Core Viewpoint - Nanshan Zhishang experienced a significant increase in stock price, reaching a daily limit of 20% on March 18, with notable trading activity and institutional buying [2]. Trading Data Summary - The stock had a turnover rate of 14.24% and a total transaction value of 1.206 billion yuan, with a price fluctuation of 12.37% [2]. - Institutional investors net bought 69.2462 million yuan, while brokerage seats collectively net bought 16.6177 million yuan [2]. - The stock was listed on the trading board due to its closing price increase of 20% [2]. Institutional Activity - The top five trading departments accounted for a total transaction value of 327 million yuan, with a buying amount of 206 million yuan and a selling amount of 121 million yuan, resulting in a net buying of 85.8639 million yuan [2]. - Six institutional special seats were involved in trading, with a total buying amount of 155 million yuan and a selling amount of 85.5301 million yuan, leading to a net buying of 69.2462 million yuan [2]. Fund Flow Analysis - The stock saw a net inflow of 94.5141 million yuan from major funds, with a significant inflow of 93.0438 million yuan from large orders and 1.4703 million yuan from smaller orders [2]. - Over the past five days, the net inflow of major funds amounted to 78.8382 million yuan [2]. Analyst Ratings - In the past five days, seven institutions rated the stock as a buy, with the highest target price set at 17.46 yuan by CICC on March 17 [2].

Investment Rating - The investment rating for the company is "Buy-B" and it is maintained [1]. Core Views - The traditional woolen business has shown improved profitability, while the nylon products have begun production [1]. - In 2024, the company achieved operating revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a year-on-year decrease of 5.83% [2][4]. - The company is expected to see gradual sales from its nylon business starting in 2025, and the ultra-fine fiber products are in a continuous improvement process [10]. Financial Performance Summary - In 2024, the company reported quarterly revenues of 359 million, 417 million, 387 million, and 453 million yuan, with year-on-year growth rates of 10.35%, 4.07%, -2.63%, and -5.02% respectively [4]. - The gross profit margin for the company decreased by 1.1 percentage points to 33.58% in 2024, primarily due to the decline in profitability of ultra-fine fiber products [6]. - The company’s net profit margin for 2024 was 11.81%, a year-on-year decrease of 0.85 percentage points [6]. Business Segment Performance - In 2024, the revenues from the fine woolen fabric, clothing, and ultra-fine fiber products were 810 million, 611 million, and 176 million yuan, with year-on-year changes of -9.54%, +4.45%, and +94.75% respectively [5]. - The gross profit margins for these segments were 35.54%, 36.55%, and 10.23%, showing improvements in traditional business profitability [5]. Future Earnings Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.61, 0.78, and 0.90 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 27.6, 21.6, and 18.8 [10][12].

Investment Rating - The investment rating for the company is "Buy-B" and is maintained [1][9] Core Views - The traditional woolen business has shown improved profitability, while the nylon products have begun production [1] - In 2024, the company achieved operating revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a year-on-year decrease of 5.83% [2][4] - The company is expected to see gradual sales from its nylon business starting in 2025, with ongoing improvements in the ultra-fine fiber products [9] Financial Performance Summary - In 2024, the company reported quarterly revenues of 359 million, 417 million, 387 million, and 453 million yuan, with year-on-year growth rates of 10.35%, 4.07%, -2.63%, and -5.02% respectively [4] - The gross profit margin for the company decreased by 1.1 percentage points to 33.58% in 2024, primarily due to the decline in profitability of ultra-fine fiber products [6] - The company’s net profit margin for 2024 was 11.81%, down 0.85 percentage points year-on-year [6] Business Segment Performance - Revenue from the fine woolen fabric, clothing, and ultra-fine fiber products in 2024 was 810 million, 611 million, and 176 million yuan, with year-on-year changes of -9.54%, +4.45%, and +94.75% respectively [5] - The gross profit margins for these segments were 35.54%, 36.55%, and 10.23%, showing improvements in traditional business profitability [5] Future Earnings Projections - Expected earnings per share for 2025, 2026, and 2027 are projected to be 0.61, 0.78, and 0.90 yuan respectively, with corresponding price-to-earnings ratios of 27.6, 21.6, and 18.8 [9][11]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-039 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于提前赎回"智尚转债"的第十次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"智尚转债"赎回价格：100.38 元/张（含当期应计利息，当期年利率 为 0.40%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 3 月 4 日 9、赎回类别：全部赎回 10、根据安排，截至 2025 年 3 月 25 日收市后仍未转股的"智尚转债"将被 强制赎回，本次赎回完成后，"智尚转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"智尚转债"持券人注意在限期内转股。债券持有人持有 的"智尚转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限。投 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to recover profitability in new materials following the establishment of a new production base in Indonesia, with a total investment not exceeding 15.67 million USD for the project [2][10] - The company plans to distribute a dividend of 0.15 CNY per share for 2024, maintaining a dividend payout ratio of 30.87% [2] Financial Overview - In 2024, the company's revenue, net profit attributable to the parent, and net profit after deducting non-recurring gains and losses were 1.616 billion CNY, 191 million CNY, and 183 million CNY respectively, with year-on-year changes of 0.98%, -5.83%, and -7.8% [2] - The company reported a revenue of 453 million CNY and a net profit of 66 million CNY in Q4 2024, representing a year-on-year decline of 5.02% and 19.84% respectively [2] - The gross profit margin for 2024 was 33.58%, a decrease of 1.07 percentage points year-on-year, while the net profit margin was 11.81%, down 0.85 percentage points [8] Business Segment Performance - The revenue from fine woolen fabric in 2024 was 810 million CNY, down 9.54% year-on-year, with a capacity utilization rate of 79.52%, a decrease of 11.51 percentage points [3] - The revenue from the apparel segment was 611 million CNY, an increase of 4.45% year-on-year, despite a decline in capacity utilization for shirts and suits [3] - The revenue from ultra-high molecular polyethylene increased by 94.75% year-on-year to 176 million CNY, primarily due to the full production of the second phase [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 2.496 billion CNY and 3.121 billion CNY respectively, with net profit forecasts of 285 million CNY and 333 million CNY [10] - The projected earnings per share (EPS) for 2025 and 2026 are 0.69 CNY and 0.81 CNY respectively, with a corresponding price-to-earnings (PE) ratio of 25.50 and 21.81 [12][15]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 1.616 billion yuan for 2024, a year-on-year increase of 0.98%, while the net profit attributable to shareholders decreased by 5.82% to 191 million yuan [1]. - The decline in net profit is attributed to increased interest expenses from convertible bonds and weak performance in the downstream apparel brand market, impacting the revenue from the fine woolen fabric segment [1]. - The company is actively expanding its applications in the robotics field, particularly with its ultra-high molecular weight polyethylene (UHMWPE) fibers, which are suitable for various robotic applications [3][4]. Financial Performance - In Q4 2024, the company reported a revenue of 453 million yuan, a decrease of 5.02%, and a net profit of 66 million yuan, down 19.84% [1]. - The fine woolen fabric segment saw a revenue decline of 9.54%, while the apparel business grew by 4.45%, and the UHMWPE fiber business experienced a significant revenue increase of 94.75% [1]. - The gross margin improved to 35.54%, an increase of 1.54% year-on-year, despite the overall decline in net profit [1]. Business Development - The company has achieved full production capacity for its UHMWPE fiber project, with a total capacity of 3,600 tons, ranking among the top in the domestic market [2]. - The company is also advancing its nylon filament project, with an annual production capacity of 80,000 tons for high-performance differentiated nylon filaments, partially starting production in November 2024 [2][4]. - The new materials sector is expected to drive future growth, with a strategic focus on UHMWPE fibers and differentiated nylon fibers as key growth engines [5]. Financial Forecast - The company anticipates revenues of 2 billion yuan in 2025, 2.577 billion yuan in 2026, and 3.312 billion yuan in 2027, with corresponding net profits of 258 million yuan, 344 million yuan, and 446 million yuan respectively [9]. - The earnings per share (EPS) are projected to be 0.61 yuan in 2025, 0.82 yuan in 2026, and 1.06 yuan in 2027, with a price-to-earnings (P/E) ratio of 28x, 21x, and 16x for the respective years [9].

关于提前赎回"智尚转债"的第九次提示性公告 | 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-038 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 10、根据安排，截至 2025 年 3 月 25 日收市后仍未转股的"智尚转债"将被 强制赎回，本次赎回完成后，"智尚转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"智尚转债"持券人注意在限期内转股。债券持有人持有 的"智尚转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 1 3、停止交易日：2025 年 3 月 21 日 4、赎回登记日：2025 年 3 月 25 日 5、赎回日：2025 年 3 月 26 日 6、停止转股日：2025 年 3 月 26 日 7、赎回资金到账日（到达中国结算账户）：2025 年 3 月 31 日 8、投资者赎回款到账 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 1.616 billion yuan for 2024, a year-on-year increase of 0.98%, while the net profit attributable to shareholders decreased by 5.82% to 191 million yuan [1]. - The decline in net profit is attributed to increased interest expenses from convertible bonds and weak performance in the downstream apparel brand market, impacting the revenue from the fine woolen fabric segment [1]. - The company is actively expanding its applications in the robotics field, particularly focusing on high-performance nylon filament projects, which have begun trial production [2][4]. Financial Performance Summary - For 2024, the company reported a revenue of 1.616 billion yuan, with a slight increase of 0.98% compared to the previous year [10]. - The net profit attributable to the parent company for 2024 was 191 million yuan, reflecting a decrease of 5.82% [10]. - The company expects revenues to grow significantly in the coming years, projecting 2 billion yuan in 2025, 2.577 billion yuan in 2026, and 3.312 billion yuan in 2027 [9]. Business Segment Performance - The fine woolen fabric segment saw a revenue decline of 9.54%, while the apparel business experienced a revenue increase of 4.45% [1]. - The ultra-high molecular weight polyethylene (UHMWPE) fiber business reported a remarkable revenue growth of 94.75% year-on-year [1]. - The company has achieved full production capacity for its UHMWPE fiber projects, positioning itself among the leaders in the domestic market [2]. Future Outlook - The company aims to build a new materials industry ecosystem centered around UHMWPE fibers, with nylon fibers serving as a growth engine [5]. - The strategic focus includes expanding into high-end functional products for various applications, including sportswear and industrial fields [4]. - The company is expected to enhance its growth trajectory with projected earnings per share (EPS) of 0.61 yuan in 2025, increasing to 1.06 yuan by 2027 [9].

公司报告 | 年报点评报告 南山智尚（300918） 证券研究报告 积极开拓机器人应用场景，推动机器人领域合作达成 公司发布 2024 年年报 公司发布 24 年年报，24 年全年营收 16.16 亿元，同增 0.98%；归母净利 1.91 亿元，同减 5.82%；扣非归母净利 1.83 亿元，同减 7.8%。 24Q4 营收 4.53 亿元，同减 5.02%；归母净利 0.66 亿，同减 19.84%；扣非 0.64 亿，同减 20.39%。 分业务板块，公司精纺呢绒营收同减 9.54%，服装业务营收同增 4.45%，超 高分子量聚乙烯纤维业务营业收入较上年同增 94.75%。分地区看，整体国 内收入同增 0.8%，国外收入同增 1.5%。 公司净利润下降的原因主要为：①超高二期投产可转债计提利息费用化导 致利息支出增加。②受下游终端服装品牌业绩疲软影响，精纺呢绒业务营 业收入同比下降，但通过提升高附加值产品订单和控制成本，毛利率达到 35.54%，同增 1.54%。 目前公司 UHMWPE 纤维项目一期 600 吨（2022 年投产）、二期 3000 吨 （2023 年投产）全面达产，总产能跃居国内前列。 ...

Investment Rating - The investment rating for Nanshan Zhishang is "Buy" (maintained) [1] Core Views - The company is expected to show resilience in its 2024 performance, with a focus on the recovery of its ultra-high molecular weight polyethylene (UHMWPE) and nylon businesses in 2025. The report anticipates a gradual improvement in profitability driven by new demand in the robotics sector and the acceleration of nylon project construction [5][6] Financial Performance Summary - In 2024, the company is projected to achieve a revenue of 1.616 billion yuan, a year-on-year increase of 1.0%. The net profit attributable to shareholders is expected to be 191 million yuan, a decrease of 5.8% [5][8] - The report forecasts a significant revenue increase in 2025, reaching 2.359 billion yuan, representing a 46.0% year-on-year growth. The net profit is projected to rise to 273 million yuan, a 43.0% increase [8] - The gross margin is expected to decline to 29.1% in 2025, while the net margin is projected to be 11.6% [8] Business Segment Analysis - The main business is under pressure due to lower demand in the apparel sector, leading to a decline in fabric revenue. However, clothing revenue is expected to grow steadily [6] - The UHMWPE fiber segment is anticipated to see a revenue increase of 94.75% in 2024, driven by policy changes and new demand from the robotics industry [6] - The nylon project, focusing on high-performance differentiated nylon filament, is set to begin trial production in November 2024, with full operations expected by May 2025 [6] Valuation Metrics - The current stock price is 16.85 yuan, with a market capitalization of 6.946 billion yuan. The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 25.4, 20.7, and 17.0 respectively [1][8] - The report indicates an expected return on equity (ROE) of 11.0% in 2025, increasing to 13.0% by 2027 [8]