Jasan Group(603558) 申万宏源·2025-03-26 06:08Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to achieve significant growth in net profit attributable to shareholders, with a forecasted increase of 13.5% in 2025 [7] - The company has announced a substantial share repurchase plan, aiming to buy back shares worth 0.5 to 1 billion yuan, which is expected to enhance shareholder value [7] - The company reported a revenue of 2.57 billion yuan in 2024, reflecting a year-on-year growth of 12.8%, and a net profit of 325 million yuan, up 20.2% year-on-year [7][9] Financial Data and Profit Forecast - Total revenue is projected to grow from 2.28 billion yuan in 2023 to 2.86 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 11.1% [6] - Net profit attributable to shareholders is expected to rise from 270 million yuan in 2023 to 369 million yuan in 2025, indicating a strong growth trajectory [6] - The company's gross margin is anticipated to improve from 26.0% in 2023 to 29.0% in 2025, contributing to enhanced profitability [6][9] Business Performance - The cotton sock business showed steady growth, with a revenue of approximately 1.92 billion yuan in 2024, marking a year-on-year increase of 15.85% [7] - The seamless business segment demonstrated significant improvement, with a net profit growth of 107% in 2024, driven by effective management optimization [7] - The company is focusing on strengthening its competitive edge by enhancing collaboration with established clients and expanding its customer base [7]