Jasan Group(603558) 开源证券·2024-03-18 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3]. Core Views - The company's 2023 performance exceeded expectations, with a focus on the performance inflection point and capacity optimization in Vietnam [3]. - Revenue for 2023 was 2.281 billion yuan, a year-on-year decrease of 3.1%, while net profit attributable to shareholders was 270 million yuan, an increase of 3.3% [3][16]. - The company anticipates stable growth in its core cotton sock business and improved profitability in seamless apparel due to new customer orders [3][44]. Summary by Sections Financial Performance - In 2023, the cotton sock segment generated revenue of 1.655 billion yuan, a year-on-year increase of 2.7%, with a gross margin of 29.42% [3][33]. - The seamless apparel segment saw revenue decline to 626 million yuan, a year-on-year decrease of 15.3%, with a gross margin of 12.66% [3][33]. - The company plans to invest 550 million yuan in a new production facility in Vietnam, which will enhance its capacity and optimize its supply chain [3][44]. Growth Prospects - The company has revised its net profit forecasts for 2024-2026 to 320 million, 364 million, and 426 million yuan respectively, with corresponding EPS of 0.87, 0.99, and 1.16 yuan [3][44]. - The current stock price corresponds to a PE ratio of 12.3, 10.8, and 9.2 for the years 2024-2026 [3][44]. Dividend and Shareholder Returns - The company maintains a high dividend payout, proposing a cash dividend of 0.25 yuan per share for 2023, with a cash dividend ratio of 68% [3][44]. - Plans for share buybacks of 100-200 million yuan in 2024 are also in place [3][44].