净利率降幅低于毛利率主要由于期间费用率减少。2025Q3 公司毛利率/归母净利率为25.65%/8.54%、同 比下降7.15/2.4PCT，我们分析毛利率下降主要由于锦纶业务占比提升，25Q3 销售/管理/研发/财务费用 率分别为5.95%/3.51%/3.98%/0.2%、同比下降1.8/0.78/-0.16/2.19PCT，财务费用率下降主要由于可转债 转股利息支出减少。其他收益/收入同比减少-0.85PCT，主要由于收益性政府补助减少；资产减值损失/ 收入同比计提减少0.55PCT；信用减值损失/收入同比计提增加0.68PCT；营业外支出/收入同比减少 0.65PCT；所得税/收入同比下降0.4PCT。 根据2025/9/12 投资者关系纪要，公司正式发布新一代触觉智能手套，这款织物触觉智能手套，是公司 与武汉大学、手智创新共同技术沉淀的结晶，融合了柔性传感、感驱一体纤维等多项创新技术，不仅在 构造上实现"感知-驱动-处理"的高度集成，更在灵巧手遥操作、数据采集及虚拟现实（VR）等场景中打 破传统交互边界，让"触觉数字化"从概念真正走向现实 预计总费用6131.5 万元，25-27 分别分摊766/4 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 23 日 [Table_Title] Q3 收入增长受锦纶增量贡献，期待盈利改善 [Table_Title2] 南山智尚(300918) 存货增长。25Q3 期末公司存货为 8.74 亿元、同比上升 37.05%；存货周转天数为 248 天、同比增加 18 天； 应收账款为 4.52 亿元、同比增长 41.4%，应收账款周转天数为 68 天、同比增加 12 天；应付账款周转天数为 141 天、同比减少 10 天。 投资建议 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 300918 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 27.27/9.03 | | 目标价格： | | 总市值(亿) | 102.29 | | 最新收盘价： | 20.21 | 自由流通市值(亿) | 87.85 | | | | 自由流通股数(百万) | 434.71 | [Table_Summary] 事件概述 公司 25 年前三季度公司收入/归母净利/扣非归母 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Viewpoints - The company's traditional business is under short-term pressure, but the ultra-high molecular weight polyethylene and nylon businesses are expected to contribute to future growth [1][12]. - The company has successfully launched its nylon products into the market, focusing on high-end apparel and functional textiles [10][12]. - The financial forecast shows a slight decline in revenue and profit for 2023, with expectations of recovery and growth in subsequent years, particularly in 2026 and 2027 [1][12]. Financial Summary - **Revenue**: Expected to grow from 1,600 million CNY in 2023 to 2,512 million CNY by 2027, with a CAGR of approximately 25% from 2025 to 2027 [1]. - **Net Profit**: Projected to increase from 203 million CNY in 2023 to 294 million CNY in 2027, with a notable growth rate of 27% in 2027 [1]. - **EPS**: Expected to rise from 0.47 CNY in 2023 to 0.68 CNY in 2027, reflecting a positive trend in earnings per share [1][12]. - **P/E Ratio**: Forecasted to decrease from 50.7 in 2023 to 35.0 in 2027, indicating a potential increase in valuation attractiveness [1][12]. Product Performance - **Nylon Products**: Achieved revenue of 73 million CNY with a gross margin of 7.91%, focusing on high-value, differentiated products for high-end apparel [2][10]. - **Ultra-High Fiber Products**: Revenue increased by 2.61% to 88 million CNY, with a significant gross margin improvement of 12.98 percentage points [2]. - **Woolen Products**: Revenue declined by 16.15% to 342 million CNY, but the gross margin improved slightly [2]. Strategic Initiatives - The company is focusing on high-quality positioning in its woolen products, utilizing premium raw materials and innovative design to meet luxury market demands [3][12]. - The ultra-high molecular weight polyethylene fiber is a strategic focus, with an annual production capacity of 3,600 tons, aimed at various applications including robotics and protective gear [9][12]. - The company has launched a new generation of tactile smart gloves in collaboration with strategic partners, enhancing its product offerings in the robotics sector [11][12].