新澳股份：越南投产加速全球化

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [7][18]. Core Insights - The company is accelerating its globalization strategy by establishing a production base in Vietnam, which is expected to enhance its supply chain and delivery capabilities in Southeast Asia and globally [2][5]. - The Vietnam project is a significant step in the company's capacity expansion and aims to leverage local labor costs and tax incentives to improve competitiveness [5][6]. - Revenue forecasts for 2024 to 2026 are projected at 49 billion, 54 billion, and 61 billion respectively, with net profits expected to be 4.3 billion, 4.5 billion, and 5.2 billion [3][10]. Financial Projections - Revenue growth rates are expected to be 10% in 2024, 11.5% in 2025, and 12.3% in 2026 [10][13]. - The company's earnings per share (EPS) are projected to increase from 0.58 in 2024 to 0.71 in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 11.88 to 9.81 [10][13]. - The total assets are expected to grow from 5,172.37 million in 2024 to 5,881.76 million in 2026, indicating a solid financial position [12][13]. Market Positioning - The establishment of the Vietnam production base is positioned as a strategic move to tap into the growing Southeast Asian textile market, enhancing the company's competitive edge [2][5]. - The company aims to respond quickly to local market demands, thereby increasing its market share in the region [2][5].