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].

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2024 年 04 月 19 日 新澳股份 (603889) 一年内股价与大盘对比走势： 《新澳股份（603889）点评：羊毛羊绒双 轮驱动成势，毛价下跌仅短期压制盈利》 2023/10/20 《新澳股份（603889）点评：重磅发布限 制性股票激励计划，覆盖激励对象范围广》 2023/09/20 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司发布 23 年报，利润端符合预期。1）23 年营收 44.4 亿元（同比+12.4%），归母净 利润 4.0 亿元（同比+3.7%），扣非归母净利润 3.9 亿元（同比+13.3%）。23Q4 单季度 营收 9.28 亿元（同比+12.5%），归母净利润 0.53 亿元（同比+2.2%），扣非归母净利 润 0.55 亿元（同比+18.0%）。2）拟现金分红 2.2 亿元，现金分红比例 54%，每股分红 0.3 元，对应最新股价股息率超 4%。 ⚫ 羊毛、羊绒双轮驱动成势，当下产销两旺是最佳佐证。根据 23 年报：1）毛精纺纱：23 年营收 25.0 亿元（同比+11.3%），分拆销量 1.5 万吨（同比+9.8%），均价 16.7 万/吨 （同比+1.4 ...

证券代码：603889 证券简称：新澳股份 公告编号：2024-023 浙江新澳纺织股份有限公司 关于为子公司提供担保的进展公告 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。 1、浙江新澳纺织股份有限公司（以下简称"公司"或"新澳股份"）为控股 子公司新澳羊绒担保金额为人民币 11,000 万元，截至公告披露日，除本次 担保外，公司及子公司已实际为新澳羊绒提供的担保余额为 74,378.20 万 元。 2、公司为全资子公司新中和担保金额为人民币 13,000 万元，截至公告披露 日，公司及子公司已实际为新中和提供的担保余额为 31,016.04 万元。 重要内容提示: 一、担保情况概述 （一）担保基本情况： 1、为满足控股子公司新澳羊绒生产经营业务发展需要，近日公司与中国建 设银行股份有限公司灵武分行签署了相关的最高额保证合同,在人民币 11,000 万元的最高余额内为上述担保提供连带责任保证。公司持有新澳羊绒 70%的股 权，其余股东未提供担保。 被担保人名称： 1、宁夏新澳羊绒有限公司（以下简称"新澳羊绒"），系公 ...

Investment Rating - The report maintains a "Buy" rating for Xin'ao Co., Ltd. (603889.SH) [1][14][45] Core Insights - In 2023, the company achieved a revenue growth of 12.4% to 4.44 billion yuan, with significant improvements in cash flow and profitability in its cashmere business [1][12][45] - The company is positioned as a leading manufacturer in the wool and cashmere spinning industry, benefiting from structural changes in product offerings and a recovery in overseas demand [1][45] - The report forecasts continued growth in net profit for 2024-2026, with expected figures of 470 million, 550 million, and 630 million yuan, representing year-on-year growth rates of 15.0%, 17.7%, and 15.0% respectively [1][45] Summary by Sections Financial Performance - Revenue for 2023 reached 4.44 billion yuan, with cashmere yarn revenue increasing by 14% to 1.22 billion yuan, while wool yarn revenue grew by 11% to 2.50 billion yuan [1][12] - The gross profit margin slightly decreased by 0.2 percentage points to 18.6%, with cashmere yarn margin improving by 1.3 percentage points to 12.7% [1][12] - The net profit attributable to shareholders rose by 3.7% to 400 million yuan, with a net profit margin of 9.7% [1][12] Operational Insights - The company maintained stable expense ratios, with a slight increase of 0.2 percentage points due to reduced foreign exchange gains [1][12] - In Q4 2023, revenue continued to show double-digit growth, although gross margins declined due to falling wool prices and increased depreciation from asset changes [1][12] Future Outlook - The company anticipates a robust order growth in its wool spinning business in 2024, with production capacity operating at full load and plans for expansion in domestic and overseas markets [1][45] - The target price is set between 8.4 and 9.0 yuan, corresponding to a PE ratio of 13-14x for 2024 [1][45]

Investment Rating - The investment rating for the company is "Maintain Buy" [29] Core Views - The company has maintained revenue growth, achieving a revenue of 4.438 billion yuan in 2023, a year-on-year increase of 12.37%, although the growth rate has slightly decreased compared to the previous year's 14.64% [2][20] - The net profit for 2023 was 404 million yuan, reflecting a year-on-year growth of 3.70%, significantly lower than the previous year's growth of 30.66% [2][20] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares to all shareholders [20] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.438 billion yuan, with a net profit of 404 million yuan and a non-recurring net profit of 389 million yuan [2][20] - The fourth quarter of 2023 saw a revenue of 928 million yuan, a year-on-year increase of 12.46%, with net profits of 53 million yuan [2][20] - The gross profit margin for 2023 was 18.63%, a slight decrease of 0.18 percentage points from the previous year [2] Product Performance - Major products saw revenue growth, with fine wool yarn, cashmere, and wool tops achieving revenues of 2.497 billion, 1.222 billion, and 661 million yuan respectively, all showing over 10% growth [2] - The revenue growth rate for fine wool yarn improved from 8.93% last year to 11.30%, while cashmere revenue growth significantly declined from 29.03% to 14.11% [2] Market Conditions - Domestic consumption of woolen products showed a good recovery in 2023, with retail sales of clothing, shoes, hats, and textiles reaching 1.4095 trillion yuan, a year-on-year increase of 8.39% [16] - However, woolen exports slightly decreased, with total exports of woolen raw materials and products amounting to 12.1 billion USD, down 1.40% year-on-year [16] Profit Forecast and Investment Suggestion - The company is expected to maintain its position as a global leader in the fine wool industry, with projected net profits of 461 million, 492 million, and 542 million yuan for 2024-2026 [16][21] - The earnings per share are forecasted to be 0.63, 0.67, and 0.74 yuan for the same period, with corresponding price-to-earnings ratios of 10.81, 10.12, and 9.19 [21]

43% 49% 54% 60% 66% 71% 1197 1428 1658 1889 2119 2350 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 市场有风险，投资需谨慎。投资者不应将本报告作为作出投资决策的唯一参考因素，亦不应认为本报告可以取代自己的判断。 在决定投资前，如有需要，投资者务必向专业人士咨询并谨慎决策。 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|--------------|-----------|----------------------------------------------| | | | 评级 说明 | | | | | 增持 | 相对沪深 300 指数涨幅 15% 以上 | | 投资建议的比较标准 | | 谨慎增持 | 相对沪深 300 指数涨幅介于 5%～15% 之间 | | 投资评级分为股票评级和行业评级。 | 股票投资评级 | ...