新澳股份（603889）：2024年全年收入增长9%，近两季度增长放缓

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][31] Core Views - The company achieved a revenue growth of 9.07% year-on-year in 2024, with total revenue reaching 4.841 billion yuan and a net profit of 428 million yuan, reflecting a growth of 5.96% [1][6] - The growth in revenue is primarily driven by the rapid expansion of the cashmere yarn business and stable growth in fine wool and wool tops [1] - The company has a gross margin of 18.98%, which has improved by 0.36 percentage points year-on-year, mainly due to the increase in gross margin from fine wool and wool tops [1] - The company plans to gradually release production capacity over the next two years, which is expected to enhance market share [4][31] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.841 billion yuan, a year-on-year increase of 9.07%, and a net profit of 428 million yuan, up 5.96% [1][7] - The gross margin for the year was 18.98%, with a net profit margin of 9.34%, down 0.36 percentage points from the previous year [1][7] - The cash flow from operating activities decreased by 33.03% to 370 million yuan, mainly due to increased payments for goods and services [1] Business Segments - Fine wool yarn business generated revenue of 2.543 billion yuan, with a gross margin of 26.78%, reflecting a 1.72 percentage point increase [3] - Cashmere yarn business revenue reached 1.548 billion yuan, growing by 26.65%, but the gross margin decreased by 1.55 percentage points to 11.13% [3] - Wool tops business revenue was 666 million yuan, with a gross margin of 5.22%, up 1.63 percentage points [3] Capacity Expansion - The company has completed the production of 15,000 spindles for its high-end fine wool yarn project and is progressing with its Vietnam project, which is expected to meet overseas demand [4][31] - The company plans to launch additional production lines in Vietnam in 2025, which will further enhance its production capacity [4] Market Outlook - The company is expected to maintain a stable operation in 2024, with continued growth in the cashmere business and a gradual release of production capacity [31] - The forecast for net profit from 2025 to 2027 is 444 million yuan, 493 million yuan, and 563 million yuan, respectively, indicating a growth rate of 3.6%, 11.0%, and 14.3% [6][31]