新澳股份（603889）：持续落地全球化战略

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is steadily advancing its globalization strategy, optimizing its production capacity both domestically and internationally. Key projects include the "50,000 spindles high-end ecological yarn spinning and dyeing project" in Vietnam and the "20,000 spindles high-quality wool yarn construction project" in Yinchuan, which are expected to enhance its global industrial layout [2][3]. - The company has initiated a "key customer strategy" to systematically manage high-value clients, aiming to understand their needs better and provide customized solutions, thereby establishing long-term stable partnerships [3]. - The financial performance shows a slight decrease in revenue for Q2 2025, with a revenue of 1.5 billion and a net profit of 170 million, both down by 0.4% year-on-year. However, for the first half of 2025, revenue was 2.6 billion, a slight decrease of 0.08%, while net profit increased by 1.7% to 270 million [1][4]. Financial Summary - The company forecasts revenues of 5.1 billion, 5.6 billion, and 6.2 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 440 million, 490 million, and 540 million [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 10, 9, and 9 times, respectively, indicating a stable valuation outlook [4][5]. - The company has a total market capitalization of approximately 4.6 billion, with a current price of 6.31 yuan per share [6][7].