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%， ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 26 年 月 日 朝闻国盛 近年 9 月交易线索及其相对 8 月变化 今日概览 重磅研报 【策略】近年 9 月交易线索及其相对 8 月变化——20250825 【固定收益】耗煤量季节性上行——基本面高频数据跟踪——20250825 【化工】道氏技术（300409.SZ）-AI for Science 破局研发，固态电池材 料矩阵成型——20250825 研究视点 【社会服务】九华旅游（603199.SH）-业绩持续增长，定增+收购助力 公司长期稳健发展——20250825 【海外】零跑汽车（09863.HK）-半年度扭亏，明年将继续高速成长—— 20250825 【纺织服饰】新澳股份（603889.SH）-业绩表现稳健，期待后续订单修 复——20250825 【有色金属】洛阳钼业（603993.SH）-上半年产量超预期，金矿多元化 布局发力——20250825 【有色金属】中矿资源（002738.SZ）-铜冶炼厂拖累公司业绩，铯铷业 务构筑业绩支撑——20250825 【轻工制造】布鲁可（00325.HK）-扩充客群及性价比产品，加速海外扩 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 25 年 月 日 新澳股份（603889.SH） 业绩表现稳健，期待后续订单修复 我们判断毛精纺要业 2025Q2 销量波主，期待 2025H2 有所改善。1）分地区：2025H1 内 销 / 销销售分别 16.50/9.04 亿 元 ， 同 比 分 别 -1%/+2% ；毛利率分别为 23.4%/18.3%，同比分别+0.7/+0.9pct。考虑关税政策动化，我们判断近期订单情况弱 于出货情况。2）分业务：2025H1 毛精纺纱线/羊绒纱线/羊毛毛条/改性处理、染整及 羊绒加工业务收入分别为 14.33/7.86/3.03/0.20 亿元，同比分别-3%/+16%/-16%/- 11%；毛利率分别为 28.8%/13.5%/6.2%/34.3%，同比分别+1.7/-0.7/+0.8/+3.5pct。 量价拆分来看：①毛精纺纱线：我们判断 2025H1 下游客户需求较谨慎，致使公司毛精 纺纱线销量下降，期待 2025H2 平稳为要。②羊绒纱线：公司羊绒业务仍在发展阶段， 我们判断 2025H1 要系受羊绒纱线销量增长带主收入增长。 投资建 ...

[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 ...

Core Viewpoint - The company reported stable revenue and a slight increase in net profit for Q1 2025, indicating resilience in its financial performance despite market fluctuations [1] Financial Performance - Q1 2025 revenue was CNY 1.1 billion, unchanged year-on-year, while net profit attributable to shareholders was CNY 100 million, up 5% year-on-year [1] - The company's gross margin improved by 0.9 percentage points to 20.8%, with net profit margin increasing by 0.5 percentage points to 9.6% [1] Sales and Orders - Short-term fluctuations in domestic orders were noted, with yarn shipments performing better than orders [2] - Sales revenue for wool yarn is estimated to remain stable, while cashmere yarn sales are expected to grow by 15% to 20% year-on-year [2] - The company anticipates a decline in sales for wool tops due to other business demand conditions [2] Capacity Expansion - The company is continuing its capacity expansion plans, with production expected to increase across various yarn types [3] - By 2024, the company plans to produce 16,800 tons of wool yarn, a 17% increase year-on-year, and is actively working on global capacity layout [3] - Inventory levels increased by 20.7% year-on-year to CNY 2.26 billion, impacting short-term cash flow [3] Long-term Outlook - The company is focused on long-term asset construction, with stable performance expected in 2025 and ongoing competitive strength improvements [4] - Revenue and net profit are projected to grow steadily in 2025, with net profits estimated at CNY 433 million, CNY 487 million, and CNY 555 million for 2025 to 2027 [4]

Core Insights - The company experienced a revenue growth of 9% in 2024, driven by the rapid expansion of cashmere yarn business and steady growth in wool processing and wool tops [1] - The net profit for 2024 was 428 million yuan, reflecting a year-on-year increase of 5.96% [1] - The company’s gross margin improved to 18.98%, up by 0.36 percentage points, mainly due to the enhanced gross margin in wool processing and wool tops [1] Financial Performance - In 2024, the company achieved operating revenue of 4.841 billion yuan, a year-on-year increase of 9.07% [1] - The net profit attributable to shareholders was 428 million yuan, up 5.96% year-on-year, while the net profit excluding non-recurring items was 409 million yuan, an increase of 5.23% [1] - The net cash flow from operating activities decreased by 33.03% to 370 million yuan, primarily due to increased payments for goods and services [1] Business Segment Analysis - The wool processing business generated revenue of 2.543 billion yuan, with a gross margin of 26.78%, reflecting a 1.72 percentage point increase [3] - The cashmere yarn business saw revenue of 1.548 billion yuan, a significant increase of 26.65%, although the gross margin decreased to 11.13% [3] - The wool tops business reported revenue of 666 million yuan, with a gross margin of 5.22%, up by 1.63 percentage points [3] Capacity Expansion and Strategic Moves - The company is progressing with its "60,000 spindles high-end worsted ecological yarn project," with 15,000 spindles now fully operational [4] - The subsidiary in Vietnam is advancing its "50,000 spindles high-end worsted ecological yarn textile dyeing project," with the first production line entering trial production in November 2024 [4] - The introduction of Chanel's BARRIE as a strategic investor in the UK subsidiary is expected to enhance brand image and profitability [3] Market Outlook and Investment Recommendations - The company is expected to see a gradual release of capacity over the next two years, which may enhance market share [5] - Despite a slowdown in revenue growth in recent quarters, the company is projected to achieve net profits of 440 million yuan, 490 million yuan, and 560 million yuan for 2025-2027, reflecting growth rates of 3.6%, 11.0%, and 14.3% respectively [5] - The target price is set between 7.9 and 8.6 yuan, corresponding to a PE ratio of 13-14x for 2025, maintaining an "outperform" rating [5]

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7] Core Views - The company is expected to achieve revenue and net profit of 4.84 billion and 428 million yuan in 2024, representing a year-on-year growth of 9.1% and 6.0% respectively. The net profit growth, excluding stock incentive expenses and non-recurring gains and losses, is projected to be 8.8% [7] - The company is expanding its product lines and entering the cashmere yarn market, supported by a proactive global capacity expansion strategy, indicating significant growth potential [7] - The revenue from wool yarn, cashmere yarn, wool tops, and modified processing is expected to be 2.54 billion, 1.55 billion, 670 million, and 40 million yuan respectively in 2024, with cashmere business proportion increasing [7][8] Financial Summary - The company's projected net profits for 2025-2027 are 440 million, 490 million, and 551 million yuan respectively, with corresponding P/E ratios of 9.5, 8.5, and 7.6 times [7][11] - The gross profit margin for 2024 is expected to be 19%, with a slight year-on-year improvement [9] - Operating cash flow for 2024 is projected to be 370 million yuan, a decrease of 33% compared to the previous year [9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Views - The company is expected to achieve revenue and net profit of 4.84 billion and 428 million yuan in 2024, representing a year-on-year growth of 9.1% and 6.0% respectively. The net profit growth, excluding stock incentive expenses and non-recurring gains and losses, is projected to be 8.8% [7]. - The company is expanding its product lines and entering the cashmere yarn market, supported by a proactive global capacity expansion strategy, indicating significant growth potential [7]. - The revenue from wool yarn, cashmere yarn, wool tops, and modified processing is expected to be 2.54 billion, 1.55 billion, 670 million, and 40 million yuan respectively in 2024, with year-on-year growth rates of 1.8%, 26.6%, 0.9%, and 33.7% [7][8]. Financial Summary - The company's projected net profits for 2025-2027 are 440 million, 490 million, and 551 million yuan respectively, with corresponding P/E ratios of 9.5, 8.5, and 7.6 [7][11]. - The gross margin for 2024 is expected to be 19%, an increase of 0.4 percentage points year-on-year, with a net profit margin of 8.8% [9]. - The operating cash flow for 2024 is projected to be 370 million yuan, a decrease of 33% compared to the previous year [9][11].