Ge Long Hui·2025-11-12 07:29Core Insights - The report from Zheshang Securities indicates that Jian Sheng Group's Q3 revenue is under pressure due to a high base, while asset disposal gains have bolstered net profit [1] - The revenue for cotton socks and seamless apparel is expected to decline in low single digits and low double digits respectively, with a significant increase in cotton sock shipment volume on a quarter-on-quarter basis, aligning with previous annual shipment expectations [1] - The one-time gain from the asset disposal at the Jiangshan base has led to an upward revision of the profit forecast for 2025 [1] - In the medium to long term, the company is expected to see steady growth in cotton sock orders, sufficient production capacity, and significant improvements in the customer structure for seamless products, with profit margins likely to recover as production utilization in Vietnam increases and order structures improve [1] - The company maintains a "buy" rating due to the robust growth in cotton socks, significant elasticity in seamless products, and outstanding shareholder returns [1]