新澳股份2024Q1业绩点评：羊毛&羊绒双轮驱动，Q1业绩超预期兑现

Investment Rating - The investment rating for the company is "Buy" and is maintained [30]. Core Views - The company achieved a revenue growth of 12.5% year-on-year in Q1 2024, despite a decline in wool raw material prices and a downward adjustment in cashmere product prices. This indicates strong sales performance driven by high growth in wool and cashmere sales [27][35]. - The gross profit margin increased primarily due to the improvement in the gross profit margin of fine wool yarn, which offset the decline in cashmere gross profit margin. The overall gross profit margin for Q1 was reported at 19.9%, up by 0.64 percentage points year-on-year [27][36]. - The company is expected to experience a "front low and back high" growth pattern in 2024, driven by both volume and price increases, with projected net profits for 2024-2026 expected to grow by 15%, 20%, and 16% respectively [28]. Financial Summary - In Q1 2024, the company reported revenues of 1.1 billion yuan, net profit attributable to shareholders of 96 million yuan, and net profit excluding non-recurring items of 93 million yuan, reflecting year-on-year changes of 12.5%, 6.6%, and 6.4% respectively [35]. - The financial ratios showed a gross profit margin of 19.9%, a net profit margin of 8.7%, and a net profit margin excluding non-recurring items of 8.5%, with slight declines in net profit margins compared to the previous year [35][36]. - The company’s financial expenses increased due to foreign exchange losses and interest expenses related to cashmere asset acquisitions, impacting the overall profitability [36].