新澳股份2023年年报点评：Q1业绩超预期，接单旺盛扩产积极

Investment Rating - The report maintains an "Accumulate" rating for Xin'ao Co., Ltd. (603889) in the textile and apparel industry, with a target price of CNY 9.60, unchanged from the previous rating [1]. Core Views - The company has exceeded expectations in Q1 performance, with strong order intake and active expansion plans for 2024. The revenue for Q1 reached CNY 1.1 billion, representing a year-on-year growth of 12.48%, while the net profit attributable to shareholders was CNY 96 million, up 6.59% year-on-year [1][12]. - Xin'ao Co., Ltd. is positioned as a global leader in wool yarn production, with a market share leading in the domestic fine wool spinning market. The company is actively expanding its production capacity, with plans to increase fine spinning yarn capacity to 180,000 spindles by the end of 2024 [1][12]. Summary by Sections Financial Performance - Q1 revenue was CNY 1.1 billion, a year-on-year increase of 12.48%, and the net profit was CNY 96 million, up 6.59% year-on-year. The gross margin improved to 19.91%, an increase of 0.64 percentage points year-on-year [1][12]. - The company plans to maintain EPS forecasts for 2024-2026 at CNY 0.64, CNY 0.75, and CNY 0.84 respectively, reflecting a growth trajectory above the industry average [1][12]. Market Position and Expansion - Xin'ao Co., Ltd. has a strong order intake with a significant increase in sales volume, although the average selling price has slightly decreased due to a higher proportion of blended orders. The company is focusing on high-margin orders due to strong demand [1][12]. - The company is set to launch a new factory in Vietnam in May, which is expected to enhance its production capabilities and further solidify its position as a leading player in the wool spinning industry [1][12]. Valuation Metrics - The report indicates that Xin'ao Co., Ltd. is trading at a PE ratio of 11 times for 2024, which is favorable compared to its peers in the industry [1][12].