新澳股份（603889）：业绩稳健增长，产能逐步释放

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].