新澳股份：2024年中报业绩点评报告：境内外市场销售均增长，财务费用提升拖累盈利能力

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has maintained revenue growth, but the net profit growth rate has slowed compared to the same period last year. For the first half of 2024, the company achieved revenue of 2.556 billion yuan (up 10.14% year-on-year) and a net profit of 266 million yuan (up 4.51% year-on-year) [2][5] - The gross profit margin slightly increased, but the rise in financial expense ratio led to a slight decline in profitability. The gross profit margin for the first half of 2024 was 20.84%, up 0.50 percentage points year-on-year, while the net profit margin decreased by 0.68 percentage points to 10.88% [2][5] - The company’s main products, including fine wool yarn and cashmere, saw revenue growth, while revenue from wool tops declined. Fine wool yarn, cashmere, and wool tops achieved revenues of 1.479 billion, 677 million, and 361 million yuan respectively, with year-on-year growth rates of 10.01%, 19.65%, and a decline of 5.32% [2][5] Summary by Sections Financial Performance - For Q2 2024, the company reported revenue of 1.457 billion yuan (up 8.44% year-on-year) and a net profit of 170 million yuan (up 3.38% year-on-year) [2] - The company’s financial expenses increased primarily due to rising bank loan interest and exchange losses, leading to a financial expense ratio of 0.97%, up 1.68 percentage points year-on-year [2][5] Market Environment - The domestic and international market sales both grew, with domestic revenue reaching 1.672 billion yuan (up 9.45% year-on-year) and international revenue reaching 884 million yuan (up 11.48% year-on-year) [5] - The overall consumption environment remains weak, but the company performed better than the market average [5] Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts for 2024, 2025, and 2026 at 4.954 billion, 5.594 billion, and 6.269 billion yuan respectively, reflecting growth rates of 11.63%, 12.90%, and 12.08% [3][5] - The adjusted net profit forecasts for 2024, 2025, and 2026 are 426 million, 468 million, and 534 million yuan respectively, with corresponding earnings per share of 0.58, 0.64, and 0.73 yuan [5]