| 证券代码：300918 | 证券简称：南山智尚 | 公告编号：2024-090 | | --- | --- | --- | | 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 2023 年度向特定对象发行 A 股股票 相关主要承诺事项的公告 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。 山东南山智尚科技股份有限公司（以下简称"公司"）于 2023 年 11 月 28 日，召开第二届董事会第二十次会议、第二届监事会第十七次会议，2023 年 12 月 15 日召开 2023 年第一次临时股东大会，均审议通过了公司 2023 年度向特定 对象发行 A 股股票（以下简称"本次发行"）的相关议案，具体内容详见公司于 2023 年 11 月 28 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《山东 南山智尚科技股份有限公司 2023 年度向特定对象发行股票预案》等相关公告。 公司自披露本次发行的相关公告起，为顺利推进公司 2023 年度向特定对象 发行 A 股股票事项，各相关方所作出的主要承诺 ...

证券代码：300918 证券简称：南山智尚 债券代码：123191 债券简称：智尚转债 南山智尚向特定对象发行 A 股股票 募集说明书 南山智尚向特定对象发行 A 股股票 募集说明书 声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 山东南山智尚科技股份有限公司 SHANDONG NANSHAN FASHION SCI-TECH CO.,LTD （山东省烟台市龙口市东江镇南山工业园） 向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐机构（主承销商） 二零二四年十一月 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责，投资者自主判断 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month target price maintained at 9.92 yuan [2]. Core Insights - The company has achieved significant results in expanding its new materials sector, with a reported revenue of 1.16 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.52%. The net profit attributable to the parent company was 120 million yuan, up 3.83% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 33.45%, a decrease of 1 percentage point, while the net profit margin increased by 0.05 percentage points to 10.7% [2]. - The company’s fine woolen fabric business experienced a slight decline due to insufficient demand from end clothing brands, but adjustments in product structure led to an overall increase in added value, stabilizing net profit [2]. - The apparel business saw revenue and net profit growth through adjustments in customer structure and increased direct sales channels [2]. - The new materials sector, particularly the ultra-high molecular weight polyethylene fiber, achieved full production capacity of 3600 tons, resulting in a doubling of revenue [2][5]. - The company is also constructing a high-performance differentiated nylon filament project with an annual capacity of 80,000 tons, expected to enhance product variety and competitive advantage [3]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 390 million yuan, a decrease of 2.63% year-on-year, and a net profit of 40 million yuan, down 1% year-on-year [5]. - The company maintains a strong position in the industry with 12 production lines for ultra-high molecular weight polyethylene fiber, focusing on high-end product quality and specifications [5]. - The financial forecast estimates EPS for 2024, 2025, and 2026 to be 0.6 yuan, 0.8 yuan, and 0.9 yuan respectively, with corresponding P/E ratios of 16X, 13X, and 11X [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company reported a revenue of 1.163 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.52%. The net profit attributable to shareholders was 125 million yuan, up 3.83% year-on-year [2]. - In Q3 2024, the company experienced a revenue decline of 2.6% year-on-year, with a net profit decrease of 1.0% year-on-year. The apparel segment saw a 10% revenue growth, while the fine woolen fabric segment faced a decline of over 10% due to weak performance from end-brand apparel [2]. - The new materials business is expected to be a significant growth driver, with the ultra-high molecular weight polyethylene (UHMWPE) revenue increasing by 181% year-on-year in the first three quarters of 2024. The nylon project is on track for trial production in November 2024, which is anticipated to contribute to revenue and profit in 2025 [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 1.163 billion yuan, a 3.52% increase year-on-year, and a net profit of 125 million yuan, up 3.83% year-on-year. In Q3 2024, revenue was 387 million yuan, down 2.6% year-on-year, with a net profit of 42 million yuan, down 1.0% year-on-year [2]. - The gross margin for Q3 2024 was 32.8%, a decrease of 2.3 percentage points year-on-year, primarily due to product structure changes [2]. Business Segments - The apparel segment achieved a 10% revenue growth in Q3 2024, driven by product design upgrades and improved customer structure. The fine woolen fabric segment, however, faced challenges with a revenue decline of over 10% due to weak end-market performance [2]. - The new materials segment, particularly UHMWPE, saw significant growth, with Q3 2024 revenue increasing by 103% year-on-year. The nylon project is progressing well, with full-scale production expected to begin in November 2024 [2]. Profitability Outlook - The report forecasts net profits of 211 million yuan, 247 million yuan, and 264 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 17.34, 14.85, and 13.87 [4]. - The company is expected to maintain stable profitability despite short-term challenges in its main business, with a focus on high-value-added products and improvements in order structure anticipated to enhance profitability in the medium to long term [2].

Group 1: Business Strategy and Market Positioning - The company aims to position its nylon fiber business in the mid-to-high-end market, focusing on functionality, differentiation, and high performance to enhance competitiveness [1] - The company is committed to a global supply capability for its products, emphasizing a full industry chain development strategy centered on customer needs [2] - The company plans to maintain a path of scale, specialization, and technological advancement to form a modern operational pattern [2] Group 2: Production and Product Development - The company’s ultra-high molecular weight polyethylene fiber business is operating at full capacity, achieving a production-sales balance with products ranging from 100D to 1600D [2] - The company is continuously improving product strength and increasing the proportion of high-strength products while developing differentiated functional products [2] - The company has established a strong innovation system within the industry chain, enhancing the efficiency and speed of technology product promotion [2] Group 3: R&D and Innovation - The company has built a strong engineering team and collaborates with industry experts to explore high-performance special protective materials [3] - The company focuses on developing differentiated functional textiles, including flame-retardant, health-oriented, and easy-care materials [4] - The company has accumulated rich experience in innovative R&D for functional differentiation, including technologies for windproof, water-repellent, and antibacterial fabrics [5] Group 4: Competitive Advantages and Future Plans - The company possesses a complete wool textile industry chain, from wool to finished garments, enhancing its competitive edge [4] - The company plans to accelerate the application of digital and intelligent technologies in the entire process of garment customization, improving operational efficiency [4] - The company aims to leverage its existing textile technology advantages to develop blended fabrics with nylon fibers, enhancing market competitiveness [5] Group 5: Recognition and Achievements - The company has received multiple awards, including being named one of the "Top 100 Enterprises in China's Apparel Industry" and winning the "2024 Golden BRICS Industrial Innovation Competition Silver Award" [5] - The company is focused on optimizing production factors and implementing smart engineering to enhance operational efficiency and capability [5]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 6-12 months [3][4]. Core Views - The company's revenue for Q1-Q3 2024 was 1.163 billion yuan, a year-on-year increase of 3.52%. However, Q3 saw a slight decline in revenue, primarily due to pressure on domestic consumption affecting the fine woolen fabric segment [1][3]. - The company is focusing on enhancing the added value of its products through functional research and development in fine woolen fabrics, which is expected to maintain an upward trend in profit margins [1][4]. - The nylon project is anticipated to achieve large-scale trial production in November, which will begin customer validation and gradually lead to sales [1][4]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a net profit attributable to shareholders of 125 million yuan, a year-on-year increase of 3.83%. The quarterly net profits were 37 million, 45 million, and 42 million yuan, reflecting growth rates of 15.37%, 0.22%, and -1.00% respectively [1][3]. - The gross profit margin for Q1-Q3 2024 decreased by 1.0 percentage points to 33.45%, with quarterly margins of 32.83%, 34.59%, and 32.80% [2][4]. - The company’s operating cash flow for Q1-Q3 2024 was 31 million yuan, showing a significant year-on-year increase of 252.96% [2][4]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.58, 0.65, and 0.73 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17.6, 15.8, and 14.0 [4][5].

F原证券 纺织服饰/纺织制造 公 司 研 究 南山智尚（300918.SZ） 2024 年 10 月 30 日 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/10/30 | | 当前股价 ( 元 ) | 10.18 | | 一年最高最低 ( 元 ) | 13.25/6.97 | | 总市值 ( 亿元 ) | 36.65 | | 流通市值 ( 亿元 ) | 36.65 | | 总股本 ( 亿股 ) | 3.60 | | 流通股本 ( 亿股 ) | 3.60 | | 近 3 个月换手率 (%) | 80.88 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 南山智尚 沪深300 数据来源：聚源 相关研究报告 《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 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 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 ...

证券代码：300918 证券简称：南山智尚 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 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |---------------------|--------------------------------------|-----------------------------------------------------------------------------------------------| | | 业绩解读会 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | 现场参观 | □特定对象调研 | | | 其他（电话会议） | | | | 糜韩杰 - 广发证券、郝帅 | - 银河证券、胡仲藜 - 中国人寿养老保险股 | | | 份有限公司、张霜凝 - | 开源证券、李施璇 - 华福证券、陈婕 - 中金公 | | | 司、何伟 - | 上海光大证券资产管理有限公司、杨璐嘉 - 中金基金、 | | | 胡嘉祥 ...

Financial Performance - Q3 2024 revenue was CNY 386,594,365.19, a decrease of 2.63% year-over-year, while year-to-date revenue reached CNY 1,163,087,186.04, an increase of 3.52%[2] - Net profit attributable to shareholders was CNY 42,305,447.94, down 1.00% year-over-year, with year-to-date net profit at CNY 124,572,259.87, up 3.83%[2] - For the first nine months of 2024, the company achieved operating revenue of CNY 1,163.09 million, a year-on-year increase of 3.52%[10] - The net profit attributable to shareholders of the listed company for the same period was CNY 124.57 million, reflecting a year-on-year growth of 3.83%[10] - The net profit for Q3 2024 was CNY 124,410,603.75, an increase from CNY 119,675,831.61 in Q3 2023, representing a growth of approximately 6.1%[20] - The total profit for Q3 2024 was CNY 136,863,556.48, compared to CNY 133,877,397.51 in Q3 2023, marking an increase of approximately 2.2%[20] - Basic earnings per share for Q3 2024 were CNY 0.35, up from CNY 0.33 in Q3 2023, reflecting a growth of 6.1%[21] - The total comprehensive income for Q3 2024 was CNY 123,027,906.74, compared to CNY 118,548,156.07 in Q3 2023, reflecting an increase of about 3.9%[21] Cash Flow and Assets - The net cash flow from operating activities was CNY 31,383,242.82, representing a significant increase of 252.96% compared to the previous period[5] - As of September 30, 2024, the company's cash and cash equivalents decreased to ¥478,766,119.62 from ¥633,642,376.97 at the beginning of the period, representing a decline of approximately 24.4%[16] - Total assets at the end of the reporting period were CNY 4,410,163,123.00, an increase of 19.87% from the end of the previous year[2] - The company's total liabilities rose to ¥2,320,106,748.08 from ¥1,651,496,404.15, reflecting an increase of approximately 40.6%[18] - The cash inflow from operating activities included CNY 975,216,769.12 from sales of goods and services, compared to CNY 949,922,040.05 in the previous year, showing an increase of approximately 2.6%[22] - The company reported a net increase in cash and cash equivalents of -77,195,395.69, compared to -189,220,087.13 in the same period last year, showing an improvement[23] Expenses and Liabilities - Financial expenses surged by 965.21% to CNY 26,051,147.44, primarily due to the capitalization of convertible bond interest expenses[5] - The company's total operating costs rose to ¥986,628,730.63 from ¥940,796,624.62, marking an increase of about 4.9%[19] - The company experienced a 41.72% increase in credit impairment losses, amounting to CNY -6,897,190.40, indicating higher bad debt provisions[5] - The company reported a decrease in income tax expenses to CNY 12,452,952.73 from CNY 14,201,565.90 in Q3 2023, which is a reduction of about 12.3%[20] Strategic Initiatives - The company is focusing on high-value product development and innovation, particularly in functional fabric research and green dyeing technologies[11] - The company has successfully expanded its international presence, establishing partnerships in key markets such as Russia, Brazil, India, Egypt, UAE, and Saudi Arabia[12] - The company has enhanced its product offerings by increasing the proportion of high-strength products and developing differentiated functional products[13] - The company is adapting to market demands by improving production efficiency and reducing costs through customized services[11] - The company is committed to sustainable development and innovation in its production processes, aligning with global trends[11] - The high-performance differentiated nylon filament project is expected to achieve large-scale trial production by November 2024, with an annual production capacity of 80,000 tons[14] - The company aims to enhance its product matrix and competitiveness through the new nylon filament project, targeting applications in outdoor apparel and leisure clothing[14] Awards and Recognition - The company has received multiple awards, including recognition as one of the "Top 100 Enterprises in China's Apparel Industry" and a silver award at the "2024 BRICS Industrial Innovation Competition"[12] Future Outlook - The report indicates a focus on improving cash flow management and reducing investment outflows in the upcoming quarters[23] - The company did not undergo an audit for the third quarter report, which may affect the perception of financial reliability[24] - The company has adopted new accounting standards starting from 2024, which may impact future financial reporting[24]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2024-089 | | --- | --- | | 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 关于举行 2024 年第三季度业绩说明会的公告 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。 山东南山智尚科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日在巨潮资讯网（http://www.cninfo.com.cn）上披露了《2024 年第三季度 报告》，为了让广大投资者更深入全面地了解公司经营管理、发展战略、行业前 景等情况，公司定于 2024 年 11 月 1 日在中国证券报·中证路演中心举行 2024 年第三季度业绩说明会，具体安排如下： 一、业绩说明会概况 召开时间：2024 年 11 月 1 日（星期五）下午 15：00—16：00 召开方式：本次第三季度业绩说明会将采用网络远程文字交流的方式举行， 投资者可登录中证路演中心（https://www.cs.com.cn/roadshow/yjsmh/）参与 本次第三季度业绩说明 ...