The word you're probably thinking of is connotation. Context means the situation created by the surrounding words and sentences. Now, to answer your question: it can mean "he is a new man," like, "he's new to our club." However, as Pauenrique pointed out above, it usually just means the he is a young man.
I translated this sentence as "he is a new man" knowing it would probably mark me wrong but it took it, even though the translation says "it is a young man". The "it is" I can let slide but considering its been so strict using "homem novo" as "young man" I'm surprised it didnt mark me wrong.