新澳股份2024H1业绩点评：Q2利润处于预期上限，期待Q3利润弹性

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 2.56 billion, 266 million, and 260 million yuan respectively in H1 2024, representing year-on-year changes of 10.1%, 4.5%, and 5.8% [3] - In Q2 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.46 billion, 170 million, and 166 million yuan respectively, with year-on-year changes of 8.4%, 3.4%, and 5.4% [3] - The Q2 performance was at the upper end of expectations, primarily due to the sustained improvement in gross margin despite a high base, along with increased other income and reduced inventory impairment losses [3][4] Summary by Sections Revenue and Profitability - The company's overall revenue grew by 10.1% year-on-year in H1 2024, with specific segments showing varied performance: wool yarn +10%, cashmere +20%, and wool tops -5% [4] - The gross margin for wool yarn improved to 27.1%, while cashmere and wool tops saw declines in gross margin to 14.2% and 5.4% respectively [4] - Q2 gross margin increased by 0.4 percentage points to 21.5%, driven by improved margins in the wool business [4] Financial Performance - The financial expense ratio increased year-on-year, leading to a decline in net profit margin, while other income rose significantly [4] - The net profit margin for Q2 2024 decreased by 0.6 percentage points to 11.7% [4] Future Outlook - The company expects better profit elasticity in Q3 due to a low base from the previous year and anticipates a steady increase in gross margin driven by product structure optimization [5] - Long-term growth is supported by capacity expansion and product diversification strategies, with projected net profits for 2024-2026 expected to grow by 12%, 14%, and 14% respectively [5]