Jasan Group(SH:603558) GOLDEN SUN SECURITIES·2025-03-25 02:35Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company is experiencing excellent growth in its cotton sock business, with a projected revenue of 2.57 billion yuan in 2024, representing a year-on-year increase of 13%, and a net profit of 325 million yuan, up 20% year-on-year [1][4] - The seamless apparel segment is showing continuous improvement in profitability, with a revenue increase of 6% to 660 million yuan in 2024 [2][4] - The company is expanding its overseas production capacity, particularly in Vietnam, which is expected to enhance its competitive edge in the long term [3][4] Financial Summary - For 2024, the company expects a revenue of 2.57 billion yuan and a net profit of 325 million yuan, with a gross margin of 28.8%, an increase of 2.8 percentage points year-on-year [1][5] - The cotton sock business is projected to generate 1.84 billion yuan in revenue, a 16% increase, while the seamless business is expected to reach 660 million yuan, a 6% increase [2][5] - The company plans to distribute a cash dividend of 0.30 yuan per share, with a payout ratio of approximately 55% [1][4] Business Segmentation - The cotton sock segment is expected to see a volume increase of 14% to 378 million pairs, with a gross margin of 30% [2][3] - The seamless apparel segment is projected to have a volume increase of 25% to 33.32 million pieces, with a gross margin of 21.7% [2][3] Capacity Expansion - The company is committed to building an integrated supply chain and enhancing its production capabilities, with a focus on smart manufacturing [3] - The completion of a new production line for mid-to-high-end cotton socks is expected to boost output, with ongoing investments in Vietnam to further expand capacity [3]