前景改善，但宏观问题仍不确定

Nameson|01982.HK COMPANY NOTE Outlook improves, but the macro issues remain uncertain H F NGO, Brian, CFA SENIOR ANALYSTbrianngo@westbullsec.com.hk+8523896 29652701–2703,27/F, Infinitus Plaza, 199 Des Voeux RdCentral, Sheung Wan, HK NR Nameson (01982.HK)experienced a modesta YoYrevenue decline of0.6%inFY 2024/25,with aslight improvement in gross margin to 18.0%.While theabsenceofimpairment losses from theMyanmar factory provided some offset, declines in FX gains andthedisposal of PPE, along withrising staff expenses, contributed to a 6.6% decrease in net profit. The Group declared a dividendof HKD 0.015/share for the 2H, reflecting a payout ratio of approximately 75% for the fiscal year. Stock RatingNRTarget PriceHK$-Current PriceHK$ 0.76052-Week RangeHK$ 0.512–0.880Market cap. (HKD, bn)HK$1.7 Slightretreatin theknitwear products:Sales volumes for knitwear products and wholegarmentsweaters fell to 22.0mn and 4.7mn pieces, respectively, resulting in a 4.2% decrease in salesrevenue. The decline was more pronounced in the 2H due to an unusually warm winter, which ledto a normalization of fast orders. However, the growth in cashmere products partially mitigated theoverall decline. The current order levels remain stable, and it is expected that the sales for thecurrent fiscal year will remain flat. New capacity ofcashmere yarnis expected to be available in 2026:The Groupachieveda slightYoY growth of 0.4% in external cashmere yarn salestoHKD 575.6mn. The M.oro brand has gainedsignificant market acceptance,and approximately 70% of the cashmere yarn produced wasallocated for external sales. The Hebei factorywasoperating at full capacity, and new productioncapacity, about 300 to 400 tonnes/year,willbe available by 2026, which should bolster revenuegrowth. A break-even in the fabric business may be achieved soon:The fabric segment has shownpromising progress,andthe net loss incurredhasreduced notably.The Group is optimistic aboutachieving break-even in this segment next year, supported by improved utilization rates andanticipated growth. Outlook improves, but the macro issues remain uncertain:Solidorder flow in knitwear, combinedwith growth potential in the fabric and cashmere yarn segments, positions the Groupfavourablyfor future performance. Although inventory levels increased, this was primarily due toshipmentand raw material procurement related to cashmere yarn production.However, macroeconomicuncertainties persist, particularlyconcerning international tariffs, which could adversely affect salesand profit margins. The Group remains hopeful that reasonable solutions will emerge following theimplementation of any new tariffs. In light of the current performance and future potential, wemaintain a cautiously optimistic outlook on Nameson (01982.HK). Peers comparison Risk factors ◼Break-even cannot be achieved in the fabric business as expected◼International conflicts escalateand result in a sharp increase in tariffs◼New production capacityof cashmere yarncannot be absorbed Financial Statement West Bull Securitiesis a dedicated small/mid cap stockbrokerage house. Find ourresearch on:Alphasense,FactSet, Capital IQ,Refinitiv, Wind, Choice, Hiborand同花順. Ratingsof WestBull Securities: STRONGBUY:absoluteupside of >50% over the next 12 monthsBUY:absoluteupside of >10% over the next12monthsHOLD: absolute return of-10% to +10% over the next 12 monthsSELL: absolute downside of>10% over the next 12 monthsSTRONGSELL: absolute downside of >50% over the next 12 months Investors should assume thatWest Bull Securitiesis seeking or will seek investment banking or other related businesses with thecompanies in this report. Analyst certification:The views expressed in this report accurately reflect the analyst’s personal views of the subject securities andthat the analyst has not received and will not receive direct or indirect compensation in exchange for expressing specificrecommendations or views in this report. Disclaimer: This research report is not an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The securities referredto in this report may not be eligible for sale in some jurisdictions. The information contained in this report has been compiled bythe Research Department ofWestBull SecuritiesLimited (‘WestBull Securities’) from sources that it believes to be reliable but norepresentation, warranty or guarantee is made or given byWest Bull SecuritiesSecuritiesor any other person as to its accuracy orcompleteness. All opinions and estimates expressed in this report are (unless otherwise indicated) entirely those ofWest BullSecuritiesas of the date of this report only andare subject to change without notice. NeitherWest BullSecuritiesnor any otherperson,accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwisearising in connection therewith. Each recipient of this report shall be solely responsible for making i