NANSHAN FASHION(300918) 开源证券·2025-03-14 14:23Investment Rating - The investment rating for Nanshan Zhishang is "Buy" (maintained) [1] Core Views - The company is expected to show resilience in its 2024 performance, with a focus on the recovery of its ultra-high molecular weight polyethylene (UHMWPE) and nylon businesses in 2025. The report anticipates a gradual improvement in profitability driven by new demand in the robotics sector and the acceleration of nylon project construction [5][6] Financial Performance Summary - In 2024, the company is projected to achieve a revenue of 1.616 billion yuan, a year-on-year increase of 1.0%. The net profit attributable to shareholders is expected to be 191 million yuan, a decrease of 5.8% [5][8] - The report forecasts a significant revenue increase in 2025, reaching 2.359 billion yuan, representing a 46.0% year-on-year growth. The net profit is projected to rise to 273 million yuan, a 43.0% increase [8] - The gross margin is expected to decline to 29.1% in 2025, while the net margin is projected to be 11.6% [8] Business Segment Analysis - The main business is under pressure due to lower demand in the apparel sector, leading to a decline in fabric revenue. However, clothing revenue is expected to grow steadily [6] - The UHMWPE fiber segment is anticipated to see a revenue increase of 94.75% in 2024, driven by policy changes and new demand from the robotics industry [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] Valuation Metrics - The current stock price is 16.85 yuan, with a market capitalization of 6.946 billion yuan. The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 25.4, 20.7, and 17.0 respectively [1][8] - The report indicates an expected return on equity (ROE) of 11.0% in 2025, increasing to 13.0% by 2027 [8]