Jasan Group(603558) 长江证券·2025-04-21 10:41Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - In the short term, the cotton sock business is expected to see better orders in H2 2025 compared to H1 due to changes in customer rhythm. The seamless segment is anticipated to improve further with the increase in new customer volume and higher operational rates in Vietnam. Long-term, with a focus on customer relationships, strong R&D, and cost reduction, the cotton sock segment is expected to maintain stable growth, while the seamless segment is projected to become a flexible growth curve. The company’s net profit for 2025-2027 is forecasted to be 370 million, 440 million, and 520 million yuan respectively, representing year-on-year growth of 14%, 19%, and 17%, with corresponding PE ratios of 9, 8, and 6 [2][4][6]. Financial Performance - For 2024, the company achieved revenue of 2.57 billion yuan, a year-on-year increase of 12.8%. The net profit attributable to the parent company was 320 million yuan, up 20.2% year-on-year. The company declared a total dividend of 180 million yuan for the year, resulting in a dividend yield of 5.5% [4][6]. - In Q4 2024, the company reported revenue of 650 million yuan, with a net profit of 62 million yuan, reflecting a year-on-year change of +4.4% for revenue and -11.6% for net profit [4][6]. Business Segments - The cotton sock segment is expected to see low single-digit revenue growth in Q4 2024, with a full-year revenue increase driven by strong orders from quality existing customers. The seamless segment is projected to achieve low single-digit growth in Q4 2024, with a full-year revenue increase of 5% to 660 million yuan [8][6]. - The gross margin for the cotton sock segment is expected to remain stable, while the seamless segment is anticipated to see significant improvement in gross margin due to better order fulfillment and management improvements in the Vietnam factory [8][6].