回暖 三季度毛利率承压，期待下游消费需求的 核心观点 ⚫ 公司发布 24Q3 财报，前三季度实现营业收入 38.7 亿，同比增长 10.3%，实现归母 净利润 3.7 亿，同比增长 5.4%，单 Q3 来看，公司收入和归母净利润分别同比增长 10.5%和 7.8%，基本符合预期。 ⚫ 单 Q3 来看，公司归母净利率同比下滑 0.2pct 至 7.9%，主要原因包括：1）24Q3 毛 利率同比下滑 1.1pct 至 16.5%，我们推测主要系毛利率较低的羊绒业务销售快速增 长所致；2）24Q3 管理费用率同比增长 0.3pct 至 3%，推测是股权激励费用摊销和 增加所致。另外，受益于汇兑亏损的减少，公司的财务费用也有所下降，因此对 24Q3 的净利润有正面贡献。 ⚫ 三季报显示，公司经营现金流保持优良水平。单三季度实现经营活动净现金 2.03 亿 元，远超单季度盈利 1.04 亿元。 ⚫ 产能未来仍将保持稳步扩张态势。具体来看：1）公司总部"60,000 锭高档精纺生 态纱项目"二期所涉及的 15,000 锭设备陆续投产；2）子公司新澳越南"50,000 锭 高档精纺生态纱纺织染整项目" 按计划稳步推进，项目 ...

隐证券 纺织服饰/纺织制造 Q3 羊毛纱线及毛利率承压，期待扩产释放业绩 ——公司信息更新报告 新澳股份（603889.SH） 2024 年 10 月 22 日 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/10/21 | | 当前股价 ( 元 ) | 6.71 | | 一年最高最低 ( 元 ) | 8.16/6.06 | | 总市值 ( 亿元 ) | 49.03 | | 流通市值 ( 亿元 ) | 48.07 | | 总股本 ( 亿股 ) | 7.31 | | 流通股本 ( 亿股 ) | 7.16 | | 近 3 个月换手率 (%) | 38.62 | 股价走势图 -12% 0% 12% 24% 36% 2023-10 2024-02 2024-06 新澳股份 沪深300 数据来源：聚源 相关研究报告 《H1 量增驱动核心业务增长，全球化 扩产顺利推进—公司信息更新报告》 -2024.8.23 《毛精纺纱线龙头经纬全球，扩产扩 品类齐头并进 —公司首次覆盖报告》 -2024.6.19 | --- ...

公司报告 | 季报点评 市场份额有望持续提升 公司发布三季报 公司 24Q3 收入 13 亿同增 11%，归母 1 亿同增 8%，扣非后 0.9 亿同增 5%； 24Q1-3 收入 39 亿同增 10%，归母 3.7 亿同增 5%，扣非后 3.5 亿同增 6%。 24Q1-3 公司毛利率 19.4%同比基本持平；归母净利率 9.6%同减约 0.4pct。 多品类宽带发展优势显现 近年来公司践行可持续宽带发展战略，基于纺纱主业内进行品类多元化扩 容，通过设立宁夏新澳羊绒、收购英国邓肯等举措，开拓羊绒纱线市场空 间。目前已形成以 CASHFEEL、NEWCHUWA、新澳、38°N、CASHQUEEN、 Todd&Duncan 等为代表自主品牌矩阵，搭建覆盖中、高、奢侈端及针织服 饰、运动休闲、家居家纺类等多品种、多档次、系列化的纱线产品结构体 系，为全球客户提供更精准、更多元化的选择空间，全面参与市场竞争， 更充分地获取市场份额。 公司新型纱线部前期市场调研及样品开发初有成效，并不断尝试向家纺、 产业用、新材料等高附加值纺织应用进一步探索延伸。 产业链一体化布局，提升交付稳定性和盈利能力。 公司是毛纺业内为数不多 ...

新澳股份（603889.SH） 优于大市 第三季度收入增长 11%，毛精纺产能明年将逐步释放 第三季度收入增长 11%，归母净利润增长 8%。公司是羊毛和羊绒纺纱龙头制 造商。2024 第三季度公司收入同比增长 10.5%至 13.2 亿元，归母净利润同 比增长 7.8%至 1.0 亿元。毛利率同比-1.1 百分点至 16.5%，预计主要受羊绒 资产折旧增加、以及部分毛利较低客户订单影响，由于去年从 9 月开始计提 折旧，故基数影响从四季度开始消除，未来羊绒业务盈利有望优化。费用率 整体保持稳定，财务费用率同比-0.9 百分点至 0.3%。归母净利率同比-0.2 百分点至 7.9%。营运效率稳定，存货周转天数同比-10 天至 158 天，应收周 转天数持平，应付周转天数同比-10 天至 34 天。现金流大幅改善，前三季度 经营性现金流净额同比增长 200%至 2.7 亿元，净现比为 0.7。 毛精纺订单增速放缓、公司积极备货，羊绒业务订单快速增长。分业务看： 1）毛精纺纱业务第三季度一方面受下游消费需求疲软影响，另一方面由于 上半年产能满载、交期过长导致部分客户流失，第三季度接单和营收预计小 幅下滑。但同时公 ...

证券研究报告·公司点评报告·纺织制造 新澳股份（603889） 24 年三季报点评：业绩表现稳健，期待终端 回暖带动业绩更好释放 2024 年 10 月 21 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3950 | 4438 | 4899 | 5404 | 5887 | | 同比（ % ） | 14.64 | 12.37 | 10.38 | 10.30 | 8.96 | | 归母净利润（百万元） | 389.78 | 404.22 | 428.15 | 478.40 | 532.97 | | 同比（ % ） | 30.68 | 3.70 | 5.92 | 11.74 | 11.41 | | EPS- 最新摊薄（元 / 股） | 0.53 | 0.55 ...

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 10 月 21 日 新澳股份 (603889) ——前三季营收、净利均创新高，羊绒盈利弹性未来可期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 18 日 | | 收盘价（元） | 6.91 | | 一年内最高/最低（元） | 8.16/6.06 | | 市净率 | 1.6 | | 息率（分红/股价） | 4.34 | | 流通 A 股市值（百万元） | 4,951 | | 上证指数/深证成指 | 3,261.56/10,357.68 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 4.58 | | | | | ...

证券研究报告：纺织服饰 | 公司点评报告 2024 年 10 月 21 日 公司基本情况 最新收盘价（元） 6.81 总股本/流通股本（亿股）7.31 / 7.16 总市值/流通市值（亿元）50 / 49 52 周内最高/最低价 8.06 / 6.15 资产负债率(%) 41.6% 市盈率 12.16 第一大股东 浙江新澳实业有限公司 股票投资评级 买入|维持 个股表现 -22% -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 2023-10 2024-01 2024-03 2024-05 2024-08 2024-10 新澳股份 纺织服饰 资料来源：聚源，中邮证券研究所 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 新澳股份(603889) 羊绒业务快速增长，Q3 毛利率有所承压 ⚫ 事件描述 公司发布 2024 年三季报，24 年前三季度实现营收 38.71 亿元， 同比+12.3%，实现归母净利润 3.70 亿元，同比+3.9%。其中 24Q3 实 现营收 13.15 亿元，同比+10.5% ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 10 月 21 日 [Table_Title] Q3 毛利率承压，未来扩产贡献值得期待 | --- | --- | --- | --- | |-------------------------|----------------------|------------------------|-----------| | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603889 | | 上次评级： | 买入 | 52 周最高价/最低价： | 8.16/6.06 | | | 目标价格： 总市值(亿 | ) | 50.49 | | 最新收盘价： | 6.91 | 自由流通市值(亿 ) | 49.51 | | | | 自由流通股数 (百万) | 716.44 | [Table_Summary] 事件概述 24 年 1-9 月公司实现收入/归母净利/扣非归母净利/经营现金流为 38.71/3.70/3.52/2.66 亿元、同比增长 10.28%/5.41%/5.60%/199.79%，非经主要为政府补贴 0.14 亿元，同比 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 21 年 月 日 新澳股份（603889.SH） 2024Q3 收入同比增长 11%，期待后续业绩稳健释放 2024Q1~Q3：收入同比+10%/归母净利润同比+5%。2024Q1~Q3公司收入为38.7 亿元，同比+10%；归母净利润为 3.7 亿元，同比+5%；扣非归母净利润为 3.5 亿元， 同比+6%。盈利质量方面：2024Q1~Q3 公司毛利率同比基本持平为 19.4%；销售/管 理/财务费用率同比分别-0.1/+0.1/+0.8pct 至 1.8%/2.8%/0.7%；综合以上，净利率同 比-0.5pct 至 10.1%。 单三季度：收入同比+11%/归母净利润同比+8%。2024Q3 公司收入为 13.2 亿元， 同比+11%；归母净利润为 1.0 亿元，同比+8%；扣非归母净利润为 0.9 亿元，同比 +5%。盈利质量方面：2024Q3 公司毛利率同比-1.1pct 至 16.5%（（们判断主要系毛毛 利率相对较低的羊绒纱线业务占比提升）；销售/管理/财务费用率同比分别持平/+0.3/- 0.9pct 至 2.1%/3.0% ...

Financial Performance - Revenue for the third quarter reached RMB 1,315,005,175.20, a year-on-year increase of 10.54%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 103,900,366.14, up 7.79% year-on-year[2] - Basic earnings per share for the third quarter were RMB 0.15, a year-on-year increase of 15.38%[3] - Total revenue for the first three quarters of 2024 reached 3,871,374,868.10 RMB, a 10.3% increase compared to 3,510,641,994.72 RMB in the same period of 2023[13] - Net profit for the first three quarters of 2024 was 391,378,615.45 RMB, up 5.0% from 372,850,430.56 RMB in the same period of 2023[15] - Operating profit for the first three quarters of 2024 was 447,596,730.38 RMB, a 6.1% increase from 421,758,001.28 RMB in the same period of 2023[15] - Comprehensive income for the first three quarters of 2024 reached 400,356,168.38 RMB, an increase from 378,937,859.81 RMB in the same period last year[16] - Sales revenue from goods and services for the first three quarters of 2024 was 3,567,965,345.25 RMB, up from 3,095,171,078.23 RMB in 2023[16] Cash Flow and Liquidity - Operating cash flow for the period from the beginning of the year to the end of the reporting period was RMB 265,969,462.48, a significant increase of 199.79% year-on-year[2][6] - Net cash flow from operating activities for the first three quarters of 2024 was 265,969,462.48 RMB, significantly higher than 88,719,772.94 RMB in 2023[17] - Cash received from tax refunds in the first three quarters of 2024 was 97,209,070.89 RMB, slightly lower than 103,295,984.19 RMB in 2023[17] - Cash paid for goods and services in the first three quarters of 2024 was 2,758,616,738.29 RMB, up from 2,489,298,932.03 RMB in 2023[17] - Net cash flow from investing activities for the first three quarters of 2024 was -466,301,434.39 RMB, an improvement from -533,821,432.53 RMB in 2023[17] - Cash received from financing activities in the first three quarters of 2024 was 1,341,253,157.34 RMB, down from 1,836,900,000.00 RMB in 2023[18] - Cash paid for debt repayment in the first three quarters of 2024 was 1,064,940,000.00 RMB, lower than 1,163,248,249.56 RMB in 2023[18] - Net cash flow from financing activities for the first three quarters of 2024 was -1,154,922.66 RMB, compared to 449,774,011.26 RMB in 2023[18] - The ending cash and cash equivalents balance for the first three quarters of 2024 was 776,794,113.58 RMB, down from 941,339,343.12 RMB in 2023[18] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 5,858,888,437.25, an increase of 3.78% compared to the end of the previous year[3] - Total assets increased to 5,858,888,437.25 RMB, up from 5,645,280,187.48 RMB in the previous period[11] - Total liabilities decreased slightly to 2,366,453,932.19 RMB from 2,349,752,091.65 RMB in the previous period[12] - Long-term borrowings increased significantly to 677,564,438.42 RMB, up 78.2% from 380,205,000.14 RMB in the previous period[11] - Equity attributable to owners of the parent company increased to 3,347,617,138.69 RMB, up 5.6% from 3,170,360,509.46 RMB in the previous period[12] - Equity attributable to shareholders of the listed company as of the end of the reporting period was RMB 3,347,617,138.69, up 5.59% compared to the end of the previous year[3] - Monetary funds as of September 30, 2024: RMB 800,631,730.75, a decrease from RMB 1,026,845,521.92 at the end of 2023[9] - Accounts receivable as of September 30, 2024: RMB 713,687,478.48, an increase from RMB 415,216,719.29 at the end of 2023[10] - Inventory as of September 30, 2024: RMB 1,798,023,669.05, a slight decrease from RMB 1,856,461,729.26 at the end of 2023[10] - Fixed assets as of September 30, 2024: RMB 1,697,175,578.24, an increase from RMB 1,623,531,016.77 at the end of 2023[10] - Construction in progress as of September 30, 2024: RMB 328,376,736.21, a significant increase from RMB 123,355,997.27 at the end of 2023[10] - Total current assets as of September 30, 2024: RMB 3,452,700,475.28, a slight decrease from RMB 3,523,992,571.47 at the end of 2023[10] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period: 10,932[7] - Zhejiang Xinao Industrial Co., Ltd. holds 222,768,000 shares, accounting for 30.49% of total shares[7] - Shen Jianhua holds 103,872,587 shares, accounting for 14.22% of total shares[7] Non-Recurring Items and Government Subsidies - Non-recurring gains and losses for the period from the beginning of the year to the end of the reporting period amounted to RMB 17,142,131.08[5] - Government subsidies received during the reporting period totaled RMB 19,756,502.50[4] Operational Efficiency and Costs - The significant increase in operating cash flow was mainly due to the release of production capacity and improved efficiency, leading to increased sales of worsted yarn and cashmere yarn[6] - Total operating costs for the first three quarters of 2024 were 3,436,072,939.10 RMB, an 11.4% increase from 3,084,405,481.51 RMB in the same period of 2023[13] - R&D expenses increased to 86,510,545.11 RMB, up 4.2% from 82,984,004.08 RMB in the same period of 2023[15] Other Comprehensive Income - Other comprehensive income increased to 8,977,552.93 RMB, up 47.5% from 6,087,429.25 RMB in the same period of 2023[15]