新澳股份：拟新增2万锭毛精纺产能，越南项目有序推进

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company is actively expanding its production capacity, with plans to add 20,000 spindles for fine wool spinning and ongoing projects in Vietnam [1][24]. - The company aims to enhance its delivery capabilities and meet customer demand, as existing capacity is saturated [4][25]. - The financial forecast remains stable, with expected EPS growth from 0.64 to 0.85 CNY per share from 2024 to 2026, indicating a positive outlook for profitability [27][28]. Summary by Sections Production Capacity Expansion - The company plans to invest in a new project to add 20,000 spindles for high-quality fine wool yarn, with an annual production capacity of 2,300 tons expected to commence in October 2025 [22]. - The second phase of the 60,000 spindle high-end fine yarn project is progressing, with 13,000 spindles already operational and an additional 15,000 spindles expected to be installed and operational by mid-2024 [2][24]. Financial Performance - As of the end of 2023, the company's fine wool spinning capacity is approximately 14,000 tons, with a projected revenue growth rate of 14.54% for 2024 [4][28]. - The company’s total revenue is expected to reach 5,083.65 million CNY in 2024, with a net profit forecast of 470.16 million CNY [28][31]. Market Position and Strategy - The company is positioned as a leading player in the wool and cashmere industry, focusing on sustainable development and diversification within the spinning sector [27]. - The ongoing projects are expected to significantly enhance production capacity and shorten delivery times, allowing the company to capture more market share [25].