Investment Rating - The report assigns a "Not Rated" (NR) investment rating to Nameson (01982.HK) [3][16]. Core Insights - Nameson is expanding its cashmere yarn business through a joint venture with its largest supplier, Hebei Yuteng, which is expected to enhance production capacity and meet potential demand from Southeast Asia [6][16]. - The company anticipates a capital expenditure of approximately $8 million for the new factory, with the first phase of production (around 300 tons) expected to commence in 2026 [6]. - Despite an increase in sales volume, the average selling price (ASP) may decline due to lower raw material prices and the expiration of long-term agreements, potentially impacting revenue stability [7][11]. - The company has reported a steady order visibility and order book compared to the previous year, indicating potential for future growth despite cautious financial guidance from clients [7][11]. Financial Summary - Revenue for the fiscal year 2022/23 was reported at HKD 4,602.3 million, reflecting a year-on-year growth of 13.9% [11]. - Gross profit for the same period was HKD 745.5 million, with a gross margin of 16.2% [11][12]. - Net profit for 2022/23 was HKD 158.3 million, showing a significant decline of 42.6% compared to the previous year [11][12]. - The company’s return on equity (ROE) for 2022/23 was 6.2%, down from 11.0% in 2021/22 [12][13]. Market Comparison - Nameson has a market capitalization of HKD 1,572.8 million, with a price-to-earnings (P/E) ratio of 7.6, which is lower than the average P/E of 13.7 for comparable companies [18]. - The average gross margin for comparable companies is 17.4%, while Nameson’s gross margin stands at 16.2% [18].
业务发展保持稳定