新澳股份Q3点评：Q3收入稳健增长，期待产能释放贡献增量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [1][9]. Core Views - The company has shown steady revenue growth in Q3, with a year-on-year increase of 10.28%, and a net profit growth of 5.41% [1]. - The report highlights the expectation of capacity release contributing to revenue growth, particularly in the wool spinning business, which is anticipated to alleviate capacity constraints [1]. - The company is positioned as a global leader in fine wool spinning, with robust growth in its cashmere business, indicating a second growth curve opening up [1]. Financial Performance Summary - Revenue Forecasts: - 2022A: 3,950 million - 2023A: 4,438 million (12% growth) - 2024E: 4,879 million (10% growth) - 2025E: 5,609 million (15% growth) - 2026E: 6,505 million (16% growth) [1][5][8] - Net Profit Forecasts: - 2022A: 390 million - 2023A: 404 million (4% growth) - 2024E: 422 million (4% growth) - 2025E: 492 million (17% growth) - 2026E: 566 million (15% growth) [1][5][8] - Earnings Per Share (EPS): - 2022A: 0.76 - 2023A: 0.55 - 2024E: 0.58 - 2025E: 0.67 - 2026E: 0.77 [1][5][8] - Valuation Ratios: - P/E ratios are projected to decrease from 12.8 in 2022A to 8.8 in 2026E, indicating improving valuation attractiveness [1][5]. - P/B ratios are also expected to decline from 1.7 in 2022A to 1.2 in 2026E [1][5]. Operational Efficiency - The report notes improvements in operational cash flow and inventory turnover efficiency, with a significant increase in operating cash flow by 199.79% year-on-year [1]. - The company is expected to enhance its operational efficiency as new production capacities come online, particularly in Vietnam [1]. Market Position - The company is recognized as a leader in the fine wool spinning industry, with a strong growth trajectory in its cashmere segment, which is expected to further enhance its market position [1].