新澳股份（603889）：2025Q3业绩符合预期，毛价上行有望利好Q4

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][7]. Core Insights - The company reported a revenue of 3.89 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 1%, while the net profit attributable to shareholders was 380 million yuan, up 2% year-on-year [1]. - The gross profit margin improved by 0.9 percentage points to 20.2% for Q1-Q3 2025, indicating enhanced profitability [1]. - The report anticipates that rising wool prices since September 2025 will positively impact the company's order volume and sales in Q4 2025 [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company's revenue was 3.89 billion yuan, with a net profit of 380 million yuan, and a non-recurring net profit of 370 million yuan, showing a 5% increase year-on-year [1]. - In Q3 alone, revenue reached 1.34 billion yuan, up 2% year-on-year, with a non-recurring net profit of 110 million yuan, reflecting an 11% increase [1]. - The gross profit margin for Q3 improved to 17.6%, a 1.1 percentage point increase year-on-year [1]. Business Segmentation - The report highlights that the cashmere yarn segment saw a year-on-year revenue growth of 10% to 20%, while the fine wool yarn segment experienced a decline in revenue [2]. - The gross profit margins for the fine wool and cashmere yarn segments were reported at 28.8% and 13.5% respectively for H1 2025, indicating steady improvement [2]. Future Outlook - The company is expected to see healthy revenue growth in Q4 2025 due to increased orders driven by rising wool prices and inventory replenishment needs [4]. - The report projects the net profit attributable to shareholders for 2025 to reach 455 million yuan, with further growth expected in subsequent years [4][6]. Capacity Expansion - The company is actively expanding its production capacity to meet growing customer demand, with several projects set to come online in 2025 [3]. - By the end of Q3 2025, the company's inventory increased by 14.7% year-on-year to 2.06 billion yuan, reflecting proactive inventory management [3].