新澳股份：公司信息更新报告：毛精纺纱线量利齐升，羊绒纱线市场持续开拓-20250422

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7] Core Views - The company is expected to achieve revenue and net profit of 4.84 billion and 428 million yuan in 2024, representing a year-on-year growth of 9.1% and 6.0% respectively. The net profit growth, excluding stock incentive expenses and non-recurring gains and losses, is projected to be 8.8% [7] - The company is expanding its product lines and entering the cashmere yarn market, supported by a proactive global capacity expansion strategy, indicating significant growth potential [7] - The revenue from wool yarn, cashmere yarn, wool tops, and modified processing is expected to be 2.54 billion, 1.55 billion, 670 million, and 40 million yuan respectively in 2024, with cashmere business proportion increasing [7][8] Financial Summary - The company's projected net profits for 2025-2027 are 440 million, 490 million, and 551 million yuan respectively, with corresponding P/E ratios of 9.5, 8.5, and 7.6 times [7][11] - The gross profit margin for 2024 is expected to be 19%, with a slight year-on-year improvement [9] - Operating cash flow for 2024 is projected to be 370 million yuan, a decrease of 33% compared to the previous year [9][11]