NANSHAN FASHION(300918) 天风证券·2025-03-16 06:21Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 1.616 billion yuan for 2024, a year-on-year increase of 0.98%, while the net profit attributable to shareholders decreased by 5.82% to 191 million yuan [1]. - The decline in net profit is attributed to increased interest expenses from convertible bonds and weak performance in the downstream apparel brand market, impacting the revenue from the fine woolen fabric segment [1]. - The company is actively expanding its applications in the robotics field, particularly focusing on high-performance nylon filament projects, which have begun trial production [2][4]. Financial Performance Summary - For 2024, the company reported a revenue of 1.616 billion yuan, with a slight increase of 0.98% compared to the previous year [10]. - The net profit attributable to the parent company for 2024 was 191 million yuan, reflecting a decrease of 5.82% [10]. - The company expects revenues to grow significantly in the coming years, projecting 2 billion yuan in 2025, 2.577 billion yuan in 2026, and 3.312 billion yuan in 2027 [9]. Business Segment Performance - The fine woolen fabric segment saw a revenue decline of 9.54%, while the apparel business experienced a revenue increase of 4.45% [1]. - The ultra-high molecular weight polyethylene (UHMWPE) fiber business reported a remarkable revenue growth of 94.75% year-on-year [1]. - The company has achieved full production capacity for its UHMWPE fiber projects, positioning itself among the leaders in the domestic market [2]. Future Outlook - The company aims to build a new materials industry ecosystem centered around UHMWPE fibers, with nylon fibers serving as a growth engine [5]. - The strategic focus includes expanding into high-end functional products for various applications, including sportswear and industrial fields [4]. - The company is expected to enhance its growth trajectory with projected earnings per share (EPS) of 0.61 yuan in 2025, increasing to 1.06 yuan by 2027 [9].