Jasan Group(603558) 浙商证券·2025-05-19 08:19Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company experienced stable revenue in Q1 2025, achieving 560 million yuan (up 2.1% year-on-year), but faced a decline in net profit to 60 million yuan (down 26.9% year-on-year) due to high base effects [1][2] - The decline in profit margins is attributed to several one-time factors, including increased management expenses and reduced government subsidies, which are expected to recover quickly [2] - The company's production capacity in Vietnam is expanding, and the impact of U.S. tariffs on orders is limited, with stable orders expected in Q2 and Q3 [3] - A new round of share buybacks is underway, with a plan to repurchase 50-100 million yuan worth of shares, enhancing long-term shareholder returns [4] Financial Summary - Revenue projections for 2025-2027 are 2.882 billion, 3.259 billion, and 3.678 billion yuan, respectively, with year-on-year growth rates of 12%, 13%, and 12.9% [6] - Expected net profits for the same period are 350.7 million, 405.3 million, and 466.4 million yuan, with growth rates of 7.9%, 15.6%, and 15.1% [6] - The company maintains a stable dividend payout ratio of over 50%, indicating strong shareholder returns [4]