Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark in the next six months [8]. Core Insights - The company reported a revenue of 4.438 billion yuan in 2023, a year-on-year increase of 12.37%, with a net profit attributable to shareholders of 404 million yuan, up 3.7% year-on-year. The growth in net profit was lower than revenue growth due to a decrease in non-current asset disposal gains and government subsidies [2]. - For Q1 2024, the company achieved a revenue of 1.1 billion yuan, reflecting a year-on-year increase of 12.48%, and a net profit of 96.05 million yuan, up 6.59% year-on-year. The growth in revenue was primarily driven by volume increases, while profit growth lagged due to impacts from the cashmere business [2]. - The company has seen robust revenue growth driven by both wool and cashmere segments, with significant increases in sales volume for wool products, although cashmere prices have declined [2]. Summary by Sections Financial Performance - In 2023, the company’s revenue from wool and cashmere segments grew, with specific increases of 11.3% for wool yarn, 14.11% for cashmere, and 12.76% for wool tops. Each segment contributed to double-digit revenue growth [2]. - For Q1 2024, the revenue from wool yarn increased by 11.9%, driven by a 17.6% increase in sales volume, although the average price decreased due to raw material price fluctuations [2]. Profitability Metrics - The gross margin for Q1 2024 was 19.91%, an increase of 0.64 percentage points year-on-year. However, the net profit margin slightly decreased to 8.73% due to rising financial costs associated with long-term debt [2]. - The report forecasts a recovery in profitability for the full year 2024, assuming stabilization and potential recovery in wool prices [2]. Earnings Forecast - The company is projected to achieve a net profit of 464 million yuan in 2024, reflecting a growth rate of 14.89%, with further increases expected in subsequent years [8]. - The report adjusts the net profit forecasts for 2024 and 2025 slightly downward to 464 million yuan and 529 million yuan, respectively, while introducing a new forecast for 2026 at 608 million yuan [2][8]. Market Position - The company is recognized as a leading producer of fine wool yarn in China, with a strategic focus on expanding its cashmere yarn business and enhancing its market presence [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [30]. Core Views - The company achieved a revenue growth of 12.5% year-on-year in Q1 2024, despite a decline in wool raw material prices and a downward adjustment in cashmere product prices. This indicates strong sales performance driven by high growth in wool and cashmere sales [27][35]. - The gross profit margin increased primarily due to the improvement in the gross profit margin of fine wool yarn, which offset the decline in cashmere gross profit margin. The overall gross profit margin for Q1 was reported at 19.9%, up by 0.64 percentage points year-on-year [27][36]. - The company is expected to experience a "front low and back high" growth pattern in 2024, driven by both volume and price increases, with projected net profits for 2024-2026 expected to grow by 15%, 20%, and 16% respectively [28]. Financial Summary - In Q1 2024, the company reported revenues of 1.1 billion yuan, net profit attributable to shareholders of 96 million yuan, and net profit excluding non-recurring items of 93 million yuan, reflecting year-on-year changes of 12.5%, 6.6%, and 6.4% respectively [35]. - The financial ratios showed a gross profit margin of 19.9%, a net profit margin of 8.7%, and a net profit margin excluding non-recurring items of 8.5%, with slight declines in net profit margins compared to the previous year [35][36]. - The company’s financial expenses increased due to foreign exchange losses and interest expenses related to cashmere asset acquisitions, impacting the overall profitability [36].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a clear growth trajectory and strong market position [13][25]. Core Insights - The company reported a 12% year-over-year increase in revenue for Q1 2024, reaching 1.1 billion yuan, and a 7% increase in net profit to 100 million yuan, aligning with expectations [25]. - The company's gross margin improved by 0.6 percentage points to 19.9%, while net margin decreased by 0.6 percentage points to 9.1% [25]. - The company is experiencing strong demand for its core products, with significant growth in sales volume anticipated for wool and cashmere yarns [25]. - The company is expanding its production capacity to meet increasing order demands, with ongoing projects expected to enhance competitiveness [25]. Financial Summary - **Revenue (Million Yuan)**: - 2022A: 3,950 - 2023A: 4,438 - 2024E: 4,989 - 2025E: 5,681 - 2026E: 6,461 - Year-over-year growth rates: 14.6% (2022), 12.4% (2023), 12.4% (2024E), 13.9% (2025E), 13.7% (2026E) [2][25]. - **Net Profit (Million Yuan)**: - 2022A: 390 - 2023A: 404 - 2024E: 467 - 2025E: 533 - 2026E: 607 - Year-over-year growth rates: 30.7% (2022), 3.7% (2023), 15.6% (2024E), 14.1% (2025E), 13.9% (2026E) [2][25]. - **EPS (Latest Diluted)**: - 2022A: 0.53 - 2023A: 0.55 - 2024E: 0.64 - 2025E: 0.73 - 2026E: 0.83 [2][25]. - **P/E Ratio**: - 2022A: 13.7 - 2023A: 13.2 - 2024E: 11.5 - 2025E: 10.0 - 2026E: 8.8 [2][25]. - **P/B Ratio**: - 2022A: 1.8 - 2023A: 1.7 - 2024E: 1.6 - 2025E: 1.4 - 2026E: 1.3 [2][25].

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 ...

Investment Rating - The report maintains an "Accumulate" rating for Xin'ao Co., Ltd. (603889) in the textile and apparel industry, with a target price of CNY 9.60, unchanged from the previous rating [1]. Core Views - The company has exceeded expectations in Q1 performance, with strong order intake and active expansion plans for 2024. The revenue for Q1 reached CNY 1.1 billion, representing a year-on-year growth of 12.48%, while the net profit attributable to shareholders was CNY 96 million, up 6.59% year-on-year [1][12]. - Xin'ao Co., Ltd. is positioned as a global leader in wool yarn production, with a market share leading in the domestic fine wool spinning market. The company is actively expanding its production capacity, with plans to increase fine spinning yarn capacity to 180,000 spindles by the end of 2024 [1][12]. Summary by Sections Financial Performance - Q1 revenue was CNY 1.1 billion, a year-on-year increase of 12.48%, and the net profit was CNY 96 million, up 6.59% year-on-year. The gross margin improved to 19.91%, an increase of 0.64 percentage points year-on-year [1][12]. - The company plans to maintain EPS forecasts for 2024-2026 at CNY 0.64, CNY 0.75, and CNY 0.84 respectively, reflecting a growth trajectory above the industry average [1][12]. Market Position and Expansion - Xin'ao Co., Ltd. has a strong order intake with a significant increase in sales volume, although the average selling price has slightly decreased due to a higher proportion of blended orders. The company is focusing on high-margin orders due to strong demand [1][12]. - The company is set to launch a new factory in Vietnam in May, which is expected to enhance its production capabilities and further solidify its position as a leading player in the wool spinning industry [1][12]. Valuation Metrics - The report indicates that Xin'ao Co., Ltd. is trading at a PE ratio of 11 times for 2024, which is favorable compared to its peers in the industry [1][12].

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].