Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's Q1 2025 report shows a revenue of 1.1 billion yuan, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 100 million yuan, up 5.4% year-on-year, indicating performance in line with expectations [5] - The revenue growth was slightly impacted by the毛条 (wool tops) business, while the羊绒 (cashmere) business maintained strong double-digit growth momentum [6] - The company is expanding its production capacity and product lines, with new projects in Vietnam and Yinchuan expected to contribute to future growth [6] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 4.841 billion yuan, with a growth rate of 9.07% [9] - The net profit attributable to shareholders is expected to be 428.3 million yuan in 2024, reflecting a growth rate of 5.96% [9] - The company's gross margin is projected to improve slightly, reaching 19.0% in 2024 [10]

短期内销订单波动，我们判断羊毛纱线出货表现好于订单。公司过去中长期坚持创新产品使用场景，推 出运动、家纺、室内装饰、产业用纱等产品系列，拓展客户需求。1）分地区：考虑关税政策变化，我 们根据行业情况估计目前公司外销订单基本正常、内销订单则相对谨慎，我们判断近期出货情况好于订 单情况。2）分业务来看：①毛精纺纱线：我们估计2025Q1 业务销售收入同比持平左右（估计其中销量 同比持平左右/销售单价同比持平左右，考虑公司有效实施销售人员激励机制，我们估计2025Q1 毛精纺 纱线毛利率同比继续提升（2024 全年业务毛利率为26.8%）。②羊绒纱线：我们估计2025Q1 业务销售 收入保持15%~20%稳健增长（估计其中销量快速增长/产品结构变化使得单价同比略有下降），考虑羊 绒业务产能利用率提升，我们估计2025Q1 业务盈利质量稳健改善（2024 全年业务毛利率为11.1%）。 ③羊毛毛条：考虑公司其他业务需求情况，我们估计2025Q1 毛条业务销售同比下降。 2025 年产能计划继续扩张，我们判断目前推进顺利。1）公司纵向一体化生产链覆盖上游多个环节，配 套完整，装备先进，管理效率高，在成本、快反等方面具备 ...

毛精纺产能规划明确，今明两年逐步释放。 全年收入增长9%，汇兑损失影响利润增速。公司是羊毛和羊绒纺纱龙头制造商。2024 年公司实现营业 收入48.41 亿元，同比+9.07%；实现归母净利润4.28 亿元，同比+5.96%；扣非归母净利润4.09 亿元，同 比+5.23%。收入增长主要受益于羊绒纱线业务的快速放量以及毛精纺、毛条等业务的稳健增长。公司 毛利率为18.98%，同比+0.36pct，主要受益于毛精纺及毛条业务毛利率提升。费用端看，销售费用率基 本稳定；管理费用率同比有所提升，主要系职工薪酬支出增加及股权激励计划产生的股份支付费用上升 所致；财务费用同比大幅增加，主要系银行借款利息增加以及汇率变动导致的汇兑损失增加所致（2024 年汇兑损失约919 万元，2023 年同期为汇兑收益约1824 万元）。综合影响下，净利率同比下降约0.36 个百分点至9.34%。经营活动产生的现金流量净额同比下降33.03%至3.70 亿元，主要系本期用于货款结 算的银行承兑汇票到期承付金额增加以及购买商品和接受劳务支付的现金金额有所上升。公司分红比例 达51.17%。 近两个季度收入增速放缓，盈利能力有所改善。20 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][7]. Core Views - The company reported stable revenue in Q1 2025, with total revenue at 1.1 billion yuan, unchanged year-on-year, and a net profit attributable to shareholders of 100 million yuan, reflecting a 5% increase year-on-year [1]. - The company is focusing on long-term asset construction and is expected to maintain steady performance in 2025, with projected net profits of 433 million yuan, 487 million yuan, and 555 million yuan for 2025, 2026, and 2027 respectively [4][6]. Summary by Sections Financial Performance - In Q1 2025, the company's gross profit margin increased by 0.9 percentage points to 20.8%, while the net profit margin rose by 0.5 percentage points to 9.6% [1]. - The company’s revenue for 2025 is estimated to be 5.054 billion yuan, with a year-on-year growth rate of 4.4% [6]. Business Segments - The company’s wool yarn sales are expected to remain stable, while cashmere yarn sales are projected to grow by 15% to 20% year-on-year in Q1 2025 [2]. - The company is expanding its production capacity, with plans for significant increases in output for various yarn products in 2024 and 2025 [3]. Inventory and Cash Flow - As of Q1 2025, inventory increased by 20.7% year-on-year to 2.26 billion yuan, leading to a net operating cash flow of -140 million yuan [3]. - The accounts receivable turnover days increased by 2 days to 44 days, indicating a slight delay in cash collection [3]. Market Position and Strategy - The company is a leader in the wool yarn market and is committed to long-term capacity building, which is expected to enhance its competitive strength in the medium to long term [4]. - The company is actively expanding its global production capacity to meet increasing customer demand [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][7]. Core Views - The company reported stable revenue in Q1 2025, with total revenue at 1.1 billion and a year-on-year net profit increase of 5% [1]. - The company is focusing on long-term asset construction and is expected to maintain steady performance in 2025, with projected net profits of 433 million, 487 million, and 555 million for 2025, 2026, and 2027 respectively [4][6]. Summary by Sections Financial Performance - In Q1 2025, the company's revenue remained flat year-on-year at 1.1 billion, while net profit increased by 5% to 100 million. The gross margin improved by 0.9 percentage points to 20.8% [1]. - The company’s operating cash flow was negative at -140 million in Q1 2025, primarily due to inventory buildup [3]. Business Segments - The company’s wool yarn sales are estimated to be flat year-on-year, while cashmere yarn sales are expected to grow by 15% to 20% due to increased production capacity [2]. - The company is expanding its production capacity, with plans for significant increases in output for various yarn types in 2024 and 2025 [3]. Capacity Expansion - The company is actively pursuing capacity expansion, with several projects underway, including a 60,000 spindle high-end yarn project and a 50,000 spindle project in Vietnam [3]. - Inventory levels increased by 20.7% year-on-year to 2.26 billion, leading to a longer inventory turnover period of 218.8 days [3]. Market Outlook - The company is expected to see stable growth in revenue and net profit for the year, despite a decline in wool orders and a cautious approach to domestic orders [4]. - The company is positioned as a leader in the wool yarn market, with a focus on long-term capacity building and innovation in product offerings [4].