新澳股份（603889）：羊绒表现靓丽，越南及银川子公司逐步投产

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue and net profit for the first half of 2025 are in line with market expectations, with revenue at 2.554 billion and net profit at 271 million, showing a slight decline in revenue but an increase in net profit [2] - The cash flow from operating activities has significantly decreased due to increased cash payments for goods and services and pre-production costs for subsidiaries in Vietnam and Yinchuan [2][3] - The cash flow from operations is lower than net profit primarily due to increases in inventory and operating receivables [2] Summary by Sections Revenue and Profitability - In the first half of 2025, the company's revenue from various products was as follows: fine wool yarn at 1.433 billion, cashmere at 786 million, and wool tops at 303 million, with cashmere business continuing to show double-digit growth [3] - The gross profit margin for the first half of 2025 was 21.60%, an increase of 0.75 percentage points year-on-year, with the net profit margin at 10.59%, reflecting a slight increase [4] Subsidiary Performance - The subsidiaries, Thick Source Textile and New Australia Cashmere, reported revenues of 145 million and 618 million respectively, with year-on-year growth of -5.49% and 15.87% [3] - The new production lines in Vietnam and Yinchuan are gradually coming online, which is expected to enhance production capacity in the second half of the year [3][7] Market Dynamics - The average export price of coarse wool yarn from China has decreased by 9.88% from the beginning of the year [3] - The demand in overseas markets is recovering, with domestic and foreign sales for the first half of 2025 at 1.650 billion and 904 million respectively [3] Financial Forecast - The company maintains revenue forecasts of 5.096 billion, 5.475 billion, and 5.964 billion for 2025, 2026, and 2027 respectively, with net profit forecasts of 437 million, 495 million, and 567 million for the same years [7][9] - The earnings per share (EPS) are projected to be 0.60, 0.68, and 0.78 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [7][9]