纺织服饰/纺织制造 相关研究报告 《2024Q3 主业及超高承压，静待超高 回暖、锦纶投产—公司信息更新报告》 -2024.10.30 《2024Q2 业绩稳健，UHMWPE 纤维 预计逐步回暖—公司信息更新报告》 -2024.8.28 《2024Q1 业绩符合预期，Q2 新材料 有望迎来需求拐点—公司信息更新报 告》-2024.4.26 南山智尚（300918.SZ） 2025 年 03 月 14 日 投资评级：买入（维持） | 日期 | 2025/3/14 | | --- | --- | | 当前股价(元) | 16.85 | | 一年最高最低(元) | 22.98/6.97 | | 总市值(亿元) | 69.46 | | 流通市值(亿元) | 69.46 | | 总股本(亿股) | 4.12 | | 流通股本(亿股) | 4.12 | | 近 3 个月换手率(%) | 258.42 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-03 2024-07 2024-11 2025-03 南山智尚 沪深300 2024 年业绩展现韧性，期待 2025 年超高及锦纶 ...

Investment Rating - The investment rating for Nanshan Zhishang is maintained at "Buy" [1] Core Views - The company is expected to show resilience in its 2024 performance, with a projected revenue of 1.616 billion yuan, reflecting a year-on-year increase of 1.0%. The net profit attributable to the parent company is forecasted to be 191 million yuan, a decrease of 5.8% [5] - The company is gradually building a new material industry ecosystem, with the ultra-high molecular weight polyethylene (UHMWPE) business benefiting from relaxed export policies and new demands in the robotics sector. The nylon business is accelerating its construction, forming a new growth curve [5] - Profit forecasts for 2025-2027 have been raised, with expected net profits of 270 million yuan, 340 million yuan, and 410 million yuan respectively [5] Financial Summary - The total revenue for 2024 is projected at 1.616 billion yuan, with a slight increase from 1.600 billion yuan in 2023. The net profit is expected to decrease to 191 million yuan from 203 million yuan in 2023 [8] - The gross margin is anticipated to decline to 33.6% in 2024 from 34.7% in 2023, while the net margin is expected to be 11.8% [8] - The company’s earnings per share (EPS) is projected to increase from 0.46 yuan in 2024 to 0.66 yuan in 2025 [8] Business Performance - The main business is under pressure due to downstream clothing demand, with fabric revenue declining while clothing revenue remains stable. The profitability has improved due to higher-value product orders and effective cost control [6] - The revenue from the UHMWPE fiber segment is expected to grow significantly, with a projected increase of 94.75% in 2024, driven by policy support and capacity ramp-up [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]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-036 | | --- | --- | | 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 关于控股股东持股比例因可转换公司债券转股被动 稀释的提示性公告 1 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、本次权益变动主要系山东南山智尚科技股份有限公司（以下简称"公司"） 可转换公司债券（以下简称"可转债"）转股使公司总股本增加，导致控股股东 南山集团有限公司（以下简称"南山集团"）持股比例被动稀释触及 1%的整数 倍，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及实际控制人发 生变化，不会影响公司的治理结构和持续经营。 一、本次权益变动的基本情况 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）同意 注册，公司向不特定对象发行可转换公司债券 699.58 万张，发行价格为每张人 民币 100.00 元，募集资金总 ...

| 证券代码：300918 | 证券简称：南山智尚 | 公告编号：2025-037 | | --- | --- | --- | | 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 关于拟设立印度尼西亚子公司并投资建设 1 Kepulauan Riau, 生产基地的进展公告 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。 一、对外投资概述 山东南山智尚科技股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日，召开第三届董事会第十一次会议，审议通过了《关于拟设立印度尼西亚子公 司并投资建设生产基地的议案》。同意公司根据业务发展规划，为深化国际化发 展战略布局，规避全球供应链风险，积极拓展海外市场业务，进一步增强国际竞 争力，设立印度尼西亚（以下简称"印尼"）子公司，并实施投资建设 16 万套 服饰生产加工项目（以下简称"印尼生产基地"），项目总投资不超过 1,567.23 万美元（含本数，或等额其它币种），实际投资金额以有关主管部门批准金额为 准，投资资金拟用于设立子公司、建设工厂和基础设施、购买机器设备、公司运 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [9]. Core Views - The company is positioned as a leader in the integrated woolen fabric sector, with strong growth in new materials, particularly in ultra-high molecular weight polyethylene (UHMWPE) and nylon projects, which are expected to contribute significantly to revenue in the coming years [3][6]. - The company has faced challenges in its traditional woolen fabric business due to weak performance from downstream apparel brands, but it has managed to improve gross margins through cost control and enhanced product features [5][6]. - The company is actively expanding its production capacity and exploring new markets, including a joint venture in Indonesia to enhance its apparel manufacturing capabilities [5][6]. Financial Performance Summary - For 2024, the company reported revenue of 1.616 billion yuan, a slight increase of 0.98% year-on-year, while net profit attributable to shareholders decreased by 5.82% to 191 million yuan [5]. - The revenue from the woolen fabric segment declined by 9.54% to 810 million yuan, while the apparel segment grew by 4.45% to 610 million yuan [5]. - The UHMWPE business saw a remarkable revenue increase of 94.75% to 176 million yuan, driven by the full production capacity of its second phase project [5][6]. Earnings Forecast and Valuation - The company forecasts net profits of 259 million yuan in 2025, 345 million yuan in 2026, and 442 million yuan in 2027, with corresponding P/E ratios of 25, 19, and 15 [3][6]. - The projected revenue growth rates are 43% in 2025, 25% in 2026, and 18% in 2027, indicating a robust growth trajectory [3][6]. - The report highlights the strategic framework of "traditional woolen fabric as the base, new material fibers as the wings," aiming for a collaborative development across the entire industry chain [6].

新材料业务增长强劲，25 年产能业绩齐放量 纺织制造 | 分析师：张潇 | | --- | | 执业证书编号：S0740523030001 | | Email：zhangxiao06@zts.com.cn | | 分析师：郭美鑫 | | 执业证书编号：S0740520090002 | | Email：guomx@zts.com.cn | | 分析师：邹文婕 | | 执业证书编号：S0740523070001 | | Email：zouwj@zts.com.cn | | 分析师：吴思涵 | | 执业证书编号：S0740523090002 | | Email：wush@zts.com.cn | | 基本状况 | | | --- | --- | | 总股本(百万股) | 412.23 | | 流通股本(百万股) | 412.23 | | 市价(元) | 15.99 | | 市值(百万元) | 6,591.54 | | 流通市值(百万元) | 6,591.54 | 1、《毛精纺一体化龙头，锦纶+超高 新材料加速成长》2025-02-21 南山智尚（300918.SZ） 证券研究报告/公司点评报告 2025 年 03 ...

Group 1: Company Overview - The company, Shandong Nanshan Zhishang Technology Co., Ltd., produces ultra-high molecular weight polyethylene (UHMWPE) fibers with a capacity of 3,600 tons, offering products ranging from 100D to 2,400D and achieving international standards in key performance indicators such as tensile strength (42 cN/dtex) and wear resistance [2][3]. Group 2: Product Applications - UHMWPE fibers are widely used in various fields including bulletproof materials, marine ropes, protective gear, household textiles, functional fabrics, fishing lines, and robotic dexterous hand tendons [3]. - The company has developed specialized fibers for applications in parachutes and parachute ropes, with products like 1,600D fibers demonstrating high strength, corrosion resistance, and impact resistance [4]. Group 3: Financial Performance - In 2024, the company achieved a revenue of 1.616 billion yuan, representing a year-on-year growth of 0.98%. The net profit attributable to shareholders was 191 million yuan, with a net profit of 183 million yuan after excluding non-recurring gains and losses [7]. Group 4: Research and Development - The company has made significant advancements in R&D, particularly in the UHMWPE fiber sector, enhancing product yield and tensile strength, positioning itself as a leader in domestic similar products [8]. - The company has also developed a range of high-value products, including flame-retardant UHMWPE fibers, through innovative processes and materials [4][5]. Group 5: Smart Manufacturing - The company has implemented a comprehensive smart management platform that integrates order generation, R&D design, production execution, and warehousing, ensuring high-quality completion of customized orders in a short timeframe [9].

Financial Performance - In 2024, the company achieved a revenue of CNY 1.616 billion and a net profit of CNY 191 million, with the clothing business generating CNY 611 million in revenue [4] - The company's UHMWPE fiber project has a total capacity of 3,600 tons, with the first phase of 600 tons launched in 2022 and the second phase in 2023 [4] Product Development - The company covers a full range of fibers from 100D to 2400D, including high-value products such as special protective fibers and marine ropes [5] - The company has developed a flame-retardant slurry preparation method for UHMWPE fibers, breaking through technical barriers and enabling industrial production of flame-retardant ultra-high fibers in China [5] Strategic Initiatives - The company is actively pursuing partnerships in the robotics sector, focusing on applications for its UHMWPE fibers, although the market is still in its early stages [5] - The company has established long-term collaborations with South Mountain College and research institutions to tackle key technical challenges in UHMWPE fiber development [7] Nylon Fiber Project - The nylon project has a total capacity of 80,000 tons, with 44,000 tons of PA6 and 36,000 tons of PA66, utilizing advanced automated equipment from Germany and Japan [7] - The company aims to improve production yield and efficiency through continuous advancements in production technology [7] Future Planning - The company plans to optimize the performance of its UHMWPE fibers and expand their application areas, while the nylon business will focus on functional developments such as antibacterial and flame-retardant features [8]

| | | 山东南山智尚科技股份有限公司 关于提前赎回"智尚转债"的第八次提示性公告 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 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、投资者赎回款到账日：2025 年 4 月 2 日 12、风险提示：根据安排，截至 2025 年 3 月 25 日收市后仍未转股的"智 尚转债"，将按照 100.38 元/张的价格强制赎回，因目前"智尚转债"二级市 场价格与赎回价格存在较大差异，特别提醒"智尚转债"持有人注意在限期内 转股，如果投资者 ...

Core Viewpoint - Nanshan Zhishang has demonstrated robust financial performance in 2024, with a revenue of 1.616 billion yuan and a net profit of 191 million yuan, highlighting its strategic focus on new materials, particularly ultra-high molecular weight polyethylene (UHMWPE) fibers, which achieved significant growth [1][2]. Financial Performance - The company reported a total revenue of 1.616 billion yuan and a net profit attributable to shareholders of 191 million yuan for the reporting period [1]. - Revenue from UHMWPE fibers reached 176 million yuan, accounting for 10.90% of total revenue, with a year-on-year growth of 94.75% [1]. Industry Context - The textile industry in China is undergoing a critical transformation, facing challenges such as fluctuating international market demand, volatile raw material prices, and stricter environmental standards [1]. - Nanshan Zhishang is leveraging a "technology-driven, multi-dimensional collaboration, and green leadership" strategy to integrate traditional textile manufacturing with advanced materials [1]. Production Capacity - The company has established a significant first-mover advantage in the UHMWPE fiber sector, with a total production capacity of 3,600 tons, positioning it among the leaders in China [2]. - The first phase of the UHMWPE fiber project, with a capacity of 600 tons, was launched in 2022, while the second phase of 3,000 tons commenced production in 2023 [2]. - The company is also advancing in the nylon fiber sector, with an 80,000-ton high-performance differentiated nylon filament project partially commencing production in November 2024 [2]. Strategic Development - Nanshan Zhishang's strategic layout aligns with national manufacturing upgrade directions, transitioning from a single textile supplier to a materials solution provider [3]. - The company aims to fully release its 3,600 tons of UHMWPE fiber capacity and the nylon project to drive performance growth [3]. - The focus on innovation and quality improvement is intended to establish a leading global high-performance fiber production base [3]. Policy Environment - Recent government policies have emphasized the development of strategic new materials, including export controls on high-performance UHMWPE fibers, enhancing the scarcity of domestic high-end products [2].