NANSHAN FASHION(300918) 天风证券·2025-03-16 08:23Investment 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].