20250630-西牛证券-南旋控股-01982.HK-Outlook_improves,_but_the_macro_issues_remain_uncertain_5页_163kb

报告摘要

Nameson (01982.HK) Research Summary

*Executive Summary: Nameson experienced a modest revenue decline of 0.6% YoY in FY 2024/25. This was partially offset by improved gross margins and new production capacity coming online in 2026. However, a warm winter in H2 led to reduced knitwear demand, resulting in flat revenue expectations for the current fiscal year despite stable order levels. The fabric segment shows promise of achieving profitability soon. While outlook is cautiously optimistic, international tariffs remain a significant macroeconomic risk factor.

Financial Performance (FY 2024/25)

Revenue: HKD 4,352.1 million (down 0.6% YoY)
Gross Margin: 18.0% (reaching its highest level in the reported period)
Net Profit: HKD 355.4 million (down 6.6% YoY)
ROE: 13.6% (representing a recovery after a significant drop)
P/E Ratio: 5.2x

Key Business Drivers

Cashmere Yarn: External sales grew slightly (HKD 575.6 million), driven by the M.oro brand.
New Capacity: Expected 300-400 tonnes/year cashmere yarn capacity ready by 2026.
Fabric Segment: Net loss reduced notably; target break-even by next year supported by higher utilization.

Key Risks & Market Considerations

Fabric business break-even may not be achieved as projected.
Uncertainty persists regarding international tariffs impacting sales and margins.
Risk of cashmere yarn production capacity not being fully absorbed.