新澳股份2024Q3业绩点评：Q3收入符合预期，期待新产能投产

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.23 CNY, reflecting a price-to-earnings (PE) ratio of 14 times the expected earnings for 2025, which is above the industry average [3][9]. Core Insights - The company's Q3 revenue and net profit attributable to shareholders met expectations, with revenue reaching 1.315 billion CNY, a year-on-year increase of 10.54%, and net profit of 104 million CNY, up 7.79% year-on-year. The gross margin was 16.6%, down 1.1 percentage points year-on-year [2][3]. - The company is positioned as a global leader in wool spinning, with a clear capacity expansion plan that underpins growth. The wool broadband strategy is expected to unlock further potential, while cashmere sales are anticipated to improve [2][3]. - The report highlights that the cashmere business's gross margin is under pressure, prompting a downward revision of the EPS forecast for 2024-2026 to 0.59, 0.67, and 0.78 CNY, respectively [2][3]. Financial Summary - For 2023, the company reported a revenue of 4.438 billion CNY, with a projected growth rate of 12.4%. The net profit attributable to shareholders is expected to be 404 million CNY, reflecting a growth of 3.7% [3]. - The company aims for a capacity utilization rate of over 85% in 2024, with a high probability of achieving this target. The gross margin for cashmere yarn is expected to improve as the company leverages its cost control experience in wool yarn [2][3]. - The financial outlook includes a projected revenue of 4.884 billion CNY for 2024, with a net profit of 432 million CNY, indicating a growth of 6.9% [3][4]. Market Data - The company's stock price has ranged between 6.15 and 8.06 CNY over the past 52 weeks, with a current price of 6.83 CNY [4][3]. - The total market capitalization is approximately 4.99 billion CNY, with a total share count of 731 million [4][5].