Jasan Group(603558) 海通证券·2024-03-18 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a net profit attributable to shareholders of 270 million yuan in 2023, a year-on-year increase of 3.34%, while total revenue decreased by 3.07% to 2.28 billion yuan [4] - The company is expanding its global footprint with a new investment project in Vietnam, amounting to 550 million yuan, aimed at increasing production capacity and enhancing competitiveness in international markets [5] - The company's sock business has shown signs of recovery, with a revenue increase of 3.1% year-on-year, while seamless products are still in the recovery phase [8] Financial Performance - In 2023, the company achieved a gross margin of 25.97%, an increase of 0.19 percentage points year-on-year, and a net profit margin of 11.85%, up 0.73 percentage points year-on-year [4] - The company plans to distribute a total dividend of 184 million yuan, which represents 68% of the net profit for 2023, resulting in a dividend yield of 4.9% [4] - Revenue is projected to grow to 2.55 billion yuan in 2024, with a net profit of 316 million yuan, reflecting a year-on-year growth of 16.9% [22] Market Performance - The company's stock has shown a relative decline compared to the market index, with a 1-month absolute decline of 1.0% and a 3-month relative decline of 12.3% [3][7] - The company’s fourth-quarter revenue reached 620 million yuan, marking a year-on-year increase of 16.11%, indicating a positive trend in recovery [17] Future Outlook - The company aims to achieve a revenue of 3.35 billion yuan and a net profit of 443 million yuan by 2026, with a projected net profit margin of 13.2% [22] - The company is expected to benefit from the recovery in the sock market and the gradual improvement in the seamless business, which is anticipated to return to high growth in the future [8]