Jasan Group(603558) 国泰君安·2024-04-24 02:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 13.50, up from the previous forecast of CNY 12.46, and the current price is CNY 11.24 [23][29]. Core Insights - The company's Q1 2024 performance exceeded expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items increasing by 10.4%, 112%, and 112% year-on-year, respectively [29]. - The gross profit margin reached a historical high of 29.3% in Q1 2024, driven by a recovery in downstream order demand and increased foreign exchange gains [29]. - The company is actively expanding its production capacity in Vietnam, which is expected to enhance operational efficiency and profitability [29]. Financial Summary - Revenue for 2022 was CNY 2,354 million, with a projected increase to CNY 2,653 million in 2024, reflecting a growth rate of 16% [2]. - Operating profit (EBIT) is expected to rise from CNY 286 million in 2023 to CNY 369 million in 2024, indicating a growth of 29% [2]. - Net profit attributable to shareholders is forecasted to grow from CNY 270 million in 2023 to CNY 332 million in 2024, a 23% increase [2]. - The earnings per share (EPS) is projected to increase from CNY 0.73 in 2023 to CNY 0.90 in 2024 [2]. Profitability and Valuation Metrics - The operating profit margin is expected to improve from 12.6% in 2023 to 13.9% in 2024 [2]. - The return on equity (ROE) is projected to rise from 11.1% in 2023 to 12.9% in 2024 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 15.34 in 2023 to 12.49 in 2024, indicating a more attractive valuation [2]. Market Performance - The stock has shown a 49% increase over the past 12 months, outperforming the market index [31]. - The company’s market capitalization is CNY 4,148 million, with a 52-week price range of CNY 7.76 to CNY 11.45 [30].