公 司 研 究 安利股份（300218.SZ） Q3 业绩承压，看好鞋材大客户份额提升及新产品、 2025 年 10 月 30 日 基础化工/塑料 投资评级：买入（维持） 日期 2025/10/29 当前股价(元) 16.89 一年最高最低(元) 26.75/11.97 总市值(亿元) 36.65 流通市值(亿元) 36.53 总股本(亿股) 2.17 流通股本(亿股) 2.16 近 3 个月换手率(%) 447.5 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-10 2025-02 2025-06 安利股份 沪深300 相关研究报告 《2024 年业绩大幅增长，鞋材与新需 求持续放量—公司信息更新报告》 -2025.4.15 新需求放量 ——公司信息更新报告 | 金益腾（分析师） 蒋跨跃（分析师） | | | --- | --- | | jinyiteng@kysec.cn | jiangkuayue@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790523120001 | |  | 看好公司鞋材大客户份额提升及新产品、新需 ...

维持"增持"投资评级。受外部环境复杂多变、下游需求不足和费用影响，下调公司盈利预测，预计公司 2025-2027 年收入分别是22.73、25.43、29.17亿元，归母净利润分别为1.61、2.19、2.67 亿元，当前股价 对应PE 分别为23.5、17.4、14.2 倍，维持"增持"评级。 受关税、需求不足和股份支付费用影响，业绩短期承压。25Q3 公司业绩同比下滑，主要系（1）受外部 环境复杂多变，美国关税政策频繁调整影响，客户谨慎观望且延迟下单影响，使公司产品产销量有所减 少。（2）功能鞋材品类受市场需求不足和体育品牌去库存影响，客户订单有所分化、有增有减，总体 收入有所下降；沙发家居品类受外部环境影响，订单下降。上述因素影响使公司产品收入和产销量有所 下滑。此外，因实施第4 期员工持股计划，第三季度计提股份支付费用1523.10 万元，对25Q3 利润造成 不利影响。尽管面临严峻多变的外部环境，公司锐意进取，汽车内饰品类量产订单和定点项目增多，收 入增长；主营产品销售单价同比增长5.57%；此外2025 年8 月越南基地剩余两条产线正式投产，报告期 内越南基地产销量稳步提升至近40 万米/月，订单 ...

Group 1: Company Performance and Market Conditions - In April 2025, the company experienced a slight decline in production and sales volume due to tariffs, but product prices steadily increased. By May, order conditions stabilized, and overall business performance remained positive [2]. - The company's direct exports to the U.S. accounted for approximately 2.55% of total revenue in 2024, indicating limited impact from U.S. tariffs [3]. - The company aims to achieve a rebound in the sofa home business in 2025 despite external uncertainties [5]. Group 2: Product Pricing and Development Strategy - The increase in product prices is attributed to the company's focus on brand leadership, technological empowerment, and innovation, rather than capacity or industry cycles [2]. - The company maintains high R&D investment, developing high-tech, high-value-added products, which are increasingly contributing to profit margins [2]. - The company is transitioning from traditional polyurethane synthetic leather to new ecological functional composite materials, integrating advanced processes and materials [4]. Group 3: Client Relationships and Market Expansion - The company has established deep partnerships with major brands like Nike, Adidas, and Apple, which enhances product quality and drives up prices due to high customer demands [2]. - The automotive interior segment is seeing growth, with applications in mainstream brands such as BYD and Toyota, and the company is actively pursuing new projects [6]. Group 4: Valuation and Shareholder Management - The company’s stock is perceived as undervalued, with major shareholders showing confidence by not reducing their stakes. The company has implemented share buybacks totaling approximately 100 million yuan over three years [8]. - Future plans include enhancing shareholder returns through various market management tools and exploring stock repurchase policies [8]. Group 5: Production and Cost Analysis - The production capacity utilization rate in Vietnam is around 50%, with plans to achieve profitability in 2025. However, production costs are comparable to domestic levels due to logistics and material sourcing challenges [9]. - The company’s diverse product categories, including functional footwear and automotive interiors, are expected to show strong growth potential in 2025 [10].