新澳股份: 越南投產加速全球化

新澳越南投產

2024年11月26日，新澳越南舉行開業典禮; “50000錠高檔精紡生態紗紡織染整專案”一期20000錠首條生產線已進入生產階段，其他生產線將分階段進行調試工作並陸續投產。 該專案一期20000錠全面投產後預計將形成約折標2500噸/年毛精紡紗線產能和5000噸/年染色及後整理產能。 

“50,000錠高檔精紡生態紗紡織染整專案”計劃建設期較長，分兩期實施，公司將根據實際業務發展情況按計劃有序地推進項目後續二期建設。”

新澳越南項目計劃建設期5年，預計於2027年全面建成投產，形成年產6500噸毛精紡針織紗線的生產能力。越南生產基地的建設是近年來新澳產能持續擴張的重要舉措，更是新澳實現“產能走出去”的第一步。 

本專案是公司進一步加深全球化產業佈局的重要舉措，有利於提升海外供應鏈交付能力，更好滿足境外客戶訂單需求; 有利於公司利用越南人力成本、稅收優惠政策及其投資所在地區位優勢，降低公司生產成本，增強公司綜合競爭實力; 有利於公司鞏固和提升行業地位，全方位參與市場競爭，持續擴大市場份額，為公司持續健康發展提供支撐。

作為新澳首個海外自建生產基地，新澳越南是新澳產能擴張走向海外第一步

新澳自1991年成立以來，堅持以毛精紡紗線為核心，精細化管理協同外部創新，秉承高效高質發展的原則，實現產能不斷擴張，如今已成為全球最專業的毛精紡紗線供應商之一和國內製造業精梳羊毛紗線單項冠軍。 新澳用三十多年的時間寫下了非凡的“新澳製造”，“單項冠軍”的稱號也為新澳越南立下標杆。

全球佈局築通道，資源整合優供給當前

在通脹衝擊、地緣政治緊張局勢加劇、新技術興起等背景下，全球經濟形勢充滿了高度不確定性。 越南地處東南亞中心位置，是連接亞洲和全球市場的重要樞紐，且與多個國家地區簽訂有自由貿易協定。

新澳順應國際局勢變化，部署越南生產基地，是推進企業全球化發展的重大轉變。 新澳將以越南生產基地為依託，通過工業園區建設加速當地紡織業產業集聚，深入整合國內外優勢資源。 越南生產基地作為新澳的海外產能補充，將有效優化新澳在東南亞及全球市場的供應鏈供給，強化風險防範，提升海外交付能力，提高國際產能合作的穩定性。

另一方面，隨著經濟全球化的推進，紡織服裝產業的空間佈局正逐漸向東南亞轉移，東南亞紡織市場方興未艾，展現出極大的潛力。 新澳越南專案將為新澳深入東南亞紡織市場搭建起新的平台，使新澳能快速響應當地市場需求，提升新澳在東南亞以至國際市場的競爭力。

The phase 1 rollout of the Xinao-built production facility in Vietnam boosts penetration of the thriving Southeast Asian textile market and its global reach. The proximity means lower costs and faster market response with better supply chain optimization. We maintain our BUY call on the stock.

The gist: BUY

-Milestone: Xinao kicks off foreign production in Vietnam

-Benefits: supply chain management, faster market response, lower costs

-Resource integration: Southeast Asia hub springboards global penetration

Milestone: Xinao kicks off foreign production in Vietnam 

Expanding worsted yarn capacity: as part of its long-term strategy to expand its reach foreign, Zhejiang Xinao Textiles (Xinao) established a production base in Vietnam in 2023. Xinao Textiles (Vietnam) held an opening ceremony on 26 Nov 2024 to kick off its first production line for Xinao’s 50,000-spindle high-end worsted eco-yarn textile dyeing and finishing project, which will be implemented in two phases. Under phase 1, Xinao 20,000 spindles has been put into production; other lines will be debugged in stages and put into production one after another. After phase 1 enters full production, the company expects it to provide a worsted yarn production capacity of about 2,500 tons/year and a dyeing and finishing capacity of 5,000 tons/year.

5-year timeline: the Xinao Vietnam project has a planned construction period of 5 years. The company expects it to be fully completed and put into production by 2027, providing an annual production capacity of 6,500 tons of worsted yarn. As the planned production period is relatively long, Xinao plans to advance phase 2 in an orderly manner based on actual business developments.

Milestone: Xinao’s Vietnam production base marks a key milestone in its continued efforts to expand production capacity in recent years, and also represents the first step in its plans to achieve its globalization targets.

Benefits: supply chain management, faster market response, lower costs

The Vietnam plant is the first foreign production base built Xinao and it decisively kickstarts the company’s agenda to expand its international production capacity. It represents a crucial step in Xinao’s long-term business and globalization strategy:

-Global network buildout

Xinao expects the new production base to help improve its international supply chain delivery capabilities and its ability to better meet the ordering needs of international customers.

-Lower production cost, better competitiveness

Xinao should benefit from lower labor costs in Vietnam, as well as tax incentives and geographical advantages provided by its investment location.

-Sharpening its edge

Xinao believes expanding production to Vietnam will help it to consolidate and enhance its position in the industry, compete more effectively in the market and continue widening its market share, thus providing support for the company’s sustained and healthy development.

Benchmark leadership in China provides model for Vietnam plant

Since its establishment in 1991, Xinao has embraced worsted yarn as its core, implementing refined management strategies and coordinating external innovations, adhering to the principles of efficient and high-quality development, and achieving sustained expansion of production capacity. Internationally, it is now among the world’s top suppliers of worsted yarn. In China, it is the acknowledged leader in combed wool yarn, having been accorded Single Champion status from the Chinese government for its specific-industry leadership in a critical value chain. 

The company was named Single Champion in combed wool yarn after having devoted more than 30 years to creating and developing its premium Made in Xinao (新澳制造) brand and products, setting a strong benchmark for Xinao Vietnam to follow.

Resource integration: Southeast Asia hub springboards global penetration 

Vietnam as global hub: against a backdrop of inflation shocks, intense geopolitical tensions and fast-rising new technologies, the global economy is facing high levels of uncertainty. Xinao’s move to set up a production base in Vietnam is a key step in its response to changes in the international situation. Centrally located in Southeast Asia, Vietnam forms a major nexus that connects Asia with the global market, enjoying free trade agreements with many countries and regions.

Resource integration: Xinao plans to leverage its new production base in Vietnam to accelerate the local textile industry cluster through the construction of industrial parks, deeply integrating advantageous resources both at home and abroad. By supplementing Xinao’s international production capacities, the Vietnam plant should help optimize the company’s supply chain in Southeast Asia and the global market, bolster its risk prevention strategies and strengthen its global delivery capabilities, while improving the stability of international production capacity cooperation.

Tapping Southeast Asian market: as economic globalization continues to advance, the spatial buildout of the textile and garment industry is gradually shifting to Southeast Asia. The textile market in this region is flourishing and shows considerable growth potential. Xinao believes its Vietnam project should allow the company to build a new platform for penetrating the Southeast Asian textile market, enabling it to respond quickly to local market demands, as well as enhancing its competitiveness in this region and even the international market.