南山智尚：传统毛纺业务盈利能力提升，锦纶产品开始投产-20250318

Investment Rating - The investment rating for the company is "Buy-B" and is maintained [1][9] Core Views - The traditional woolen business has shown improved profitability, while the nylon products have begun production [1] - In 2024, the company achieved operating revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a year-on-year decrease of 5.83% [2][4] - The company is expected to see gradual sales from its nylon business starting in 2025, with ongoing improvements in the ultra-fine fiber products [9] Financial Performance Summary - In 2024, the company reported quarterly revenues of 359 million, 417 million, 387 million, and 453 million yuan, with year-on-year growth rates of 10.35%, 4.07%, -2.63%, and -5.02% respectively [4] - The gross profit margin for the company decreased by 1.1 percentage points to 33.58% in 2024, primarily due to the decline in profitability of ultra-fine fiber products [6] - The company’s net profit margin for 2024 was 11.81%, down 0.85 percentage points year-on-year [6] Business Segment Performance - Revenue from the fine woolen fabric, clothing, and ultra-fine fiber products in 2024 was 810 million, 611 million, and 176 million yuan, with year-on-year changes of -9.54%, +4.45%, and +94.75% respectively [5] - The gross profit margins for these segments were 35.54%, 36.55%, and 10.23%, showing improvements in traditional business profitability [5] Future Earnings Projections - Expected earnings per share for 2025, 2026, and 2027 are projected to be 0.61, 0.78, and 0.90 yuan respectively, with corresponding price-to-earnings ratios of 27.6, 21.6, and 18.8 [9][11]