Investment Rating - The report maintains a "Buy" rating for Nanshan Zhishang (300918) with a target price based on the last closing price of 21.34 [1][8]. Core Views - The traditional business remains stable, with expectations for accelerated growth in ultra-high molecular weight polyethylene (UHMWPE) and nylon in 2025 [1][8]. - The company is focusing on optimizing product structure and enhancing operational quality, which is expected to improve profitability in its traditional business [5][8]. Financial Performance Summary - In 2024, the company reported revenue of 1.616 billion yuan, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 191 million yuan, a decrease of 5.8% [4][11]. - The fourth quarter of 2024 saw revenue of 453 million yuan, down 5.0% year-on-year, and a net profit of 66 million yuan, down 19.8% year-on-year [4][11]. - The company’s revenue and net profit forecasts for 2025, 2026, and 2027 are 2.317 billion yuan, 2.818 billion yuan, and 3.337 billion yuan respectively, with corresponding net profits of 258 million yuan, 330 million yuan, and 413 million yuan [11][8]. Business Segment Performance - The fabric segment experienced a revenue decline of 9.54% to 810 million yuan, influenced by downstream demand, but the gross margin improved by 1.54 percentage points to 35.54% due to high-value product orders and effective cost control [5][8]. - The apparel business saw a revenue increase of 4.45% to 610 million yuan, with a gross margin increase of 0.75 percentage points to 36.55% as the company strategically reduced low-margin orders [5][8]. - The UHMWPE segment achieved a revenue increase of 94.75% to 176 million yuan, driven by the full production of the second phase [6][8]. Strategic Developments - The company plans to establish a garment production facility in Indonesia with a total investment of 15.67 million USD (approximately 112.38 million yuan), expected to enhance overseas trade by leveraging local labor and tax incentives [5][8]. - The nylon project, with an annual capacity of 80,000 tons, is progressing well, with partial production lines already operational and full operations expected by May 2025 [6][8]. Growth Outlook - The company aims to build a new materials industry ecosystem with a focus on traditional apparel and new material fibers, anticipating a synergistic development across the entire industry chain [8][11]. - The expected net profit growth rates for 2025, 2026, and 2027 are 35.2%, 28.1%, and 25.0% respectively, indicating strong future performance [11][8].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.616 billion yuan in 2024, 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. The decline in net profit is primarily due to increased interest expenses from convertible bonds and weak performance from downstream apparel brands [5][6] - The company is focusing on the development of new materials, particularly UHMWPE fibers, which are expected to meet the demands of robotic tendon applications. The company aims to expand its market presence in this area [5][6] Financial Summary - In 2024, the company achieved a gross margin of 33.58%, a decrease of 1.07 percentage points from the previous year, and a net profit margin of 11.80%, down 0.85 percentage points [5] - Revenue breakdown for 2024 includes: - Fine woolen fabric: 810 million yuan, down 9.54% year-on-year - Apparel: 611 million yuan, up 4.45% year-on-year - UHMWPE fibers: 176 million yuan, up 94.75% year-on-year - Nylon fibers: new production lines expected to contribute profits starting in 2025 [5][6] - The company forecasts revenues of 2.287 billion yuan, 3.061 billion yuan, and 3.466 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 271 million yuan, 364 million yuan, and 431 million yuan for the same years [6][7] Market Performance - The company's stock has shown a 52-week increase of 76.57%, with a market capitalization of 6.946 billion yuan [4][5] - The stock's price-to-earnings (P/E) ratios for the next three years are projected to be 26, 20, and 17 times respectively [6][7]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-042 | | --- | --- | | 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交易 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。 4、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 ...

| 证券代码：300918 | 证券简称：南山智尚 | 公告编号：2025-040 | | --- | --- | --- | | 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 股票交易异常波动公告 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。 重要提示： 1、近期山东南山智尚科技股份有限公司（以下简称"公司"）经营情况及 内外部经营环境正常，业务内容和经营情况未发生重大变化。公司关注到近期市 场对于"机器人灵巧手""腱绳"相关概念的关注度较高，公司超高分子量聚乙 烯纤维腱绳产品处于市场开拓阶段，暂未形成相关订单，且下游市场需求存在诸 多的不确定因素，请投资者注意投资风险。 2、公司股价短期波动幅度较大，请广大投资者审慎决策，理性投资，注意 投资风险。 二、说明关注、核实情况 针对公司股票交易异常波动情况，公司董事会对有关事项进行了核实，并就 有关事项询问了公司控股股东、实际控制人及相关人员，现就相关情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处。 2、近期公司经营情况正常，内外部经营环境未发生重大 ...

| 证券代码：300918 | 证券简称：南山智尚 | 公告编号： | 2025-041 | | --- | --- | --- | --- | | 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 可转换公司债券交易异常波动公告 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。 一、可转换公司债券发行上市基本情况 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）核准， 山东南山智尚科技股份有限公司（以下简称"公司"）于 2023 年 4 月 10 日向不 特定对象发行 699.58 万张可转换公司债券（以下简称"可转债"），每张面值 100 元，发行总额 69,958.00 万元。 经深圳证券交易所（以下简称"深交所"）同意，公司向不特定对象发行的 69,958.00 万元可转换公司债券于 2023 年 4 月 28 日起在深交所挂牌交易，债券 简称"智尚转债"，债券代码"123191"。 本次发行的可转换公司债券的期限为自发行之 ...

Core Viewpoint - Nanshan Zhishang experienced a significant increase in stock price, reaching a daily limit of 20% on March 18, with notable trading activity and institutional buying [2]. Trading Data Summary - The stock had a turnover rate of 14.24% and a total transaction value of 1.206 billion yuan, with a price fluctuation of 12.37% [2]. - Institutional investors net bought 69.2462 million yuan, while brokerage seats collectively net bought 16.6177 million yuan [2]. - The stock was listed on the trading board due to its closing price increase of 20% [2]. Institutional Activity - The top five trading departments accounted for a total transaction value of 327 million yuan, with a buying amount of 206 million yuan and a selling amount of 121 million yuan, resulting in a net buying of 85.8639 million yuan [2]. - Six institutional special seats were involved in trading, with a total buying amount of 155 million yuan and a selling amount of 85.5301 million yuan, leading to a net buying of 69.2462 million yuan [2]. Fund Flow Analysis - The stock saw a net inflow of 94.5141 million yuan from major funds, with a significant inflow of 93.0438 million yuan from large orders and 1.4703 million yuan from smaller orders [2]. - Over the past five days, the net inflow of major funds amounted to 78.8382 million yuan [2]. Analyst Ratings - In the past five days, seven institutions rated the stock as a buy, with the highest target price set at 17.46 yuan by CICC on March 17 [2].

Investment Rating - The investment rating for the company is "Buy-B" and it is maintained [1]. Core Views - The traditional woolen business has shown improved profitability, while the nylon products have begun production [1]. - In 2024, the company achieved operating 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 year-on-year decrease of 5.83% [2][4]. - The company is expected to see gradual sales from its nylon business starting in 2025, and the ultra-fine fiber products are in a continuous improvement process [10]. Financial Performance Summary - In 2024, the company reported quarterly revenues of 359 million, 417 million, 387 million, and 453 million yuan, with year-on-year growth rates of 10.35%, 4.07%, -2.63%, and -5.02% respectively [4]. - The gross profit margin for the company decreased by 1.1 percentage points to 33.58% in 2024, primarily due to the decline in profitability of ultra-fine fiber products [6]. - The company’s net profit margin for 2024 was 11.81%, a year-on-year decrease of 0.85 percentage points [6]. Business Segment Performance - In 2024, the revenues from the fine woolen fabric, clothing, and ultra-fine fiber products were 810 million, 611 million, and 176 million yuan, with year-on-year changes of -9.54%, +4.45%, and +94.75% respectively [5]. - The gross profit margins for these segments were 35.54%, 36.55%, and 10.23%, showing improvements in traditional business profitability [5]. Future Earnings Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.61, 0.78, and 0.90 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 27.6, 21.6, and 18.8 [10][12].

Investment Rating - The investment rating for the company is "Buy-B" and is maintained [1][9] Core Views - The traditional woolen business has shown improved profitability, while the nylon products have begun production [1] - In 2024, the company achieved operating 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 year-on-year decrease of 5.83% [2][4] - The company is expected to see gradual sales from its nylon business starting in 2025, with ongoing improvements in the ultra-fine fiber products [9] Financial Performance Summary - In 2024, the company reported quarterly revenues of 359 million, 417 million, 387 million, and 453 million yuan, with year-on-year growth rates of 10.35%, 4.07%, -2.63%, and -5.02% respectively [4] - The gross profit margin for the company decreased by 1.1 percentage points to 33.58% in 2024, primarily due to the decline in profitability of ultra-fine fiber products [6] - The company’s net profit margin for 2024 was 11.81%, down 0.85 percentage points year-on-year [6] Business Segment Performance - Revenue from the fine woolen fabric, clothing, and ultra-fine fiber products in 2024 was 810 million, 611 million, and 176 million yuan, with year-on-year changes of -9.54%, +4.45%, and +94.75% respectively [5] - The gross profit margins for these segments were 35.54%, 36.55%, and 10.23%, showing improvements in traditional business profitability [5] Future Earnings Projections - Expected earnings per share for 2025, 2026, and 2027 are projected to be 0.61, 0.78, and 0.90 yuan respectively, with corresponding price-to-earnings ratios of 27.6, 21.6, and 18.8 [9][11]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-039 | | --- | --- | | 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 关于提前赎回"智尚转债"的第十次提示性公告 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、"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。 2、赎回条件满足日：2025 年 3 月 4 日 9、赎回类别：全部赎回 10、根据安排，截至 2025 年 3 月 25 日收市后仍未转股的"智尚转债"将被 强制赎回，本次赎回完成后，"智尚转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"智尚转债"持券人注意在限期内转股。债券持有人持有 的"智尚转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限。投 ...