新澳股份（603889）：业绩表现稳健，期待后续订单修复

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [5][8]. Core Views - The company has demonstrated stable performance in its financial results, with a slight increase in net profit and a steady revenue stream. The revenue for H1 2025 was 2.55 billion yuan, remaining flat year-on-year, while the net profit attributable to shareholders was 270 million yuan, reflecting a 2% increase [1][2]. - The company is expected to see an improvement in order volumes in H2 2025, driven by a recovery in demand for its products, particularly in the wool spinning segment [3][5]. - The company is actively expanding its production capacity and enhancing its international supply chain, which is anticipated to support future growth [4][5]. Financial Performance Summary - For H1 2025, the gross margin improved by 0.8 percentage points to 21.6%, while the net profit margin increased by 0.3 percentage points to 11.2% [1]. - In Q2 2025, the company reported a revenue of 1.45 billion yuan, with net profit also remaining stable at 170 million yuan, indicating consistent performance [2]. - The company’s inventory increased by 20.3% year-on-year to 2.19 billion yuan, with inventory turnover days rising by 24.3 days to 188.1 days, reflecting a strategic approach to raw material and finished goods stocking [4]. Business Segment Analysis - The company’s revenue from various business segments in H1 2025 showed mixed results, with wool spinning yarn revenue declining by 3%, while cashmere yarn revenue increased by 16% [3]. - The company’s vertical integration strategy across multiple production stages is expected to enhance its competitive edge in cost and efficiency [4]. Future Projections - The company is projected to achieve net profits of 441 million yuan, 498 million yuan, and 567 million yuan for the years 2025, 2026, and 2027 respectively, with a stable revenue outlook [5][7]. - The estimated P/E ratio for 2025 is 10 times, indicating a favorable valuation compared to industry peers [5][7].