股票简称：南山智尚 股票代码：300918 债券简称：智尚转债 债券代码：123191 山东南山智尚科技股份有限公司 与 民生证券股份有限公司 关于 山东南山智尚科技股份有限公司 申请向特定对象发行股票的 第二轮审核问询函之回复 保荐机构（主承销商） 二零二四年十一月 深圳证券交易所： 根据贵所于 2024 年 8 月 27 日出具的《关于山东南山智尚科技股份有限 公司申请向特定对象发行股票的第二轮审核问询函》（审核函（2024）020021 号）的要求，发行人山东南山智尚科技股份有限公司（以下简称"南山智尚"、 "发行人"或"公司"）会同保荐机构民生证券股份有限公司（以下简称"民 生证券"、"保荐机构"）、发行人律师北京国枫律师事务所（以下简称"发 行人律师"）、发行人会计师事务所和信会计师事务所（特殊普通合伙）（以 下简称"会计师"）对审核问询函中提出的问题进行了逐项核实和回复（以 下简称"本回复"）。同时，发行人根据审核问询函要求对申请材料进行了 相应的修改、补充。 如无特别说明，本回复中的简称与《山东南山智尚科技股份有限公司向 特定对象发行股票募集说明书》中的简称具有相同含义。涉及募集说明书补 充披露 ...

| 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 ...

股票简称：南山智尚 股票代码：300918 债券简称：智尚转债 债券代码：123191 山东南山智尚科技股份有限公司 与 民生证券股份有限公司 关于 山东南山智尚科技股份有限公司 申请向特定对象发行股票的 审核问询函之回复 保荐机构（主承销商） 二零二四年十一月 深圳证券交易所： 根据贵所于 2024 年 6 月 19 日出具的《关于山东南山智尚科技股份有限 公司申请向特定对象发行股票的审核问询函》（审核函（2024）020015 号） 的要求，发行人山东南山智尚科技股份有限公司（以下简称"南山智尚"、 "发行人"或"公司"）会同保荐机构民生证券股份有限公司（以下简称"民 生证券"、"保荐机构"）、发行人律师北京国枫律师事务所（以下简称"发 行人律师"）、发行人会计师事务所和信会计师事务所（特殊普通合伙）（以 下简称"会计师"）对审核问询函中提出的问题进行了逐项核实和回复（以 下简称"本回复"）。同时，发行人根据审核问询函要求对申请材料进行了 相应的修改、补充。 如无特别说明，本回复中的简称与《山东南山智尚科技股份有限公司向 特定对象发行股票募集说明书》中的简称具有相同含义。涉及募集说明书补 充披露或修改的内 ...

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].

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 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2024-087 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 一、关于延长公司2023年度向特定对象发行A股股票股东大会决议有效期 及授权有效期的说明 公司于2023年11月28日召开第二届董事会第二十次会议及第二届监事会第 十七次会议、2023年12月15日召开2023年第一次临时股东大会，审议通过了《 关于2023年度向特定对象发行A股股票方案的议案》《关于提请股东大会授权 董事会全权办理本次公司向特定对象发行A股股票相关事宜的议案》等与2023 年度向特定对象发行A股股票（以下简称"本次发行"）相关的议案，公司本 次发行决议有效期和股东大会授权董事会办理本次发行相关事宜的有效期为： 自股东大会审议通过后12个月内有效，即自2023年12月15日至2024年12月14日。 鉴于公司本次发行的股东大会决议有效期和股东大会授权董事会办理本次 发行相关事宜的有效期即将届满，为确保本次发行相关工作的顺利推进，公司 于2024年10月28日召开第三届董事会第八次会议和第三届监事会第四次会议审 1 议通过了《关于 ...