Jasan Group(603558) 广发证券·2024-03-17 16:00Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 10.26 CNY and a fair value of 13.24 CNY [14]. Core Insights - The company reported a strong performance in Q4 2023, with revenue of 623 million CNY, a year-on-year increase of 16.11%, and a net profit of 70 million CNY, reflecting a significant year-on-year growth of 1115.41% [12]. - The company’s cotton sock business showed steady growth, while the seamless apparel segment experienced a decline [12]. - The gross margin for the company was 25.97%, with a slight increase from the previous year, and the operating cash flow for 2023 was 390 million CNY, up 25.90% year-on-year [12]. Financial Summary - Revenue for 2023 was 2,281 million CNY, a decrease of 3.07% compared to 2022, while net profit increased by 3.34% to 270 million CNY [12]. - The company expects EPS for 2024 to be 0.88 CNY, with projected growth in subsequent years [15]. - The report highlights a stable gross margin and operating quality, with a gross margin of 29.42% for the cotton sock business and a decrease in the seamless apparel business margin to 12.66% [12].