中航证券：首次覆盖南山智尚给予增持评级

Core Viewpoint - Zhonghang Securities initiates coverage on Nanshan Zhishang with a "Buy" rating, highlighting the company's stable main business and its entry into the robotics industry [1][2] Company Overview - Nanshan Zhishang, originally in the textile and apparel industry, has developed new materials such as ultra-high molecular weight polyethylene fibers and nylon through group resources [2] - The company is a subsidiary of Nanshan Group, a top 500 enterprise in China, with diversified operations including aluminum, petrochemicals, new materials, and finance [2] Business Performance - The traditional textile and apparel business remains stable, with revenue from the fine woolen fabric segment at 810 million yuan (down 9.5%) and a gross margin of 35.5% (up 1.54 percentage points) [2] - The clothing segment achieved revenue of 610 million yuan (up 4.5%) with a gross margin of 36.6% (up 0.75 percentage points) [2] - The new materials segment showed significant growth, with ultra-high fiber revenue reaching 180 million yuan (up 94.8%), although gross margin decreased to 10.2% (down 9.7 percentage points) due to pricing pressures [2] Financial Data - The company experienced increased financial expenses primarily due to convertible bond interest and construction costs for the nylon project [2] - Asset impairment losses were significant due to inventory depreciation and changes in contract asset valuation [2] - Cash flow from financing increased due to the repayment of operating loans and a high base from share buybacks in the previous year [2] New Material Capacity Expansion - The company has a current capacity of 3,600 tons for ultra-high molecular weight polyethylene, expected to reach full operational status by July 2024 [2] - An investment of 1.5 billion yuan is allocated for an 80,000-ton nylon filament project, with trial production expected to start in November 2024 and mass production in 2025 [2] Entry into Robotics Materials Industry - Nanshan Zhishang aims to align with industry leaders like DSM, leveraging its product advantages in strength, wear resistance, and insulation for applications in robotics [2] - The company’s nylon 66 products are expected to open new application spaces in the robotics sector [2] Synergy with Yulong Petrochemical - Yulong Petrochemical, a major investment project of Nanshan Group, is set to enhance the company's raw material cost efficiency and create opportunities for new materials projects [2] Investment Outlook - The company is projected to achieve revenues of 2.21 billion yuan, 2.83 billion yuan, and 3.53 billion yuan from 2025 to 2027, with year-on-year growth rates of 36.4%, 28.2%, and 25.0% respectively [2] - Expected net profits for the same period are 270 million yuan, 340 million yuan, and 410 million yuan, with corresponding growth rates of 40.3%, 25.1%, and 21.5% [2]