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%， ...

投资要点： 澳毛价格已步入反弹，有利于公司释放额外盈利弹性。下游去库存之后的库存水位不高，且历史上美元 指数转弱有助于需求回暖、价格回升，当前多种细度规格的毛价此前已跌至历史底部，一旦需求改善具 备弹性空间。根据中国羊毛信息网，澳毛价格8/21 最新报价804 美 钆 V櫳分/公斤，年内涨幅已有 10%。 全球毛纺纱线专业供应商，将竞争力复制向全球化，维持"买入"评级。考虑下游需求景气情况，我们小 幅下调盈利预测，预计25-27 年归母净利润4.4/5.0/5.6 亿元（原为4.5/5.1/5.8 亿元），对应PE 为10/9/8 倍，维持"买入"评级。 风险提示：羊绒业务不及预期；下游订单走弱；原材料价格波动；关税风险；汇率风险。 根据公司中报，主要业务情况：1）毛精纺纱：25H1 营收14.3 亿元（同比-3.1%），毛利率28.8%（同比 +1.7pct），销售考核强调以利润为导向，订单结构持续向高附加值优化，盈利能力继续上行。2）羊绒 纱：25H1 营收7.9 亿元（同比+16.0%），毛利率13.5%（-0.7pct），羊绒起步阶段增速更快、而利润率 仍低，随着宁夏基地全年满产，以及英国邓肯与BAR ...

上 市 公 司 年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 08-22 -20% 0% 20% 40% 新澳股份 沪深300指数 (收益率) 相关研究 纺织服饰 2025 年 08 月 24 日 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 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 08 月 22 日 | | | --- | --- | | 收盘价（元） | 6.09 | | 一年内最高/最低（元） | 8.53/5.09 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 4.93 | | 流通 A 股市值（百万元） | 4,389 | | 上证指数/深证成指 3,825.76/12,166.06 | | | 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 ...

浙江新澳纺织股份有限公司2025 年半年度报告 公司代码：603889 公司简称：新澳股份 浙江新澳纺织股份有限公司 浙江新澳纺织股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人沈建华、主管会计工作负责人王玲华及会计机构负责人（会计主管人员）王玲 华声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的承诺，敬请投资者注意 投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中阐述公司可能面临的主要风险，敬请查阅"可能 ...

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, 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].