毛精纺纱

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申万宏源研究晨会报告-20251009
Shenwan Hongyuan Securities· 2025-10-09 01:14
| 指数 | 收盘 | | 涨跌(%) | | | --- | --- | --- | --- | --- | | 名称 | (点) | 1 日 | 5 日 | 1 月 | | 上证指数 | 3883 | 0.52 | 0.64 | 1.59 | | 深证综指 | 2519 | 0.44 | 3.1 | 2.12 | | 风格指数 (%) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.3 | 3.22 | 19.97 | | 中盘指数 | 1.01 | 6.43 | 27.65 | | 小盘指数 | 1.04 | 2.12 | 22.08 | | 涨幅居前 行业(%) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 能源金属 | 5.91 | 24.79 | 66.07 | | 航空装备Ⅱ | 3.49 | -4.64 | 23.62 | | 小金属Ⅱ | 3.41 | -6.08 | 62.35 | | 医疗服务Ⅱ | 3.09 | 1.81 | 32.18 | | 航天装 ...
新澳股份(603889):澳毛价格创纪录大涨,澳毛大周期有望强化成长性
Shenwan Hongyuan Securities· 2025-10-08 06:41
2025 年 10 月 08 日 新澳股份 (603889) ——澳毛价格创纪录大涨,澳毛大周期有望强化成长性 上 市 公 司 纺织服饰 报告原因:强调原有的投资评级 买入(维持) | 市场数据: | 2025 年 09 月 30 日 | | --- | --- | | 收盘价(元) | 6.80 | | 一年内最高/最低(元) | 8.53/5.09 | | 市净率 | 1.4 | | 股息率%(分红/股价) | 4.41 | | 流通 A 股市值(百万元) | 4,900 | | 上证指数/深证成指 | 3,882.78/13,526.51 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产(元) | 4.79 | | 资产负债率% | 41.29 | | 总股本/流通 A 股(百万) | 730/721 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-3 ...
新澳股份(603889):上半年业绩保持平稳,羊绒纱线业务表现亮眼
Guoxin Securities· 2025-08-27 03:31
Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][25] Core Views - The company has maintained stable performance in the first half of the year, with notable growth in cashmere yarn business, while overall revenue remained flat [1][2] - The company is a leading manufacturer in wool and cashmere spinning, with a slight decrease in revenue of 0.1% year-on-year to 2.55 billion yuan for the first half of 2025, and a net profit increase of 1.7% year-on-year to 270 million yuan [1][19] - The cashmere yarn business has shown rapid growth, benefiting from orders from Japanese companies, with revenue increasing by 16.6% year-on-year to 790 million yuan [2][19] Summary by Sections Financial Performance - The company's gross profit margin improved by 0.8 percentage points to 21.6%, driven by higher margins in fine wool spinning and wool strip businesses [1] - The financial expenses ratio decreased by 0.8 percentage points, mainly due to foreign exchange gains, with a net profit margin increase of 0.2 percentage points to 10.6% [1][19] Business Segments - Revenue from fine wool spinning decreased by 3.1% to 1.43 billion yuan, while cashmere yarn revenue increased by 16.0% to 790 million yuan [2] - The gross margin for fine wool spinning improved by 1.7 percentage points to 28.8%, while cashmere yarn's gross margin slightly decreased by 0.7 percentage points to 13.5% [2] Capacity Expansion - The company is advancing its capacity planning and optimizing its domestic and international production layout, with projects in Vietnam and Yinchuan expected to gradually release capacity in the second half of the year [3][19] - The company aims to enhance its global industrial layout through these initiatives, which are expected to contribute to sustainable development [3][19] Profit Forecast - The company is projected to achieve steady revenue and net profit growth in the first half of 2025, with cashmere business being the main driver of revenue growth [19] - The forecasted net profits for 2025-2027 are 440 million, 490 million, and 560 million yuan, representing year-on-year growth of 3.6%, 11.0%, and 14.3% respectively [19][21]
新澳股份(603889):营收、净利润逆势维稳 毛精纺纱毛利率强势上行
Xin Lang Cai Jing· 2025-08-24 12:36
Core Viewpoint - The company reported its 2025 mid-year results, with revenue and net profit meeting expectations, demonstrating strong operational resilience despite weak domestic demand and U.S. tariff impacts [1] Financial Performance - 2025 H1 revenue was 2.55 billion yuan, a slight decrease of 0.1% year-on-year, while net profit attributable to shareholders was 270 million yuan, an increase of 1.7% year-on-year [1] - In Q2 2025, revenue was 1.45 billion yuan, down 0.4% year-on-year, and net profit was 170 million yuan, also down 0.4% year-on-year [1] - The gross margin for 2025 H1 was 21.6%, an increase of 0.8 percentage points year-on-year, with a net profit margin of 10.6%, up 0.2 percentage points year-on-year [1] Business Segments - **Fine Wool Yarn**: 2025 H1 revenue was 1.43 billion yuan, down 3.1% year-on-year, with a gross margin of 28.8%, up 1.7 percentage points year-on-year [2] - **Cashmere Yarn**: 2025 H1 revenue was 790 million yuan, an increase of 16.0% year-on-year, with a gross margin of 13.5%, down 0.7 percentage points year-on-year [2] - **Wool Tops**: 2025 H1 revenue was 300 million yuan, down 16.0% year-on-year, with a gross margin of 6.2%, up 0.8 percentage points year-on-year [2] Global Production Capacity - The company is expanding its global production capacity to address uncertainties in the global trade environment [3] - The Vietnam base has started production with a capacity of 20,000 spindles, expected to ramp up quickly in 2025, with plans for a total capacity of 50,000 spindles [3] - The Yinchuan base has completed installation and is expected to gradually release capacity in H2 2025 [3] - The company is also enhancing its production capabilities in the UK, particularly in cashmere yarn, to support market expansion [3] Market Outlook - Australian wool prices have begun to rebound, providing additional profit elasticity for the company [3] - The current low inventory levels and a weakening U.S. dollar index may support demand recovery and price increases [3] - Recent data indicates that Australian wool prices have increased by 10% year-to-date [3] Investment Rating - The company maintains a "buy" rating, with slightly adjusted profit forecasts for 2025-2027, expecting net profits of 440 million, 500 million, and 560 million yuan respectively [4]
新澳股份(603889):营收、净利润逆势维稳,毛精纺纱毛利率强势上行
Shenwan Hongyuan Securities· 2025-08-24 11:42
Investment Rating - The report maintains a "Buy" rating for Xin'ao Co., Ltd. (603889) [2] Core Views - The company reported stable revenue and net profit in the face of weak domestic demand and U.S. tariff impacts, demonstrating strong operational resilience [7] - The gross margin for the main business, fine wool yarn, has increased significantly, contributing to an overall improvement in gross profit margin [7] - The company is expanding its global production capacity to mitigate uncertainties in the global trade environment [7] - The rebound in Australian wool prices is expected to provide additional profit elasticity for the company [7] - The company is positioned as a global professional supplier of wool yarn, with a strategy to replicate its competitive advantages globally [7] Financial Data and Profit Forecast - Total revenue for 2025H1 was 2,554 million yuan, showing a year-on-year decrease of 0.1%, while net profit attributable to the parent company was 271 million yuan, up 1.7% year-on-year [6][11] - The gross margin for 2025H1 was 21.6%, an increase of 0.8 percentage points year-on-year [7][10] - The company forecasts total revenue of 5,046 million yuan for 2025, with a year-on-year growth rate of 4.2% [6] - The projected net profit for 2025 is 442 million yuan, reflecting a year-on-year growth of 3.2% [6] - The earnings per share (EPS) for 2025 is estimated at 0.61 yuan [6] Business Performance - The main business segments include: 1. Fine wool yarn: 2025H1 revenue of 1,430 million yuan, down 3.1% year-on-year, with a gross margin of 28.8%, up 1.7 percentage points [7] 2. Cashmere yarn: 2025H1 revenue of 790 million yuan, up 16.0% year-on-year, with a gross margin of 13.5% [7] 3. Wool tops: 2025H1 revenue of 300 million yuan, down 16.0% year-on-year, with a gross margin of 6.2% [7] Global Production Capacity - The company has established production bases in Vietnam and Yinchuan, with plans for further expansion to enhance production capacity [7] - The Vietnam base is expected to ramp up production quickly, with a total capacity of 50,000 spindles planned [7] - The Yinchuan base has completed installation and is expected to gradually release capacity in the second half of 2025 [7] Market Conditions - The Australian wool price has rebounded, which is favorable for the company's profitability [7] - The current price of Australian wool is reported at 804 cents per kilogram, with a year-to-date increase of 10% [7]
新澳股份(603889):24年财报点评:业绩表现稳健,期待羊毛新产能及羊绒利润弹性
Tai Ping Yang Zheng Quan· 2025-04-27 09:46
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].