NANSHAN FASHION(SZ:300918) East Money Securities·2025-11-06 09:11Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company reported a revenue of 1.226 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.39%. However, the net profit attributable to shareholders decreased by 5.81% to 117 million yuan [5] - In Q3 2025, the company achieved a revenue of 494 million yuan, a year-on-year increase of 27.86% and a quarter-on-quarter increase of 33.81% [5] - The company has successfully developed tendon products and secured small batch orders, becoming the first domestic company to achieve this milestone [5] - A new tactile glove product was launched, integrating multiple innovative technologies, enhancing the tactile perception capabilities of humanoid robots [5] - The company has established strategic partnerships for joint research and production in the humanoid robot field, focusing on key materials for robot components [5] Financial Summary - The total market capitalization of the company is approximately 9.78 billion yuan, with a circulating market value of about 8.40 billion yuan [4] - The company’s revenue projections for 2025-2027 are 1.85 billion yuan, 2.54 billion yuan, and 2.84 billion yuan respectively, with net profits of 192 million yuan, 262 million yuan, and 307 million yuan [6][7] - The earnings per share (EPS) are projected to be 0.38 yuan, 0.52 yuan, and 0.61 yuan for the years 2025, 2026, and 2027 respectively [6][7] - The company’s price-to-earnings (P/E) ratios are expected to be 52, 38, and 34 for the years 2025, 2026, and 2027 respectively [6][7]