新澳股份：市場份額有望持續提升

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Zhejiang Xinao Textiles (603889 CH) 市場份額有望持續提升 We believe Xinao is likely to keep growing market share BUY (maintain) 投資要點/Investment Thesis 投资要点/Investment Thesis 公司發佈三季報 公司24Q3收入13億同增11%，歸母1億同增8%，扣非後0.9億同增5%；24Q1-3收入39億同增10%，歸母3.7億同增5%，扣非後3.5億同增6%。 24Q1-3公司毛利率19.4%同比基本持平；歸母淨利率9.6%同減約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 ………………………………