Jasan Group(603558) Changjiang Securities·2025-05-11 09:14Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - In Q1 2025, the company reported revenue of 560 million yuan, a year-on-year increase of 2%, while net profit attributable to the parent company was 60 million yuan, a decrease of 27% year-on-year, indicating stable revenue but lower-than-expected performance [4][10]. - Short-term outlook suggests that the cotton sock business will see better orders in H2 2025 compared to H1 due to changes in customer ordering patterns, while seamless products are expected to improve with increased production capacity in Vietnam [2][10]. - Long-term prospects indicate that with a focus on key customers, strong R&D, and cost reduction, the cotton sock business is expected to maintain steady growth, while seamless products may become a flexible growth curve [2][10]. - The company forecasts net profits attributable to the parent company of 350 million, 420 million, and 500 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 8%, 20%, and 18% [2][10]. Financial Summary - For Q1 2025, the company reported total revenue of 560 million yuan, with a gross profit margin of 26.8%, down 2.5 percentage points year-on-year [4][10]. - The company expects a decline in gross margins due to high base effects and changes in customer ordering patterns, with net profit margin decreasing by 4.3 percentage points to 10.7% [10]. - The projected PE ratios for 2025, 2026, and 2027 are 9, 7, and 6 respectively, with an estimated dividend yield of approximately 7% based on a 60% payout ratio [2][10].