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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7] Core Views - The company is expected to achieve revenue and net profit of 4.84 billion and 428 million yuan in 2024, representing a year-on-year growth of 9.1% and 6.0% respectively. The net profit growth, excluding stock incentive expenses and non-recurring gains and losses, is projected to be 8.8% [7] - The company is expanding its product lines and entering the cashmere yarn market, supported by a proactive global capacity expansion strategy, indicating significant growth potential [7] - The revenue from wool yarn, cashmere yarn, wool tops, and modified processing is expected to be 2.54 billion, 1.55 billion, 670 million, and 40 million yuan respectively in 2024, with cashmere business proportion increasing [7][8] Financial Summary - The company's projected net profits for 2025-2027 are 440 million, 490 million, and 551 million yuan respectively, with corresponding P/E ratios of 9.5, 8.5, and 7.6 times [7][11] - The gross profit margin for 2024 is expected to be 19%, with a slight year-on-year improvement [9] - Operating cash flow for 2024 is projected to be 370 million yuan, a decrease of 33% compared to the previous year [9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Views - The company is expected to achieve revenue and net profit of 4.84 billion and 428 million yuan in 2024, representing a year-on-year growth of 9.1% and 6.0% respectively. The net profit growth, excluding stock incentive expenses and non-recurring gains and losses, is projected to be 8.8% [7]. - The company is expanding its product lines and entering the cashmere yarn market, supported by a proactive global capacity expansion strategy, indicating significant growth potential [7]. - The revenue from wool yarn, cashmere yarn, wool tops, and modified processing is expected to be 2.54 billion, 1.55 billion, 670 million, and 40 million yuan respectively in 2024, with year-on-year growth rates of 1.8%, 26.6%, 0.9%, and 33.7% [7][8]. Financial Summary - The company's projected net profits for 2025-2027 are 440 million, 490 million, and 551 million yuan respectively, with corresponding P/E ratios of 9.5, 8.5, and 7.6 [7][11]. - The gross margin for 2024 is expected to be 19%, an increase of 0.4 percentage points year-on-year, with a net profit margin of 8.8% [9]. - The operating cash flow for 2024 is projected to be 370 million yuan, a decrease of 33% compared to the previous year [9][11].

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 ...

本报讯 （记者冯思婕） 4月17日晚间，浙江新澳纺织股份有限公司（以下简称"新澳股份"）发布公告称，公司2024年度实现营 业收入48.41亿元，同比增长9.07%；归属于上市公司股东的净利润4.28亿元，同比增长5.96%。 同时，新澳股份拟向全体股东每10股派发现金红利3元（含税），预计派发现金红利总额为2.19亿元， 占公司2024年度合并报表归属上市公司股东净利润的51.17%。自上市以来，公司累计分红13.72亿元 （含2024年度拟分红），已与公司在资本市场募集资金13.7亿元持平，近三年现金分红占归母净利润比 例52.61%。 2024年，纺织行业产能利用水平稳中有升，供给端呈现平稳增长态势。根据国家统计局数据，2024年我 国纺织业、化纤业产能利用率分别为78.5%和85.4%，较上年分别提高2.1个百分点和1.1个百分点，均高 于同期全国工业75%的产能利用水平。 作为全球毛纺细分行业制造龙头之一，新澳股份展现出优势和韧性。分业务板块来看，新澳股份的毛精 纺纱线业务实现销量15738.67吨，同比增长5.05%，贡献营业收入25.43亿元，同比增长1.83个百分点。 同时，公司通过优化生产流 ...

Group 1 - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has been detained, but the company's operations remain normal and unaffected [1] - Juran Smart Home reported a total revenue of 12.966 billion yuan in 2024, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% year-on-year, primarily due to economic fluctuations and increased competition in the home furnishing market [3][4] Group 2 - China Bank plans to raise up to 165 billion yuan through a private placement of A-shares, with the funds aimed at increasing its core tier one capital [4] - The issuance price for China Bank's shares is set at 6.05 yuan per share, which is 80% of the average trading price over the previous 20 trading days [4] - The Bank of Communications also plans to raise up to 120 billion yuan through a private placement, with the funds also designated for core tier one capital [5] Group 3 - SANY Heavy Industry reported a total revenue of 78.383 billion yuan in 2024, an increase of 5.9% year-on-year, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [6][7] - The company's international main business revenue reached 48.513 billion yuan, accounting for 63.98% of total revenue, with significant growth in various regions [6][8] - SANY Heavy Industry has established 37 lighthouse factories and is recognized for its advanced smart manufacturing capabilities [8] Group 4 - East China Pharmaceutical achieved a total revenue of 41.906 billion yuan in 2024, a growth of 3.16%, and a net profit of 3.512 billion yuan, up 23.72% year-on-year [10][11] - The company has a robust pipeline of over 80 innovative drugs, focusing on diabetes and oncology [11][12] Group 5 - EVE Energy reported a total revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35%, with a net profit of 4.076 billion yuan, an increase of 0.63% [13][14] - The company has seen significant growth in its energy storage business, with a shipment volume of 50.45 GWh, a year-on-year increase of 91.90% [15] Group 6 - China Unicom reported a revenue of 103.35 billion yuan in Q1 2025, a growth of 3.9%, and a net profit of 2.61 billion yuan, up 6.5% year-on-year [19] - Lens Technology achieved a revenue of 17.063 billion yuan in Q1 2025, a growth of 10.10%, with a net profit of 429 million yuan, up 38.71% year-on-year [20] Group 7 - Fuyao Glass reported a revenue of 9.910 billion yuan in Q1 2025, a growth of 12.16%, with a net profit of 2.030 billion yuan, up 46.25% year-on-year [21] - Zhuye Group reported a revenue of 4.803 billion yuan in Q1 2025, a growth of 8.50%, with a net profit of 277 million yuan, up 74.07% year-on-year [23] Group 8 - Cailong Technology reported a net profit growth of 87.55% in 2024, with total revenue of 11.664 billion yuan [32] - Ziyan Food reported a revenue of 3.363 billion yuan in 2024, with a net profit growth of 4.5% [33] Group 9 - Shunyi Environmental reported a revenue of 12.678 billion yuan in 2024, with a net profit growth of 41.58% [35] - Shougang Group turned a profit in Q1 2025, reporting a revenue of 26.533 billion yuan, down 10.18%, with a net profit of 328 million yuan [36] Group 10 - Keda Li reported a revenue of 12.030 billion yuan in 2024, with a net profit growth of 22.55% [38] - Betta Pharmaceuticals reported a revenue of 2.892 billion yuan in 2024, with a net profit growth of 15.67% [40] Group 11 - New Australia reported a revenue of 4.841 billion yuan in 2024, with a net profit growth of 5.96% [41] - Fawer reported a revenue of 16.468 billion yuan in 2024, with a net profit growth of 11.93% [42] Group 12 - Zhongwei Company reported a revenue of 9.065 billion yuan in 2024, with a net profit decrease of 9.53% [43] - Changying Precision reported a revenue of 16.934 billion yuan in 2024, with a net profit growth of 800% [44] Group 13 - Stanley reported a revenue of 10.263 billion yuan in 2024, with a net profit growth of 17.89% [45] - Puyang reported a revenue of 5.192 billion yuan in 2024, with a net profit decrease of 45.48% [46] Group 14 - Huangshi Group received a notice of administrative penalty for failing to disclose significant contracts, with potential fines for the company and responsible individuals [47] - Baosteel announced plans to acquire a 49% stake in Maanshan Steel through a combination of cash purchases and capital increases, with an estimated total investment of 9 billion yuan [48][49] Group 15 - Shengquan Group reported a revenue of 2.459 billion yuan in Q1 2025, with a net profit growth of 50.46% [50]

浙江新澳纺织股份有限公司 2024 年度对会计师事务所履职情况评估报告 浙江新澳纺织股份有限公司（以下简称"公司"）聘请天健会计师事务所 （特殊普通合伙）（以下简称"天健"）作为公司 2024 年度财务审计机构及内 部控制审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公司 选聘会计师事务所管理办法》，公司对天健 2024 年审计过程中的履职情况进行 评估。 经评估，公司认为天健资质等方面合规有效，保持了良好的独立性，认真 履职、勤勉尽责、公允表达意见，具体情况如下： 一、2024 年年审会计师事务所基本情况 （一）基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 7 组织形式 | 年 | 月 | 18 | 日 | | | 特殊普通合伙 | | | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 128 | | | | | | 号 | | | | | 首席合伙人 | 钟建国 上年末 ...

2024年，公司董事会审计与风险管理委员会共召开6次会议，并严格按照相 关法律法规的规定和要求，本着对全体股东负责的态度，认真履行职责。 浙江新澳纺织股份有限公司 董事会审计与风险管理委员会2024年度履职情况报告 浙江新澳纺织股份有限公司董事会审计与风险管理委员会按照中国证监 会、上海证券交易所监管要求，根据《上市公司治理准则》、《上海证券交易 所股票上市规则》、《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》《公司章程》等规定，公司董事会审计与风险管理委员会充分发挥专业 委员会作用，积极开展各项工作，勤勉尽责。现将审计与风险管理委员会2024 年度的履职情况汇报如下： 一、董事会审计与风险管理委员会人员情况 董事会审计与风险管理委员会成员由三名董事组成，其中两名为独立董 事，委员中至少有一名独立董事为会计专业人士。公司审计与风险管理委员会 由屠建伦、沈建华、冯震远三名董事组成，屠建伦担任主任委员。其中屠建伦 为会计专业人士、公司独立董事，冯震远为独立董事。审计与风险管理委员会 下设审计部，负责公司内部审计、内部控制及其他相关工作。 二、董事会审计与风险管理委员会会议召开情况 1、2024年3 ...