丨证券研究报告丨 公司研究丨点评报告丨新澳股份（603889.SH） [Table_Title] 新澳股份 2025H1 业绩点评：羊绒业务持续放 量，期待新澳越南及新澳银川产能兑现 报告要点 [Table_Summary] 新澳股份 2025H1 实现营收 25.5 亿元，同比-0.1%，归母净利润 2.7 亿元，同比+1.7%；其中 Q2 实现收入 14.5 亿元，同比-0.4%，归母净利润 1.7 亿元，同比-0.4% 。 分析师及联系人 [Table_Author] 于旭辉 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新澳股份（603889.SH） cjzqdt11111 [Table_Title 新澳股份 2025H1 2] 业绩点评：羊绒业务持续放 量，期待新澳越南及新澳银川产能兑现 [Table_Summary2] 事件描述 新澳股份 2025H1 实现营收 25.5 亿元，同比-0.1%，归母净利润 2.7 亿元，同比+1.7%；其中 Q2 实现营收 14.5 亿元，同比-0.4%， ...

[Table_Title] 羊绒表现靓丽，越南及银川子公司逐步投产 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title2] 新澳股份(603889) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603889 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 8.53/5.09 | | 目标价格： | | 总市值(亿) | 44.49 | | 最新收盘价： | 6.09 | 自由流通市值(亿) | 43.89 | | | | 自由流通股数(百万) | 720.66 | [Table_Summary] 事件概述 2025H1 公司收入/归母净利/扣非归母净利/经营性现金流净额分别为 25.54/2.71/2.68/-0.11 亿元、同比 增长-0.08%/1.67%/3.16%/-116.71%，符合市场预期。经营性活动现金流净额大幅下降主要由于购买商品、接 受劳务支付的现金增加和子公司新澳越南及新澳银川逐步投产前期成本支出增加，经营现金流低于净利主要由 ...

7月26-27日，第42届全国毛纺年会暨科技赋能纺织产业创新发展交流会在蒙阴举办。中国纺织工程学会理事长伏广伟，山东省科学技术厅党组成 员、副厅长祝恩元，临沂市政府党组成员、副市长孙德士，蒙阴县委书记尤元勋出席会议开幕式并致辞；军科院系统工程研究院军需工程技术研 究所教授级高工施楣梧，中国纺织工程学会总工程师刘军，山东省科技服务业协会会长党安涛，临沂市科学技术局党组书记、局长张成，蒙阴县 委副书记、县长苗运全，蒙阴县政协主席朱丽霞，中国服装设计师协会专职副主席谢方明，中国畜产品流通协会秘书长沈静出席会议。中国纺织 工程学会毛纺织专业委员会主任肖红主持会议开幕式。 会议期间，召开了科技人才合作交流会、科技赋能纺织产业创新发展交流会，搭建政产学研合作平台，促进企业、产业与技术成果精准对接合 作，推动科技、人才资源交流共享，推动科技创新与产业创新深度融合，助力区域经济高质量发展。 伏广伟在致辞中指出，当前，全球科技革命与产业变革深度交织，大国科技竞争格局加速重构。纺织行业拥有全球最大规模研发队伍、最完整工 业体系、持续增长的研发投入，雄厚的物质基础和人才基础正在转化为创新突破的战略主动。中国纺织工程学会作为纺织科技 ...

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 5.99 [1][6]. Core Insights - The company reported a revenue of 4.84 billion yuan for 2024, reflecting a year-on-year growth of 9.1%, and a net profit of 430 million yuan, up 6% year-on-year [4]. - The fourth quarter of 2024 saw a revenue of 970 million yuan, with a year-on-year increase of 4.5%, and a net profit of 60 million yuan, up 9.5% year-on-year [4]. - The company is expected to benefit from new production capacities in wool and the profitability elasticity of cashmere [1][6]. Financial Performance - The company achieved a gross profit margin of 19.0% in 2024, an increase of 0.4 percentage points year-on-year, attributed to product structure optimization and cost control [5]. - The revenue from fine wool yarn increased by 1.8% to 2.54 billion yuan, while cashmere yarn revenue surged by 26.7% to 1.55 billion yuan, despite a slight decline in gross margin [4][5]. - The company plans to enhance its production capacity with new projects in both domestic and overseas markets, which are expected to contribute to future profitability [5][6]. Earnings Forecast - The company is projected to achieve net profits of 444 million yuan, 505 million yuan, and 565 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 9.4, 8.3, and 7.4 [6]. - Revenue growth rates are expected to be 4.2% in 2025, 11.0% in 2026, and 9.4% in 2027 [6]. Market Position - The company is recognized as a leader in the global wool spinning industry, leveraging innovative processes and a quality supply chain to maintain steady growth [6]. - The expansion of production capacity and diversification of wool products are anticipated to enhance the company's market share and industry position in the long term [6].

毛精纺一体化龙头，锦纶+超高新材料加速成长 纺织制造 南山智尚（300918.SZ） 证券研究报告/公司深度报告 2025 年 02 月 20 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | 2022A | | 2023A | 2024E | 2025E | 2026E | | 分析师：张潇 | | 营业收入（百万元） | | 1,634 | 1,600 | 1,651 | 2,307 | 2,937 | | 增长率 | | yoy% | | 10% | -2% | 3% | 40% | 27% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | | 187 | 203 | 193 | 245 | 308 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | | 23% | 9% | -5% | 27% | 26% | | 每股收益（元） | | | | 0.52 ...