新澳股份:市場份額有望持續提升

（以下内容从天风国际证券《新澳股份:市場份額有望持續提升》研报附件原文摘录）
　　Zhejiang Xinao Textiles (603889 CH) 市场份额有望持续提升 We believe Xinao is likely to keep growing market share BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布三季报 公司24Q3收入13亿同增11%，归母1亿同增8%，扣非後0.9亿同增5%；24Q1-3收入39亿同增10%，归母3.7亿同增5%，扣非後3.5亿同增6%。 24Q1-3公司毛利率19.4%同比基本持平；归母净利率9.6%同减约0.4pct。 24Q3E earnings release shows healthy growth in both revenue and net profit Xinao Textiles has released its latest unaudited earnings numbers: ·24Q3E: revenue arrived at RMB1.3bn, up 11% yoy; and net profit was at RMB100m, up 8% yoy, with ex-nonrecurring net profit at RMB90m, up 5% yoy. ·24Q1-3E: -revenue amounted to RMB3.9bn, up 10% yoy. -net profit was at RMB370m, up 5% yoy, with ex-nonrecurring net profit at RMB350m, up 6% yoy. -gross margin was at 19.4%, relatively flat yoy, with net margin at 9.6%, down about 0.4ppt yoy. 多品类宽带发展优势显现 近年来公司践行可持续宽带发展战略，基於纺纱主业内进行品类多元化扩容，通过设立宁夏新澳羊绒、收购英国邓肯等举措，开拓羊绒纱线市场空间。目前已形成以CASHFEEL、NEWCHUWA、新澳、38°N、CASHQUEEN、Todd&Duncan等为代表自主品牌矩阵，搭建覆盖中、高、奢侈端及针织服饰、运动休闲、家居家纺类等多品种、多档次、系列化的纱线产品结构体系，为全球客户提供更精准、更多元化的选择空间，全面参与市场竞争，更充分地获取市场份额。 公司新型纱线部前期市场调研及样品开发初有成效，并不断尝试向家纺、产业用、新材料等高附加值纺织应用进一步探索延伸。 Multi-category, full-spectrum development strategy raises competitive advantage Diverse brand portfolio: the company had rolled out a full-spectrum development strategy recently, where it diversified and expanded product categories around its core wool yarn business. It also entered the cashmere yarn market by establishing Ningxia Xinao Cashmere and acquiring UK-based Todd & Duncan. Xinao’s current proprietary brand portfolio includes CashFeel, New Chuwa, Xinao, 38°N, CashQueen and Todd & Duncan. Diverse product coverage: Xinao’s multi-variety, multi-grade and serialized yarn product system covers the higher-end to luxury markets, where its product coverage includes knitwear, sports and leisure apparel, and home textiles. Xinao has strong competitive market leverage through its ability to offer global customers diverse choices and more precisely targeted positioning, enabling it to keep growing market share. Forays into new markets: the company’s new yarn department has had initial results in sample development in early market research. It continues to explore ways to extend business coverage to more high-value-added textile applications, and is venturing into new areas like home textiles, industrial uses and new materials. 产业链一体化布局，提升交付稳定性和盈利能力。 公司是毛纺业内为数不多的集洗毛-制条-改性处理-纺纱-染整-质检於一体，拥有完整技术体系及纺纱产业链的供应商。一方面，垂直一体化布局由於整合了上游关键生产步骤和工序，对供应链的把控力度和可追溯性更强，在外界环境不稳定的情况下可以最大程度上保障订单交付。另一方面，由於业务链条更长，从原毛到色纱的全流程解决能力，在新品研发、质量控制等方面的竞争优势也更明显，也更利於增强客户粘性以及产品升级。 Integrated supply chain buildout helps stabilize deliveries and profitability Xinao is one of a handful of wool textile suppliers with integrated production processes from wool scouring, strip making, modification treatment to spinning, dyeing and finishing, along with quality control inspections. It operates a full technical system and covers the full spinning value chain. Its advantages are multi-fold: ·Vertically integrated market coverage provides stronger control and traceability of the supply chain due to the integration of key production steps and processes, which enables the company to maximize management of order deliveries to the fullest extent in the event of instabilities in the macro environment. ·Its longer value chain coverage gives the company the ability to manage the whole process from raw wool to colored yarn, which enhances its competitive advantage in new product R&D and quality control. Xinao is able to more easily drive product upgrades and improve gain customer stickiness. 技术研发与设计开发优势并行 公司拥有独立的产品设计开发团队，全方位服务於客户，一方面根据客户需求设计出个性化的产品，另一方面通过自身的设计优势引导客户选择，从“以市场为导向”到一定程度上“引导市场发展”、“创造市场需求”的角色转变。 Technological R&D and design development advantages go hand in hand The company has an independent product design and development team that provides customers with a full-service business. It is able to not only design personalized products based on customer requirements, but also guide customer choices based on its design prowess. Effectively, this has transformed its market-oriented role to one of market development and market demand creation, to a degree. 投资建议/Investment Ideas 调整盈利预测，维持“买入”评级 基於24Q1-3业绩表现及目前国内消费客观承压环境，海外消费不确定性，羊毛价格不确定性等因素；我们小幅调整盈利预测，预计24-26年收入分别为49、54以及61亿元（原值分别为51/58以及67亿元）；EPS分别为0.58、0.62以及0.70元（原值分别为0.60、0.69、0.80元）；PE分别为12X、11X、10X。 Valuation and risks In our valuation of Xinao Textiles, we took into account 24Q1-3E results and the current macro pressures on Chinese consumption and foreign consumption uncertainties, as well as other uncertainties such as wool prices. We nudged down our revenue forecast to RMB4.9bn/5.4bn/6.1bn for 2024/25/26E (previously RMB5.1bn/5.8bn/6.7bn); with EPS at RMB0.58/0.62/0.70 (previously RMB0.60/0.69/0.80) and PE at 12x/11x/10x. We maintain our BUY rating. 风险提示：核心高管流失，羊毛持续跌价，销售不及预期 Risks include: loss of core executives; a persistent decline in wool prices; and weaker sales than expected. Email: research@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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