Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2024, the company is projected to achieve revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a decrease of 5.82% year-on-year [2][3]. - The decline in profit is attributed to weak performance from downstream apparel brands affecting the fine woolen fabric business and increased interest expenses due to convertible bond issuance [3][4]. - The company has successfully initiated trial production of an 80,000-ton high-performance differentiated nylon filament project, marking the beginning of a second growth curve [4][9]. - The demand for tendon materials made from ultra-high molecular weight polyethylene fibers is expected to grow rapidly with the increase in humanoid robots [10]. Summary by Sections Financial Performance - In 2024, the fine woolen fabric business generated revenue of 810 million yuan, down 9.54% year-on-year, while the apparel segment achieved revenue of 611 million yuan, up 4.45% year-on-year [3]. - The ultra-high fiber segment saw revenue of 176 million yuan, a significant increase of 94.75% year-on-year, with a sales volume of 3,303.61 tons, up 119.69% [3][10]. Business Development - The company has a production capacity of 44,000 tons of PA6 filament, with equipment sourced from Japan and Germany, primarily used in various apparel applications [4][9]. - The high-strength polyethylene (PE) segment currently has a capacity of 3,600 tons, producing various specifications suitable for multiple applications, including defense and robotics [10]. Future Outlook - The company forecasts net profits of 266 million yuan, 328 million yuan, and 384 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61 yuan, 0.76 yuan, and 0.88 yuan [11][13]. - The projected P/E ratios for the same years are 32.8X, 26.6X, and 22.7X, indicating a positive outlook for the company's valuation [11].

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]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-050 | | --- | --- | | 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"智尚转债"即将停止转股暨赎回前最后半个 交易日的重要提示性公告 1、最后转股日：2025 年 3 月 25 日 截至公告披露日，距离"智尚转债"停止转股仅剩最后半个交易日（即 2025 年 3 月 25 日下午交易时段），2025 年 3 月 25 日收市后，未实施转股的"智尚 转债"将停止转股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强 制赎回，投资者可能面临投资损失。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期内转股。 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。 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-049 | | --- | --- | | 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"智尚转债"即将停止转股暨赎回前最后一个 交易日的重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转股，剩余可转债将按 照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者可能面临投资损失。 截至 2025 年 3 月 24 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 1 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期内转股。 特别提示： 1、 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses Nanshan Zhishang, a company involved in the production of ultra-high molecular weight polyethylene fibers, which are increasingly used in tendon-driven systems for humanoid robots. The industry is shifting towards this technology, with companies like Tesla and Yaskawa adopting it [2][6]. Key Points and Arguments - **Tendon-Driven Systems**: Tendon-driven systems are becoming mainstream for precision transmission in humanoid robots due to their flexible arrangement, adaptability to small spaces, and safety features. Major companies like Tesla and Yaskawa have already implemented this solution [2][6]. - **Material Preference**: Ultra-high molecular weight polyethylene fibers are preferred over steel wires due to their superior tensile strength (15 times that of steel) and lightweight properties (one-seventh the density of steel). The industry has largely moved away from steel wires [2][7]. - **Market Adoption**: Companies such as Zhaowei Electromechanical and Tesla have adopted tendon-driven solutions, indicating a global trend towards precision transmission in robotics [2][8]. - **Nanshan Zhishang's Position**: Among domestic producers, Nanshan Zhishang and Sichuan Meifeng focus on military applications, with Nanshan Zhishang being more proactive in project progress and downstream integration [2][9]. - **Collaborations**: Nanshan Zhishang has made significant progress in collaborations with downstream companies like Micro-Electromechanical Systems, Weichuang Electric, and others, with some entering the third round of sample submissions, indicating potential bulk orders [2][10]. Financial Insights - **Profit Potential**: The value of a single tendon for Tesla's robot is approximately 6,000 yuan. If the market reaches 1 million units, it could represent a market size of 6 billion yuan, with a potential profit of 1.2 billion yuan at a 20% net profit margin. Nanshan Zhishang could achieve 360 million yuan in profit from this market [3][11]. - **Future Earnings**: Nanshan Zhishang is projected to earn 1.9 billion yuan in 2024, increasing to 2.6 to 2.7 billion yuan in 2025, driven by reduced convertible bond interest and contributions from new projects [12][13]. Additional Important Information - **Market Dynamics**: The discussion highlights a divergence in material choices for tendon systems, with a clear preference for ultra-high molecular weight polyethylene due to its advantages in weight and strength, despite its lower melting point [7]. - **Investment Recommendation**: Nanshan Zhishang is recommended as a strong investment opportunity due to its technological capabilities and proactive approach in the market, positioning it favorably against competitors [9]. This summary encapsulates the key insights from the conference call, focusing on the company's strategic positioning within the evolving robotics industry and its financial outlook.

的重要提示性公告 | 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-048 | | --- | --- | | 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"智尚转债"赎回实施暨即将停止转股 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。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 24 日至 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者 仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转 股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者 可能面临投资损失。 截至 2025 年 3 月 24 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 1 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-047 | | --- | --- | | 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 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 自 2025 年 3 月 18 日至 2025 年 3 月 20 日，"智尚转债"累计转股 6,365,481 股，公司总股本由 427,567,911 股增加至 433,933,392 股，导致公司控股股东南 山集团在持有公司股份数量不变的情况下，持有公司股份占 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-046 | | --- | --- | | 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"智尚转债"赎回实施暨即将停止转股 的重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 21 日至 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者 仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转 股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者 可能面临投资损失。 截至 2025 年 3 月 21 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 2 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-044 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 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。 重要内容提示： 1、最后交易日：2025 年 3 月 20 日 2025 年 3 月 20 日为"智尚转债"最后一个交易日；当日"智尚转债"简称 为"Z 尚转债"；2025 年 3 月 20 日收市后"智尚转债"将停止交易。 2、最后转股日：2025 年 3 月 25 日 2025 年 3 月 20 日至 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者 仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转 股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者 可能面临投资损失。 截至 2025 年 3 月 20 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 3 个交易日。 山东南山智尚科技股份有限公司 关于"智尚转债"赎回实施暨即将停止交易 的 ...

特别提示： 1、本次山东南山智尚科技股份有限公司（以下简称"公司"）与武汉大学 工业科学研究院（以下简称"武汉大学研究院"）、武汉手智创新科技有限公司 （以下简称"手智创新"）签署的《战略合作协议》《专利合作协议》属于三方 合作意愿和基本原则的框架性约定，不涉及具体交易金额，具体的合作事项将以 另行签署的具体项目合作协议为准，发明专利尚需获得国家知识产权主管部门授 权，具体合作事项及实施进展存在不确定性。 2、《战略合作协议》《专利合作协议》的签订目前不会对公司业绩产生重 大影响，对公司未来年度经营业绩的影响需视具体项目的推进和实施情况而定。 具体合作事项及项目实施存在一定的不确定性。 3、截至本公告披露日，公司超高分子量聚乙烯纤维腱绳产品实现销售订单， 含税金额为 40,000 元，占公司 2024 年全年营业收入的 0.002%，占比非常小， 对公司业绩不会形成影响，敬请广大投资者注意投资风险。 | 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-045 | | --- | --- | | 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 关于签订专利合 ...