NANSHAN FASHION(300918) 广发证券·2025-02-09 14:59Investment Rating - The investment rating for the company is "Buy" [5][6] Core Views - The current price of the stock is 12.11 CNY, with a reasonable value estimated at 16.13 CNY, indicating significant upside potential [5][6] - The company is actively advancing its UHMWPE business applications in the robotics sector, which presents substantial future growth potential [6] - The company is a leading domestic fine woolen fabric enterprise, focusing on creating a "second growth curve" through its new materials business [6] Financial Summary - Revenue projections show a decline from 1,634 million CNY in 2022 to 1,600 million CNY in 2023, followed by a recovery to 1,676 million CNY in 2024, and significant growth to 2,631 million CNY in 2025 and 3,453 million CNY in 2026, reflecting a growth rate of 56.9% in 2025 and 31.3% in 2026 [5][6] - EBITDA is expected to increase from 256 million CNY in 2022 to 459 million CNY in 2025 and 581 million CNY in 2026 [5] - The net profit attributable to the parent company is projected to rise from 187 million CNY in 2022 to 295 million CNY in 2025 and 397 million CNY in 2026, with a growth rate of 48.9% in 2025 and 34.5% in 2026 [5][6] - Earnings per share (EPS) is forecasted to be 0.54 CNY in 2024, 0.81 CNY in 2025, and 1.09 CNY in 2026 [5][6] Business Development - The company has a production capacity of 3,600 tons of UHMWPE new materials, ranking it among the top tier in the industry, and is operating at full capacity [6] - The company is also steadily advancing a project for an annual production of 80,000 tons of high-performance differentiated nylon filament [6] - In Q1-Q3 2024, despite significant pressure in traditional industries, the company maintained a stable growth trend, achieving revenue of 1.163 billion CNY, a year-on-year increase of 3.52%, and a net profit of 125 million CNY, up 3.83% year-on-year [6]