新澳股份：羊绒业务引入重要投资人

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 7.75 yuan [5][4]. Core Insights - The introduction of Barrie Knitwear Limited as a new investor in Todd & Duncan Limited is expected to enhance the long-term growth value of the cashmere business, allowing for better capital strength and upgrades to high-end cashmere spinning equipment [1][2]. - The company has diversified its product offerings through sustainable broadband development strategies, establishing a brand matrix that includes various self-owned brands to cater to different market segments [3]. - Financial forecasts indicate expected revenues of 48.8 billion, 54.4 billion, and 61.1 billion yuan for the years 2024 to 2026, with net profits projected at 4.3 billion, 4.5 billion, and 5.2 billion yuan respectively [4][7]. Financial Data Summary - The company’s total revenue for 2022 was approximately 3.95 billion yuan, with a projected growth rate of 14.64% [7]. - The net profit attributable to the parent company for 2022 was around 389.73 million yuan, with an expected increase to 515.05 million yuan by 2026 [7][11]. - The company’s total assets were reported at 4.65 billion yuan in 2022, with a projected increase to 5.88 billion yuan by 2026 [9][11]. Market Position and Strategy - The company has established strong partnerships with leading global brands, enhancing its market competitiveness in the cashmere yarn sector [1][3]. - The strategic move to introduce external investment is aimed at deepening ties with high-end clients and improving production efficiency and technological capabilities [2][3].