NANSHAN FASHION(300918) 开源证券·2025-03-14 12:52Investment Rating - The investment rating for Nanshan Zhishang is maintained at "Buy" [1] Core Views - The company is expected to show resilience in its 2024 performance, with a projected revenue of 1.616 billion yuan, reflecting a year-on-year increase of 1.0%. The net profit attributable to the parent company is forecasted to be 191 million yuan, a decrease of 5.8% [5] - The company is gradually building a new material industry ecosystem, with the ultra-high molecular weight polyethylene (UHMWPE) business benefiting from relaxed export policies and new demands in the robotics sector. The nylon business is accelerating its construction, forming a new growth curve [5] - Profit forecasts for 2025-2027 have been raised, with expected net profits of 270 million yuan, 340 million yuan, and 410 million yuan respectively [5] Financial Summary - The total revenue for 2024 is projected at 1.616 billion yuan, with a slight increase from 1.600 billion yuan in 2023. The net profit is expected to decrease to 191 million yuan from 203 million yuan in 2023 [8] - The gross margin is anticipated to decline to 33.6% in 2024 from 34.7% in 2023, while the net margin is expected to be 11.8% [8] - The company’s earnings per share (EPS) is projected to increase from 0.46 yuan in 2024 to 0.66 yuan in 2025 [8] Business Performance - The main business is under pressure due to downstream clothing demand, with fabric revenue declining while clothing revenue remains stable. The profitability has improved due to higher-value product orders and effective cost control [6] - The revenue from the UHMWPE fiber segment is expected to grow significantly, with a projected increase of 94.75% in 2024, driven by policy support and capacity ramp-up [6] - The nylon project, focusing on high-performance differentiated nylon filament, is set to begin trial production in November 2024, with full operations expected by May 2025 [6]