According to the Guosheng Securities Research Report, Jiansheng Group's net profit after deducting non-return to mother increased 9% in 2026Q2, and the healthy growth was in line with expectations. Due to order and product structure optimization, revenue from cotton socks and seamless apparel is expected to grow healthily in 2026Q2. The company has a deep international supply chain, strengthened informatization and automation construction domestically, and developed large-scale mass production and nearby delivery advantages overseas. The company purchased 300,000 square meters of land in Egypt and is expected to start construction throughout 2026. It plans to build a medium- to long-term base covering the entire industry chain of cotton socks, seamless, printing and dyeing, and accessories, to enrich the international production capacity layout and diversify trade risks. In terms of cash flow, the company's 2026H1 net operating cash flow was 110 million yuan, about 0.7 times the net profit attributable to mother during the same period. The company is a segmented cotton socks track enterprise. It has the advantages of a global and integrated production chain to strengthen the core management team. The estimated net profit from 2026 to 2028 is 4.05/473/531 million yuan, respectively, corresponding to 2026 PE 11 times, maintaining the “buy” rating.

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