Jasan Group(603558) Haitong Securities·2025-03-27 11:44Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of 2.574 billion yuan in 2024, representing a year-on-year growth of 12.81%, with a net profit attributable to the parent company of 325 million yuan, up 20.15% year-on-year [7] - The company plans to distribute a dividend of 3.0 yuan per 10 shares (including tax), totaling 106 million yuan, which accounts for 55% of the 2024 net profit, resulting in a dividend yield of 4.8% [7] - The cotton socks business is expected to continue stable growth, with a revenue of 1.84 billion yuan in 2024, a year-on-year increase of 16.0% [7] - The seamless business has recovered, with a revenue of 661 million yuan in 2024, a year-on-year growth of 5.6% [7] - The company aims to strengthen team building and implement incentive mechanisms to enhance employee engagement and performance [7] - The estimated revenue for 2025-2027 is projected to be 2.854 billion, 3.321 billion, and 3.838 billion yuan respectively, with net profits of 382 million, 443 million, and 515 million yuan [7] Financial Data and Forecast - The company's revenue for 2023 was 2.281 billion yuan, with a projected growth of 12.8% in 2024 [6] - The net profit for 2023 was 270 million yuan, with a forecasted increase of 20.2% in 2024 [6] - The gross margin for 2024 is expected to be 28.8%, an increase of 2.82 percentage points year-on-year [7] - The diluted EPS for 2024 is projected to be 0.92 yuan [6] - The return on equity is expected to rise to 13.0% in 2024 [6]