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杰克股份(603337):全球缝纫设备龙头 人形机器人打开成长空间
Xin Lang Cai Jing· 2025-07-23 12:33
投资要点 杰克股份:全球缝制设备龙头,连续14 年全球销量第一杰克股份深耕缝制设备领域二十余年,通过持 续并购整合实现技术升级与产业链拓展。公司蝉联14 年全球缝纫设备销量冠军,2021 年销售额超越日 本重机,成为全球最大缝制设备企业,市占率有望持续向上。公司2024 年覆盖超170 个国家或地区、 8000 家经销网点;爆品策略下,盈利能力持续提升。 工业缝纫机:周期属性明显,行业底部向上,龙头优势凸显一、行业:工业缝纫机市场规模稳定提升, 2024 年,全球工业缝纫机市场规模约34 亿美元,预计2034 年预计增至60 亿美元,CAGR 达5.9%。行 业周期属性明显,以 3-5 年为一轮周期。从我国销量看, 2024 年行业触底反弹,内外需均回暖。 (1)分区域:①国内:2022 年行业规模约190 亿元,受下游纺服产业向东南亚转移影响,内销周期高 点逐步下移。 ②海外:以东南亚、南亚为出口核心区域 ,长期受益于全球纺织产能向东南亚转移,中 国设备因适配中端产能需求、性价比优势显著,较日企更有望持续收获转移红利。 (2)行业格局集中:工业缝纫机行业格局高度集中,据华经产业研究院, 2022年全球 CR ...
大制造中观策略行业周报:周期筑底、驭势而上、主题轮动-20250722
ZHESHANG SECURITIES· 2025-07-22 05:31
证券研究报告 | 行业周报 | 机械设备 本周报意在汇总大制造中观策略组内部每周重要深度报告、重要点评报告与边际 变化的观点。 ❑ 【团队核心标的】 华大九天,上海沿浦,浙江荣泰,罗博特科,巨星科技,雅迪控股,爱玛科 技,洪都航空,中际联合,北特科技等。 ❑ 【核心组合】 三一重工、徐工集团、山推股份、杭叉集团、安徽合力、中力股份、诺力股份、 兰剑智能、巨星科技、涛涛车业、杰克股份、华通线缆、中航沈飞、中航西飞、 洪都航空、中航成飞、内蒙一机、北方导航、中兵红箭、中国海防、西部材料、 中国船舶、中国重工。 截至 2025/07/18,上周(2025/07/14-2025/07/18)板块跟踪指数中,表现最好的 五大指数为:通信(申万)(+8%)、医药生物(申万)(+4%)、汽车(申万) (+3%)、机械设备(申万)(+3%)、国防军工(申万)(+2%)。 截至 2025/07/18,上周(2025/07/14-2025/07/18)大制造板块跟踪指数中,表现 最好的三大指数为:长江锂电设备指数(+5%)、汽车零部件(申万)(+4%)、 汽车(申万)(+3%)。 周期筑底、驭势而上、主题轮动 ——大制造中观策略 ...
下一个出海重镇是这里?中国缝制机械“泡在海外”转危为机
第一财经· 2025-07-21 14:44
2025.07. 21 本文字数:2854,阅读时长大约4分钟 作者 | 第一财经 缪琦 过去的3个月里,东莞杰克成套智联科技有限公司创始人兼总经理李石勇开启了频繁出差的工作状 态,尤其是孟加拉国市场,"一个月里大概半个月在海外"。 李石勇告诉第一财经,以前是人力等成本因素驱使中国的纺织服装工厂转向东南亚,近年来尤其是今 年则是地缘政治变化敦促着供应链不得不"走出去","国际品牌要求中国的代工厂在海外布局生产端 口,规模不一定,但至少要有端口",以减缓关税波动等因素带来的影响。这是他作为中国缝纫机品 牌杰克的经销商,在今年下决心把重心转向海外的动因,也是中国缝制机械企业应对行业周期和外部 挑战的缩影。 内销腰斩,出口补缺 作为杰克品牌在华南地区最大的代理商之一,陈增南对第一财经表示,规模、供应链和渠道等优势让 杰克这样的品牌能够在行业的周期和竞争中保持优势。如今的中国制造也不再只是靠性价比,而是依 托于价值,"工人工资不断增长,机器取代人或辅助人变得越来越有价值"。 关于"走出去",陈增南并非没有顾虑,不仅要重新适应当地的生态,还可能面临人身和资金安全等方 面的挑战。然而,愈演愈烈的趋势和杰克这样的品牌方给予 ...
下一个出海重镇是这里?中国缝制机械“泡在海外”转危为机
Di Yi Cai Jing· 2025-07-21 13:55
内销腰斩,出口补缺。 过去的3个月里,东莞杰克成套智联科技有限公司创始人兼总经理李石勇开启了频繁出差的工作状态,尤其是孟加 拉国市场,"一个月里大概半个月在海外"。 内销腰斩,出口补缺 "走出去是机遇。"李石勇认为,和海外尚未饱和的市场相比,国内近年来缝制机械市场的购买力不足,根源还是 服装订单转移、萎缩,导致订单竞争激烈,"过去至少做品牌的订单是赚钱的,现在利润很薄,你不做大把人会 做"。这样的市场现状,直接传导到了国内的供应端,让供应链的投入变得谨慎保守,"毕竟重资产投入就有折 旧,反而会让成本优势更不明显"。 中国一家缝纫机制造企业的负责人对第一财经表示,在关税波动的影响下,今年整个行业的内需市场下滑得厉 害,几近腰斩。相较而言,出口近年来持续增长,部分弥补了内需下滑的缺口。不过从全球缝制市场而言,目前 整体也处于存量竞争阶段。叠加行业自2021年达到高峰后开启的新一轮周期,今年是相对的低谷期,预计明年底 有望逐步复苏。 在这种趋势下,这家企业近年来也开启了出海"加速度","我们现在几乎所有的优势人员都聚集在海外"。已在东 南亚、非洲等多地成立办公室的他们,不仅将原本的设备销售延伸为"设备+服务",而且 ...
杰克股份举办30周年庆典 全球首款AI缝纫机同步发布
Core Insights - Jack Company celebrated its 30th anniversary and launched the world's first AI sewing machine at a global technology conference in Taizhou, Zhejiang [1][2] - The company aims to build a world-class talent system and integrate industry chain resources to create the largest rapid flexible garment manufacturing platform [1] - The company is committed to investing in green energy, humanoid robots, and AI automation to support the transformation of the garment industry and achieve its "trillion Jack" goal [1] Company Developments - The company has produced its 30 millionth smart sewing machine, marking a significant milestone in its production capabilities [1] - The newly launched AI sewing machine incorporates the first deep artificial intelligence model in the industry, enhancing the learning capabilities of sewing equipment [2] - Jack Company is accelerating the industrial application of AI technology in garment manufacturing, with a focus on high-end products such as AI sewing machines, AI smart cutting equipment, humanoid robots, and unmanned template machines [2] Industry Challenges - The global garment manufacturing industry faces challenges such as industrial transfer, quality upgrades, and low willingness of young workers to engage in the sector [1][2] - The integration of motor control technology with AI and software is essential for supporting small-batch, quick-response, and customized production in the industry [2]
招商研究一周回顾(0704-0711)
CMS· 2025-07-11 15:04
Macro Insights - The macro policy for the second half of the year may involve non-traditional measures, with a focus on price stability and the marginal improvement of asset prices, particularly in equity products [2][32] - The "anti-involution" policy is expected to drive companies to reduce capital expenditures and clear excess capacity, leading to improved economic supply-demand relationships and enhanced corporate profitability [3][44] Strategy Insights - The "anti-involution" trend is identified as a key driver for a bullish market, with high-quality stocks likely to play a crucial role in pushing indices higher [3][44] - AI is recognized as a core driver of the current technological revolution, creating investment opportunities across multiple industries in the A-share market [3][44] - Key sectors to watch in July include solid-state batteries, domestic computing power, non-bank financials, defense and military, and innovative pharmaceuticals, all showing signs of marginal improvement [3][44] Market Performance - The Shanghai Composite Index closed at 3510.18, reflecting a weekly increase of 1.09% [5][7] - The Shenzhen Component Index closed at 10696.10, with a weekly increase of 1.78% [8] Economic Indicators - The manufacturing PMI rose to 49.7% in June, indicating a slight recovery, while the construction PMI significantly improved to 52.8% due to accelerated infrastructure projects [12][13] - Consumer spending showed mixed results, with significant growth in automobile and home appliance sales driven by government subsidies, while other sectors like clothing and cosmetics remained weak [13][14] Industry Trends - The real estate market continues to face challenges, with declining sales and investment, leading to a negative outlook for related sectors [13][14] - The "anti-involution" policy is expected to address price competition and improve product quality, particularly in the durable consumer goods sector [30][44]
杰克股份(603337):全球工业缝纫机龙头,引领产业智能化、无人化趋势
CMS· 2025-07-10 09:51
Investment Rating - The report gives a "Strong Buy" investment rating for the company [1][9]. Core Insights - The industrial sewing machine industry exhibits significant cyclicality, with Jack's performance surpassing the industry in each upcycle, establishing itself as a global leader. The company is expected to continue increasing its market share through superior product capabilities and is actively promoting automation and unmanned transformation, indicating substantial growth potential [1][6][9]. Summary by Sections Industrial Sewing Machine Industry: Cyclical Fluctuations and Demand Divergence - The industrial sewing machine industry in China has experienced two phases: a growth phase from 1999 to 2007 and a cyclical phase from 2008 to present. The current cycle began to recover in Q3 2023, with production expected to reach 6.85 million units in 2024, a year-on-year increase of 22.32% [6][14]. - Domestic demand is anticipated to face pressure in 2025, while overseas markets are expected to remain supported by inventory replenishment and supply chain restructuring [6][24]. Jack's Competitive Positioning - Jack is the global leader in the industrial sewing machine market, with a market share exceeding 30%. The company has successfully implemented a "fast response king" and "over梗 king" product strategy, focusing on high-demand products to enhance efficiency and profitability [6][32][52]. - The average selling price of Jack's industrial sewing machines is projected to rise from 2,195.6 yuan/unit in 2021 to 2,481.7 yuan/unit in 2024, contributing to an increase in gross margin from 23% to 31.28% during the same period [6][38]. Future Trends and Innovations - Jack is at the forefront of the trend towards automation and unmanned production in the sewing industry, addressing labor shortages and enhancing digital transformation. The company has launched a digital integrated solution and is exploring unmanned solutions to facilitate machine replacement for human labor [7][55][60]. - The introduction of high-end AI sewing machines and robotic systems is expected to further solidify Jack's competitive edge and open new growth avenues [7][61]. Financial Data and Valuation - Projected total revenue for Jack is expected to reach 71.64 billion yuan in 2025, with a year-on-year growth of 18%. The net profit attributable to shareholders is forecasted to be 9.73 billion yuan, reflecting a 20% increase [8][9]. - The company's PE ratio is projected to decrease from 30.9 in 2023 to 17.1 in 2025, indicating an attractive valuation as the company continues to grow [8][9].
人形机器人产业周报:海尔成立机器人事业部,银河通用获11亿元融资-20250703
Guoyuan Securities· 2025-07-03 06:41
Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [26]. Core Insights - The humanoid robot concept index increased by 6.57% from June 22 to June 27, 2025, outperforming the CSI 300 index by 4.61 percentage points. Year-to-date, the humanoid robot index has risen by 36.88%, surpassing the CSI 300 index by 34.22 percentage points [2][11]. - Key companies in the humanoid robot sector are actively pursuing technological advancements and strategic partnerships, with significant investments being made to enhance product capabilities and market reach [4][5][22]. Weekly Market Review - The humanoid robot index saw a weekly increase of 6.57%, with notable performers including Liyuanheng, which rose by 30.89%, while Jack Co. experienced a decline of 7.67% [11][12]. - The report highlights the growth of the humanoid robot industry, with various companies announcing new product developments and strategic initiatives aimed at enhancing their market positions [3][4]. Weekly Hotspots Review Policy Developments - Shandong aims to exceed a robot manufacturing industry scale of 50 billion yuan by 2027, fostering the growth of leading enterprises [3]. - Zhengzhou's AI innovation plan targets the establishment of 100 high-growth AI companies by the end of 2025, with a core industry scale exceeding 35 billion yuan [3][17]. Product and Technology Iteration - Innovations include the development of soft gel materials for robot skin that can sense pressure and temperature, and a high-resolution tactile sensing robotic hand [3][19]. - Google DeepMind introduced the Gemini Robotics On-Device model, enabling local operation of robots without internet connectivity [20]. Investment and Financing - Galaxy General completed a new round of financing amounting to 1.1 billion yuan, with total financing exceeding 2.4 billion yuan over two years [21]. - CASBOT secured nearly 100 million yuan in angel financing, while Feixi Technology completed a C round of financing in the hundreds of millions of dollars [21]. Key Company Announcements - Haier has established a robotics division focusing on both industrial and domestic service robots, with plans to evolve towards humanoid robots [4][24]. - Aon Electric has formed a robotics subsidiary, developing products applicable to service and humanoid robots [22].
杰克股份: 北京国枫律师事务所关于杰克科技股份有限公司2023年限制性股票激励计划之回购注销部分限制性股票相关事项的法律意见书
Zheng Quan Zhi Xing· 2025-07-02 16:03
Core Viewpoint - The legal opinion letter confirms that Grandway Law Offices has conducted a thorough review of the procedures and compliance related to the repurchase and cancellation of certain restricted stocks by Jack Technology Co., Ltd. under its 2023 stock incentive plan, affirming that all actions taken are in accordance with relevant laws and regulations [1][6]. Summary by Sections Legal Basis and Procedures - The legal opinion is based on various laws and regulations, including the Company Law and Securities Law, ensuring that the procedures for the repurchase and cancellation of restricted stocks have been properly followed [1][2]. - The company has completed the necessary procedures for the repurchase and cancellation of restricted stocks, as outlined in the relevant management regulations and the stock incentive plan [3][4]. Reasons for Repurchase - The repurchase of restricted stocks is justified as one of the incentive recipients has left the company for personal reasons, and thus the company is entitled to repurchase the unvested restricted stocks [4][5]. - The stock incentive plan stipulates that if an incentive recipient's contract expires or they leave voluntarily or involuntarily without performance issues, the unvested restricted stocks cannot be released and must be repurchased by the company at the grant price [4][6]. Quantity and Price of Repurchase - The total number of restricted stocks to be repurchased is 18,600 shares, with the repurchase price adjusted to 9.82 yuan per share [5][6]. - The repurchase price is subject to adjustments based on company actions such as dividend distributions, ensuring compliance with the stock incentive plan [4][5].
杰克股份(603337) - 关于股权激励限制性股票回购注销实施公告
2025-07-02 08:16
证券代码:603337 证券简称:杰克股份 公告编号:2025-047 杰克科技股份有限公司 关于股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 一、本次限制性股票回购注销的决策与信息披露 1、2025 年 4 月 13 日,公司召开第六届董事会第二十一次会议和第六届监 事会第十四次会议,审议通过了《关于回购注销部分限制性股票及调整回购价格 的公告》,监事会对相关事项发布了意见。具体内容详见公司于 2025 年 4 月 15 日在上海证券交易所网站(www.sse.com.cn)披露的《关于回购注销部分限制性 股票及调整回购价格的公告》(公告编号:2025-028)。 2、2025 年 5 月 6 日,公司在上海证券交易所网站(www.sse.com.cn)及《上 海证券报》披露了《关于回购注销部分限制性股票及注销回购股份暨通知债权人 的公告》(公告编号:2025-038),至今公示期已满 45 天,期间并未收到任何 债权人对此次议案提出异议的情况,也未收到任何公司债权人向公司提出清偿债 务 ...