增驱动核心业务增长，全球化 扩产顺利推进—公司信息更新报告》 -2024.8.23 《毛精纺纱线龙头经纬全球，扩产扩 品类齐头并进 —公司首次覆盖报告》 -2024.6.19 | | | ——公司信息更新报告 | | --- | --- | --- | | 吕明（分析师） | ...

纺织服饰/纺织制造 《毛精纺纱线龙头经纬全球，扩产扩 品类齐头并进 —公司首次覆盖报告》 -2024.6.19 | | | ——公司信息更新报告 | | --- | --- | --- | | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | lvming@kysec.cn | zhoujiale@kysec.cn | zhangshuangning@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790522030002 | 证书编号：S0790524070006 | 毛精纺纱线量利齐升，羊绒纱线市场持续开拓 2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 5.73 | | 一年最高最低(元) | 8.53/5.09 | | 总市值(亿元) | 41.86 | | 流通市值(亿元) | 41.29 | | 总股本(亿股) | 7.30 | | 流通股本(亿股) | 7.21 | | 近 3 个月换手率(%) | 52.91 | 股价走势图 数据来源：聚源 ...

公司报告 | 年报点评报告 新澳股份（603889） 证券研究报告 越南工厂加速建设投产 公司发布年报 24Q4 营收 10 亿同增 5%，归母净利 0.6 亿同增 10%，扣非后 0.6 亿同增 3%。 2024 年营收 48 亿同增 9%，归母 4.3 亿同增 6%，扣非后归母 4.1 亿同增 5%。 24A 毛利率 19%同增 0.4pct；净利率 9.3%同增-0.4pct。 毛精纺纱线量利双增勇攀新峰 公司毛精纺纱线销量 1.57 万吨，同增 5.05%，营收 25.4 亿，同增 1.83pct。 同时，公司通过优化生产流程、加强成本控制和提升产品附加值等，毛精 纺毛利率水平增长至 26.78%，增长 1.72pct。 羊绒纱线产能释放产销齐升 子公司新澳羊绒将以精细化管理为抓手，通过锻造产品竞争力、优化客户 资源、升级订单结构，有望在迈入全年产能利用率高位稳态运行的阶段后， 实现从规模增长到盈利提升的发展进阶。子公司英国邓肯通过增资扩股并 引进外部投资者 BARRIE，有助于其与高端客户的深度绑定。 新质生产力加码，全球化布局落子 公司逐步扩大生产规模，以新质生产力赋能传统产业转型升级。 （1）6 ...

一、交易概述 浙江新澳纺织股份有限公司（以下简称"新澳股份"或"公司"）于 2024 年 12 月 13 日召开第六届董事会第十六次会议，审议通过了《关于子公司增资 扩股并引入投资者的议案》，同意公司以现金方式向 TODD&DUNCAN LIMITED（邓 肯有限公司）（以下简称"邓肯公司"）增资 956.2255 万英镑，邓肯公司注册资 本由 650 万英镑增加至 1606.2255 万英镑。同意公司内部增资完成后，引入 BARRIE KNITWEAR LIMITED（以下简称"BARRIE"）作为邓肯公司的新增股东， 其拟按照每股 1.76(四舍五入)英镑的认购价格认购邓肯公司 10,708,170 股， 认购金额为 1880 万英镑。公司对邓肯公司的持股比例将由 100%变更为 60%， BARRIE 取得邓肯公司 40%的股权。具体内容详见公司披露于上海证券交易所网 站的《关于子公司增资扩股并引入投资者的公告》。 证券代码：603889 证券简称：新澳股份 公告编号：2025-017 浙江新澳纺织股份有限公司 关于子公司增资扩股并引入投资者的进展公告 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 ...

4月17日晚，全球毛纺龙头新澳股份(603889)公告2024年年报，营业收入和净利润再创同期历史新高。 新澳股份表示，始终聚焦毛精纺纱线优势赛道，以全球视野推动多元化布局，报告期内各项目按计划有 序推进，逐步扩大生产规模，以新质生产力赋能传统产业转型升级。 2024年，新澳股份实现营业收入484078.38万元，同比增长9.07%；实现归母净利润42829.74万元，同比 增长 5.96%；实现扣除股份支付影响的扣非归母净利润为42676.58万元，较上年同期增长8.77%。 在羊绒纱线业务方面，新澳股份自我评价"产能释放产销齐升"。2024年公司羊绒纱线业务实现产量 2722.51吨，同比增长34.61%；实现销量2598.90吨，同比增长30.23%；贡献营业收入15.48亿元，同比增 长26.65%。子公司新澳羊绒有望在迈入全年产能利用率高位稳态运行的阶段后，逐步实现从规模增长 到盈利提升的发展进阶；子公司英国邓肯通过增资扩股并引进外部投资者Barrie，有助于其与高端客户 的深度绑定。 年报显示，新澳股份作为全球毛纺细分行业制造龙头之一，展现出公司的优势和韧性，主要体现在全球 化布局、技术研发与设计 ...