新澳股份深度报告：行而不辍，有增无已

Investment Rating - The investment rating for the company is "Buy" and it is maintained [12]. Core Viewpoints - The company has shown significant growth in revenue driven by the rapid expansion of cashmere yarn production, with a capacity utilization rate that still has considerable room for improvement [5][33]. - The cashmere spinning industry in China is stable with a concentrated market structure, where the company ranks second domestically and third globally in cashmere yarn production capacity [7]. - The company has a diversified product structure and has established a strong market presence with over 5000 global customers, including more than 500 mid-to-high-end clothing brands [54][81]. Summary by Sections Company Overview - The company has been deeply engaged in the wool spinning industry for over 30 years, focusing on high-end products and expanding its market reach through strategic acquisitions and capacity expansions [33][81]. - As of the first half of 2023, the company has a wool spinning capacity of approximately 15,000 tons and a cashmere yarn capacity of about 3,030 tons [82]. Financial Performance - In 2022, the company achieved a revenue of 39.5 billion yuan, representing a year-on-year increase of 15%, and a net profit of 3.9 billion yuan, up 31% year-on-year [11][33]. - The compound annual growth rate (CAGR) for revenue and net profit from 2017 to 2022 was 11% and 13%, respectively [33]. Market Position - The company is positioned as a leader in the wool spinning industry, with a significant market share in both domestic and international markets [6][13]. - The cashmere yarn business has rapidly expanded, with revenue growth driven by market penetration strategies and product diversification [101]. Production Capacity and Strategy - The company has implemented a "broadband strategy" since 2020, focusing on expanding product categories, promoting sales through production, and increasing capacity [72][73]. - The production capacity for cashmere yarn is expected to increase significantly, with ongoing market expansion and equipment upgrades [5][14]. Governance and Management - The company's management team is experienced and stable, with a concentrated shareholding structure that enhances management effectiveness [106][107].