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南山智尚:3季度精纺呢绒面料业务承压,锦纶业务预计11月试生产

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].