Investment Rating - The report assigns a rating of NR (Not Rated) for Nameson (01982.HK) [2][4]. Core Insights - The company experienced a revenue decline of 4.9% year-on-year for the fiscal year 2023/24, totaling HKD 4,378.9 million. However, net profit increased by 140.5% year-on-year to HKD 380.7 million due to a rise in gross margin and a reduction in impairment from the Myanmar factory [9]. - The company is planning significant capital investments, approximately HKD 400 million, to expand its fabric production capacity by establishing a new factory expected to be completed by 2026, which will add 30 million pounds of capacity [2][4]. - The average selling price (ASP) of knitted products decreased significantly from HKD 125.6 to HKD 109.2 per unit, primarily due to a drop in ASP for cashmere products and raw material prices [2][4]. Financial Summary - Revenue for the fiscal years is as follows: HKD 3,848.6 million (2020/21), HKD 4,040.5 million (2021/22), HKD 4,602.3 million (2022/23), and HKD 4,378.9 million (2023/24) [6][9]. - Gross profit figures are HKD 701.4 million (2020/21), HKD 706.1 million (2021/22), HKD 745.5 million (2022/23), and HKD 774.2 million (2023/24) [6]. - The net profit for the fiscal years is as follows: HKD 298.4 million (2020/21), HKD 275.6 million (2021/22), HKD 158.3 million (2022/23), and HKD 380.7 million (2023/24) [6][9]. Market Position - Nameson has a market capitalization of HKD 1,664 million, with a P/E ratio of 4.6 and a P/B ratio of 0.7, indicating a relatively low valuation compared to peers [4]. - The company’s gross margin stands at 17.7%, and return on equity (ROE) is at 15.5%, reflecting a solid profitability position [4]. Expansion Plans - The company is actively pursuing expansion plans, including investments in personal protective equipment and capacity expansion in Vietnam, with projected expenditures of HKD 150 million and HKD 100 million for the fiscal years 2024/25 and 2025/26, respectively [2][4]. - The fabric business is expected to drive long-term growth, although it currently faces challenges with low utilization rates [2].
南旋控股：具有积极扩张计划的稳定预测