资料来源：Wind、国信证券经济研究所整理 相关研究报告 资料来源:公司公告、Wind、国信证券经济研究所整理 | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------|-------|-------|-------|-------|-------| | | 表1：盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | | 营业收入(百万元) | 3,950 | 4,438 | 5,106 | 5,766 | 6,436 | | | (+/-%) | 14.6% | 12.4% | 15.0% | 12.9% | 11.6% | | | 净利润(百万元) | 390 | 404 | 465 | 547 | 630 | | | (+/-%) | 30.7% | 3.7% | 15.0% | 17.7% | 15.0% | | | 每股收益（元） | 0.76 | 0.55 | 0.64 | 0.75 | 0.86 | | | EBIT Margin | 10.9% ...

Investment Rating - The report maintains a "Buy" rating for the company [16]. Core Views - The company's 2023 performance met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 4.44 billion, 404 million, and 389 million yuan respectively, showing year-on-year changes of 12.4%, 3.7%, and 13.3% [7]. - The outlook for 2024 is optimistic, with expectations of low performance in the first half and high performance in the second half, driven by both volume and price growth [11][14]. - The company has demonstrated resilience in pricing, with the average price of fine wool yarn increasing despite a decline in raw wool prices, attributed to product structure optimization [12]. Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 930 million, 53 million, and 55 million yuan respectively, with year-on-year changes of 12.5%, 2.2%, and 18% [7]. - For the full year 2023, the revenue from various segments showed positive growth: fine wool yarn (+11.3%), wool tops (+12.8%), cashmere (+14.1%), and dyeing and finishing (+21%) [12]. - The gross profit margins for these segments varied, with cashmere showing an increase due to improved capacity utilization, while fine wool yarn and wool tops experienced declines due to falling raw material prices [12]. Future Projections - The company expects net profits for 2024-2026 to be 470 million, 560 million, and 650 million yuan, representing year-on-year growth rates of 15%, 20%, and 16% respectively [14]. - The current price-to-earnings ratio is projected to be 11, 10, and 8 times for the years 2024, 2025, and 2026 [14]. Dividend Policy - The company maintained a cash dividend payout ratio of 54.2% for 2023, resulting in a dividend yield of 4.1%, indicating a combination of stable growth, high dividends, and low valuation [14].

证券代码：603889 证券简称：新澳股份 公告编号：2024-027 浙江新澳纺织股份有限公司 关于 2023 年年度股东大会更正补充公告 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法律责任。 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2023 年年度股东大会 2. 原股东大会召开日期：2024 年 5 月 9 日 3. 原股东大会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603889 | 新澳股份 | 2024/4/30 | 二、 更正补充事项涉及的具体内容和原因 浙江新澳纺织股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日在上海证 券交易所网站（www.sse.com.cn）披露了《浙江新澳纺织股份有限公司关于召开 2023 年年度股东大会的通知》（公告编号 2024-022），因议案 11 的议案名称概括 事项有遗漏，现更正如下： 1、更正前 | | | 2、更正后 11 《关于非独立董事、监事 ...

证 券 研 究 报 告 股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------------------|------------------|--------------------------------|-----------------------|-------------------------------------|----------------------|-------------------------------------------|----------------------------------|------------|-------------------| | [Table_MainInfo] \n | [Table_Title] 新澳股份 (603889) | | | | | [Table_ ...

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].

Investment Rating - The investment rating for the company is "Add" (maintained) [1][16]. Core Views - The company continues to experience revenue growth, but the net profit growth rate has significantly declined compared to last year. In Q1 2024, the company achieved revenue of 1.1 billion yuan (up 12.48% year-on-year), while the net profit attributable to shareholders was 96 million yuan (up 6.59% year-on-year), showing a notable decrease from the previous year's growth rate of 21.23% [1]. - The company's gross margin has improved, but the rising financial expense ratio has negatively impacted the net profit margin. The gross margin for Q1 2024 was 19.91%, an increase of 0.64 percentage points year-on-year. However, the net profit margin decreased slightly to 9.08%, down 0.62 percentage points year-on-year [1]. - Domestic and international consumption is recovering well, with increased demand. Domestic retail sales of clothing, shoes, and textiles reached 369.4 billion yuan in the first quarter of 2024, a year-on-year increase of 2.50%. Meanwhile, exports of woolen materials and products saw a slight decline, with a total export value of 1.48 billion USD in January-February 2024, up 5% year-on-year [1]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 1.1 billion yuan, a year-on-year increase of 12.48%, and a net profit of 96 million yuan, up 6.59% year-on-year. The net profit growth rate has decreased significantly compared to the previous year's 21.23% [1]. - The gross margin improved to 19.91%, while the net profit margin decreased to 9.08% due to rising financial expenses [1]. Market Demand - The domestic market for woolen products is recovering well, with retail sales showing a positive trend. The international market saw a slight decline in exports, but overall demand remains stable [1]. Profit Forecast and Investment Advice - The company is expected to maintain its growth trajectory in the medium to long term, with projected net profits of 461 million yuan, 492 million yuan, and 542 million yuan for 2024, 2025, and 2026, respectively. The corresponding earnings per share are forecasted to be 0.63 yuan, 0.67 yuan, and 0.74 yuan [1][10].

(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。 ...