新澳股份（603889）/轻纺 证券研究报告/公司点评 2024 年 4 月 23 日 请务必阅读正文之后的重要声明部分 公司点评 - 2 - 请务必阅读正文之后的重要声明部分 | --- | --- | --- | |---------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.62 CNY per share, based on a 14x P/E ratio for 2024 [15]. Core Insights - The company reported a revenue of 4.438 billion CNY in 2023, representing a year-on-year growth of 12.37%, and a net profit attributable to shareholders of 404 million CNY, up 3.70% from the previous year [13][14]. - The company's gross profit margin for 2023 was 18.63%, a slight decrease of 0.18 percentage points compared to the previous year, primarily due to falling wool prices [3][8]. - The company is focusing on expanding its core wool and cashmere businesses, with new production capacities expected to come online in 2024 [8]. Financial Summary - Revenue growth is projected at 12.4% for 2023, with expectations of continued growth in the following years, reaching 5.052 billion CNY in 2024 and 5.604 billion CNY in 2025 [14]. - The gross profit margin is expected to stabilize around 18.3% to 18.6% from 2024 to 2026 [14]. - Earnings per share (EPS) are forecasted to be 0.62 CNY in 2024, 0.70 CNY in 2025, and 0.80 CNY in 2026 [8][14].

[Table_Title] 内外需求扩大，公司业绩持续增长 [Table_StockName] ——新澳股份（603889）点评报告 [Table_ReportDate] 2024 年 04 月 23 日 2024 年 4 月 22 日，公司发布 2024 年一季度报告。2024Q1，公司实现 营收 11.00 亿元（同比+12.48%），归母净利润 0.96 亿元（同比+6.59%）， 扣非归母净利润 0.93 亿元（同比+6.37%）。 730.66 716.44 证券研究报告|纺织服饰 [Table_StockRank] 增持(维持) [Table_Summary] 报告关键要素: ⚫ 公司业绩持续增长，但净利润增速较去年明显下降：公司作为毛纺细分 行业龙头企业之一，营收净利实现增长。2024Q1 公司实现营收 11.00 亿 元（同比+12.48%），增速较去年同期（+9.44%）进一步提升；归母净 利润 0.96 亿元（同比+6.59%），增速较去年同期（+21.23%）明显下降； 扣非归母净利润 0.93 亿元（同比+6.37%），增速较去年同期（+20.62%） 下降。 公司毛利率有所上升，财务 ...

(20%) (7%) 5% 18% 30% 42% Apr-23May-23Jun-23Jul-23Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 支撑评级的要点 | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------|-------| | [Table_FinchinaSimple] 投资摘要 | | | | | | | 年结日： 12 月 31 日 | 2022 | 2023 | 2024E | 2025E | 2026E | | 主营收入 ( 人民币 百万 ) | 3,950 | 4,438 | 5,046 | 5,705 | 6,396 | | 增长率 (%) | 14.6 | 12.4 | 13.7 | 13.1 | 12.1 | | 归母净利润 ( 人民币 百万 ) | 390 | 404 | 473 | 534 | 613 | | 增长率 (%) | 30.7 | 3.7 | 16.9 | ...

Investment Rating - The report maintains a "Buy" rating for Xin'ao Co., Ltd. [3][25] Core Views - The company reported Q1 2024 revenue of 1.1 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 96 million yuan, up 6.6% year-on-year, aligning with expectations [3] - The gross profit margin for Q1 2024 was 19.9%, an increase of 0.6 percentage points year-on-year, while the expense ratio was 8.45%, up 1.3 percentage points year-on-year, primarily due to foreign exchange losses from euro-denominated assets [3] - The company is experiencing strong demand in both wool and cashmere segments, with significant sales growth in 2023, indicating robust operational performance [3] - The report forecasts a gradual increase in profit growth throughout 2024, supported by a healthy order backlog and ongoing production expansion [3] Summary by Sections Financial Performance - In Q1 2024, Xin'ao Co., Ltd. achieved a revenue of 1.1 billion yuan, reflecting a 12.5% increase year-on-year, and a net profit of 96 million yuan, which is a 6.6% increase year-on-year [3][16] - The company’s gross profit margin for 2023 was 18.6%, with a notable gross margin of 25.1% for wool yarn, significantly higher than cashmere and wool tops [3][22] Business Segments - Wool yarn segment revenue in 2023 was 2.5 billion yuan, up 11.3% year-on-year, with a sales volume of 15,000 tons, while cashmere segment revenue was 1.22 billion yuan, up 14.1% year-on-year, with a sales volume of 1,996 tons [3] - The company is actively expanding its cashmere blended yarn product line to enhance market competitiveness, despite a temporary decline in average selling prices [3] Growth Prospects - The company is accelerating production expansion domestically and internationally, with new capacity expected to come online in 2024, including a 15,000 spindles wool yarn capacity in Tongxiang and a 20,000 spindles capacity in Vietnam [3] - The report projects net profits for 2024-2026 to be 450 million, 542 million, and 632 million yuan respectively, with corresponding price-to-earnings ratios of 12, 10, and 8 times [3][16]

证券代码：603889 证券简称：新澳股份 公告编号：2024-024 浙江新澳纺织股份有限公司 第六届董事会第九次会议决议公告 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记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议并通过了《公司 2024 年第一季度报告》 本议案事前已经公司董事会审计委员会审议通过，并同意提交至公司董事会 审议。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 特此公告。 浙江新澳纺织股份有限公司董事会 2024 年 4 月 23 日 浙江新澳纺织股份有限公司（以下简称"公司"）第六届董事会第九次会议 于 2024 年 4 月 22 日在公司会议室以现场方式召开，本次会议通知于 2024 年 4 月 12 日以书面、电话等方式通知全体董事、监事、高级管理人员。会议由董事 长沈建华先生召集并主持，会议应出席董事 9 人，实际出席董事 9 人。本次会议 的召集和召开程序符合《公司法》和《公司章程》的规定，会议合法有效。 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,099,710,339.59, representing a year-on-year increase of 12.48%[5] - The net profit attributable to shareholders for the same period was CNY 96,051,022.16, reflecting a growth of 6.59% compared to the previous year[5] - The basic earnings per share for Q1 2024 was CNY 0.13, unchanged from the previous year[6] - The net profit attributable to shareholders of the parent company for Q1 2024 was ¥96,051,022.16, an increase from ¥90,114,766.30 in Q1 2023, representing a growth of approximately 6.5%[22] - Total revenue from operating activities for Q1 2024 reached ¥992,535,093.08, compared to ¥854,638,661.64 in Q1 2023, indicating a year-over-year increase of about 16.1%[25] - The total profit for Q1 2024 was ¥115,811,788.28, compared to ¥108,435,925.31 in Q1 2023, marking an increase of approximately 3.8%[25] - The total comprehensive income for Q1 2024 was ¥98,012,983.99, compared to ¥96,455,350.42 in Q1 2023, showing a modest increase of about 1.6%[22] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -290,675,786.58, indicating a significant cash outflow[5] - The net cash flow from operating activities for Q1 2024 was -¥290,675,786.58, slightly worse than -¥268,851,991.05 in Q1 2023[25] - The company reported a net cash outflow from investing activities of -¥221,931,819.50 in Q1 2024, a significant decrease from a net inflow of ¥26,018,501.97 in Q1 2023[26] - Cash and cash equivalents decreased to RMB 681,333,629.09 as of March 31, 2024, down from RMB 1,026,845,521.92 at the end of 2023, representing a decline of 33.54%[15] - Cash and cash equivalents at the end of Q1 2024 stood at ¥625,980,716.39, down from ¥758,134,345.21 at the end of Q1 2023[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,535,783,013.37, a decrease of 1.94% from the end of the previous year[6] - Total assets decreased to RMB 5,535,783,013.37 from RMB 5,645,280,187.48, a reduction of 1.95%[16] - Total liabilities decreased to RMB 2,137,618,621.56 from RMB 2,349,752,091.65, reflecting a decline of 9.00%[17] - Shareholders' equity increased to RMB 3,398,164,391.81 from RMB 3,295,528,095.83, showing an increase of 3.13%[17] - The equity attributable to shareholders increased to CNY 3,268,992,588.34, marking a rise of 3.11% year-on-year[6] Operational Efficiency - The company reported a net profit margin improvement, with net profit for Q1 2024 expected to reflect operational efficiencies[20] - Total operating costs for Q1 2024 were RMB 979,078,449.15, up from RMB 862,336,238.04 in Q1 2023, reflecting a year-over-year increase of 13.54%[20] - Research and development expenses increased to ¥25,861,071.07 in Q1 2024 from ¥22,127,948.09 in Q1 2023, reflecting a rise of approximately 16.5%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,994[11] - Zhejiang Xin'ao Industrial Co., Ltd. held 30.49% of the shares, with 63,000,000 shares pledged[12] Future Outlook - The company has not reported any new product developments or market expansion strategies in this quarter[4] - The company is focusing on expanding its market presence and enhancing product development strategies in the upcoming quarters[20]

一、本次会计政策变更概述 证券代码：603889 证券简称：新澳股份 公告编号：2024-026 浙江新澳纺织股份有限公司 关于会计政策变更的公告 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记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次会计政策变更不会对公司财务状况、经营成果和现金流量等产生重大影 响。 本次会计政策变更后，公司将按照财政部发布的解释第 17 号相关规定执 行。其他未变更部分，仍按照财政部颁布的《企业会计准则——基本准则》和各 项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关 规定执行。 二、本次会计政策变更对公司的影响 本次会计政策变更是公司根据财政部相关规定和要求进行的变更，变更后的 会计政策能够客观、公允地反映公司的财务状况和经营成果，符合相关法律法规 的规定和公司实际情况。本次会计政策变更不会对公司财务状况、经营成果和现 金流量产生重大影响，亦不存在损害公司及股东利益的情况。 特此公告。 浙江新澳纺织股份有限公司董事会 （一）本次会计政策变更的原因 2023 年 10 月 25 日，财政部发布了 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：603889 证券简称：新澳股份 公告编号：2024-025 浙江新澳纺织股份有限公司 一、 监事会会议召开情况 浙江新澳纺织股份有限公司（以下简称"公司"）第六届监事会第九次会议 于 2024 年 4 月 22 日在公司会议室以现场方式召开，本次会议通知于 2023 年 4 月 12 日以书面、电话方式通知全体监事。会议由监事会主席张焕祥先生召集并 主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集和召开程序符 合《公司法》和《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 第六届监事会第九次会议决议公告 （一）审议并通过了《公司 2024 年第一季度报告》 表决结果：同意票 3 票、反对票 0 票、弃权票 0 票。 特此公告。 浙江新澳纺织股份有限公司监事会 2024 年 4 月 23 日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.19 CNY based on a 13x PE valuation for 2024 [1][21]. Core Insights - The company reported a revenue of 4.44 billion CNY in 2023, representing a year-on-year growth of 12.4%, and a net profit of 404 million CNY, up 3.7% year-on-year. The company shows resilience in growth despite a decline in wool prices [30]. - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 0.63 CNY, 0.74 CNY, and 0.86 CNY respectively, reflecting adjustments from previous estimates [1][21]. - The company plans to distribute a dividend of 3 CNY per 10 shares, resulting in a dividend payout ratio of approximately 54% [30]. Financial Performance Summary - Revenue and Profit Growth: - 2023 revenue: 4.44 billion CNY, up 12.4% from 2022 - 2023 net profit: 404 million CNY, up 3.7% from 2022 - 2024 estimated revenue: 4.95 billion CNY, with a growth rate of 11.5% [31] - Gross Margin: - 2023 gross margin: 18.6%, a slight decrease of 0.2 percentage points from 2022 [30]. - Earnings Forecast: - EPS for 2024: 0.63 CNY, 2025: 0.74 CNY, 2026: 0.86 CNY [21][31]. Production Capacity and Strategic Initiatives - The company is advancing new production capacities, including: - A 50,000 spindle high-end worsted ecological yarn project in Vietnam, with phase one expected to be completed by the end of 2025 [30]. - A 60,000 spindle high-end worsted ecological yarn project, with 13,000 spindles already operational and further installations planned [30]. - The company is expanding into new product categories, including woven yarns and outdoor sports yarns, enhancing its competitive edge [30].