Investment Rating - The report assigns a "Buy" rating for the company, Jeya Co., Ltd. [3][8] Core Viewpoints - Jeya Co., Ltd. is a high-quality wet wipe manufacturer with significant international brand client orders driving a performance turnaround. The company has experienced a recovery in performance since 2025, with a notable increase in overseas orders from major clients [6][7][10]. Financial Data and Profit Forecast - Total revenue is projected to reach 716 million yuan in 2025, with a year-on-year growth rate of 30.8%. By 2027, revenue is expected to grow to 1,137 million yuan, reflecting a 28.0% increase [2]. - The net profit attributable to the parent company is forecasted to be 77 million yuan in 2025, with a staggering year-on-year growth of 297.2%. By 2027, net profit is expected to reach 144 million yuan, with a growth rate of 34.7% [2]. - Earnings per share are projected to increase from 0.40 yuan in 2025 to 1.27 yuan in 2027 [2]. Industry Overview - The global wet wipe market is steadily expanding, with a retail market size of 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7%. The market is primarily driven by North America and Western Europe [37][38]. - In China, the wet wipe market is expected to exceed 12.9 billion yuan in 2024, with a year-on-year growth of 4.3% [39]. Company Analysis - Jeya Co., Ltd. has a robust client base, including major international brands such as Procter & Gamble and Kimberly-Clark. The company’s revenue from its top five clients accounted for 77.6% in 2024 [6][10]. - The company is expanding its production capacity with a new factory in the United States, which is expected to significantly enhance its global competitiveness [10][11]. Profitability and Valuation - The company’s gross margin is projected to improve from 19.6% in 2024 to 25.1% in 2025, with a net margin recovery to 10.5% in the first half of 2025 [2][27]. - The current market capitalization is approximately 3.5 billion yuan, with corresponding price-to-earnings ratios of 45, 33, and 24 for 2025, 2026, and 2027, respectively [8][10].
洁雅股份（301108）：优质湿巾制造商，国际品牌大客户订单催化业绩拐点