证券研究报告 | 公司点评报告 2024 年 08 月 12 日 华西证券股份有限公司 HUAXI SECURITIES CO.,LTD. 2024年中报点评:行业复苏&市场份额提升共 振，盈利水平大幅提升 杰克股份(603337) | --- | --- | --- | --- | |-------------|--------|--------------------|---------------| | 评级: | 增持 | 股票代码: | 603337 | | 上次评级: | | 52 周最高价/最低价 | 30. 99/17. 43 | | 目标价格: | | 总市值(亿) | 128.56 | | 最新收盘价: | 26. 54 | 自由流通市值(亿) | 125. 68 | | | | 自由流通股数(百万) | 473. 55 | 事件概述 公司发布 2024 年中报。 ► 24H1 国内需求加速放量,Q2收入表现好于先前预期 2024H1 公司实现营业收入 32.35 亿元,同比+20%,其中 Q2 为 16.06 亿元,同比+30%, 环比基本 持平，淡季不淡，好于我们先前预期。分业务来看， ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's 2024 interim report shows significant improvement in profitability due to industry recovery and market share expansion [1] - Domestic demand accelerated in H1 2024, with Q2 revenue exceeding expectations [2] - Product structure optimization and cost reduction measures led to a substantial increase in net profit margin [3] - The company's industrial sewing machine business is expected to show strong growth elasticity [4] - The company's fast-response product strategy has gained market recognition, with new product launches achieving significant sales [5] Financial Performance Revenue - H1 2024 revenue reached 3.235 billion yuan, up 20% YoY, with Q2 revenue at 1.606 billion yuan, up 30% YoY [2] - Revenue breakdown by business: industrial sewing machines (2.802 billion yuan, +19% YoY), cutting and spreading machines (324 million yuan, +25% YoY), and automatic sewing equipment for shirts and jeans (100 million yuan, +33% YoY) [2] - Domestic revenue grew 42% YoY to 1.773 billion yuan, while overseas revenue increased 1% YoY to 1.454 billion yuan [2] Profitability - H1 2024 net profit attributable to shareholders was 417 million yuan, up 54% YoY, with net profit margin reaching 12.96%, up 2.83 percentage points YoY [3] - Gross margin improved to 31.81%, up 3.40 percentage points YoY, driven by product mix optimization, cost reduction, and exchange rate factors [3] - By product, gross margins were: industrial sewing machines (30.19%, +3.35 ppts YoY), cutting and spreading machines (42.40%, +3.76 ppts YoY), and automatic sewing equipment for shirts and jeans (37.89%, -1.26 ppts YoY) [3] Future Projections - Revenue forecasts for 2024-2026 are maintained at 6.843 billion yuan (+29% YoY), 9.064 billion yuan (+33% YoY), and 10.890 billion yuan (+20% YoY) respectively [6] - Net profit forecasts for 2024-2026 are maintained at 776 million yuan (+44% YoY), 1.057 billion yuan (+36% YoY), and 1.294 billion yuan (+22% YoY) respectively [6] - EPS forecasts for 2024-2026 are maintained at 1.60 yuan, 2.18 yuan, and 2.67 yuan respectively [6] Industry and Market Position - The company's industrial sewing machine market share is estimated at 32% based on production volume [4] - Domestic textile industry showed signs of recovery, with fixed asset investment in textile and apparel industry up 14% YoY in H1 2024 [4] - Overseas demand for industrial sewing machines showed strong recovery in May-June 2024, with export growth of +16% and +30% respectively [4] - The company's new product launches, including the "Fast Response King" and "616 Overlock King," have demonstrated strong market acceptance [5] Financial Ratios and Valuation - PE ratios for 2024-2026 are projected at 17x, 12x, and 10x respectively [6] - ROE is expected to increase from 12.4% in 2023 to 18.0% in 2026 [8] - Gross margin is projected to improve from 28.4% in 2023 to 31.0% in 2026 [8] - Current ratio is expected to improve from 1.04 in 2023 to 1.56 in 2026 [14]

Investment Rating - The investment rating for the company is "Buy" with a target price of 38.20 RMB [6]. Core Insights - The company's revenue for the first half of the year reached 3.23 billion RMB, a year-on-year increase of 20%, while the net profit attributable to shareholders was 417 million RMB, up 54% year-on-year, positioning at the upper end of the previously forecasted range [1]. - The company has experienced rapid growth across all business segments, with notable performance in the cutting bed and automated sewing units, achieving breakthroughs with five international benchmark clients [2]. - The company's gross margin and net margin reached new highs since its listing, with gross margin at 31.8% and net margin at 13.0%, reflecting improvements in product structure and cost reductions [3]. - The company reported a strong cash flow performance with a net inflow from operating activities of 635 million RMB, exceeding the total profit of 417 million RMB, and announced a mid-term dividend plan [4]. Financial Performance Summary - For the first half of the year, the company achieved a revenue of 3.23 billion RMB, with a year-on-year growth of 20% and a net profit of 417 million RMB, reflecting a 54% increase [1]. - The company’s revenue from industrial sewing machines, cutting beds, and automated sewing units grew by 19%, 25%, and 38% year-on-year respectively [2]. - The gross margin improved by 3.4 percentage points year-on-year to 31.8%, while the net margin increased by 2.8 percentage points to 13.0% [3]. - The company plans to distribute a cash dividend of 0.3 RMB per share, totaling 139 million RMB, which represents 33% of the half-year profit [4]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 771 million RMB, 1.155 billion RMB, and 1.288 billion RMB respectively, with corresponding PE ratios of 16.67, 11.13, and 9.98 [5].

证券代码：603337 证券简称：杰克股份 公告编号：2024-049 杰克科技股份有限公司 第六届董事会第十五次会议决议公告 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、董事会会议召开情况 杰克科技股份有限公司（以下简称"公司"）第六届董事会第十五次会议于 2024 年 8 月 11 日以现场结合通讯表决方式在公司会议室召开，会议通知已于 2024 年 8 月 1 日以电子邮件方式发出。会议由公司董事长主持，应到董事 9 名， 实到董事 9 名。本次会议的召开符合《中华人民共和国公司法》和《公司章程》 的有关规定，会议决议合法、有效。 二、董事会会议审议情况 会议审议并通过了如下议案： 1、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 具体详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《2024 年半年度报告摘要》及《2024 年半年度报告》。 本议案已经公司董事会审计委员会审议通过。 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避表决。 2、审议通过了《关于公司 2 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 323,480.31 million, representing a 20.23% increase compared to CNY 269,054.16 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 41,668.38 million, a significant increase of 53.99% from CNY 27,059.86 million year-on-year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 38,219.85 million, up 56.14% from CNY 24,477.20 million in the previous year[19]. - The net cash flow from operating activities for the first half of 2024 was CNY 63,528.38 million, compared to CNY 60,576.00 million in the same period last year, reflecting a 4.87% increase[19]. - Basic earnings per share increased by 57.14%, from 0.56 RMB to 0.88 RMB[20]. - The weighted average return on equity rose by 3.45 percentage points, reaching 9.61%[20]. - The company's revenue for the first half of 2024 reached 3,234.80 million RMB, representing a year-on-year growth of 20.23%[27]. - Net profit attributable to shareholders for the same period was 416.68 million RMB, an increase of 53.99% compared to the previous year[27]. Assets and Liabilities - As of June 30, 2024, the net assets attributable to shareholders of the listed company were CNY 433,422.20 million, a slight decrease of 0.48% from CNY 435,496.81 million at the end of the previous year[19]. - The total assets of the company as of June 30, 2024, amounted to CNY 864,978.98 million, showing a 1.59% increase from CNY 851,461.42 million at the end of the previous year[19]. - The company's total assets at the end of the reporting period amounted to 4,421,753,213.94 RMB[119]. - The company's total liabilities at the end of the reporting period were 2,100,551,541.50 RMB[120]. - The total liabilities increased to ¥2,810,190,467.24 from ¥2,646,348,210.08, reflecting a growth of 6.2%[103]. Cash Flow - The company generated a net cash flow from operating activities of 635.28 million RMB, reflecting a year-on-year increase of 4.87%[27]. - The net cash flow from operating activities for the first half of 2024 was CNY 444,577,543.61, a decrease of 17.8% compared to CNY 540,856,623.01 in the same period of 2023[112]. - Total cash inflow from operating activities reached CNY 2,259,527,098.64, up 18.1% from CNY 1,913,269,009.12 year-on-year[112]. - The total cash and cash equivalents at the end of the period were CNY 1,374,822,391.10, down from CNY 1,103,809,939.85 at the end of the previous year[113]. Research and Development - The company launched several key products, including fast-response products, to drive product structure upgrades and growth[20]. - The company established 14 R&D centers across various cities, enhancing its core technology research in sewing machinery[31]. - R&D expenses rose by 21.65% to ¥208,992,404.47, reflecting higher salaries and consulting fees in the R&D sector[45]. - The company focused on high-quality product development and rapid market response, enhancing product capabilities through increased R&D investment and SKU optimization[41]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.30 per share (including tax), totaling CNY 139,323,622.50 million (including tax) based on the adjusted total share capital[3]. - A cash dividend of CNY 0.30 per share (including tax) is proposed, totaling CNY 139,323,622.50, which represents 33.44% of the net profit attributable to shareholders for the first half of 2024[61]. - The company repurchased shares amounting to CNY 235,074,502.22, with total cash dividends and repurchase amounting to CNY 374,398,124.72, accounting for 89.85% of the net profit attributable to ordinary shareholders[61]. Environmental Responsibility - The company has established multiple pollution control facilities across its plants, ensuring compliance with environmental standards[66]. - The company is committed to reducing carbon emissions by utilizing clean energy for power generation[76]. - The company has completed environmental impact assessments for multiple projects, including a production capacity of 700,000 industrial sewing machines and 1 million smart energy-saving industrial sewing machines[67]. - The company conducts regular environmental monitoring, including COD and ammonia nitrogen testing every two hours, with data updated hourly[70]. Corporate Governance and Compliance - The board of directors has confirmed that all members attended the board meeting, ensuring the accuracy and completeness of the semi-annual report[2]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[73]. - The company has confirmed that there are no major litigation or arbitration matters during the reporting period[80]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[80]. Market and Sales Performance - The export value of sewing machinery products from China in the first half of 2024 was 1.608 billion USD, with a year-on-year growth of 10.15%[26]. - The company achieved a 42.28% increase in domestic revenue, amounting to ¥1,773,204,459.59, while international revenue was ¥1,453,536,936.48, reflecting a 0.89% increase[46]. - The company operates over 8,000 distribution points in more than 170 countries, providing comprehensive solutions for intelligent garment manufacturing[33]. Related Transactions - The company reported a total of 4,260.00 million RMB in related transactions for the first half of 2024, with 2,219.35 million RMB realized in actual transactions[81]. - The company expects related transactions for 2024 to reach 2,350.00 million RMB, with 1,544.13 million RMB already realized in the first half of the year[81]. Financial Instruments and Accounting Policies - The company recognizes revenue when control of goods or services is transferred to the customer, which is defined as the ability to direct the use and obtain almost all economic benefits from the goods or services[170]. - The company applies the principle of substance over form in determining whether financial asset transfers meet termination criteria[140]. - The company recognizes its share of assets and liabilities in joint operations according to its ownership interest[136]. - The company recognizes deferred tax assets and liabilities based on the difference between the tax base and the carrying amount of assets and liabilities, calculated from temporary differences[175].

证券代码：603337 证券简称：杰克股份 公告编号：2024-052 杰克科技股份有限公司 关于调整 2024 年度日常关联交易预计的公告 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。 重要内容提示： 本次关联交易事项无需提交股东大会审议。 本次调整日常关联交易预计事项是基于公司正常生产经营活动所需，交 易定价公允，不存在损害公司和全体股东利益的情况，不会影响公司的独立性， 相关日常关联交易未导致公司对关联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 杰克科技股份有限公司（以下简称"公司"）分别于 2024 年 8 月 11 日、 2024 年 8 月 12 日召开第六届董事会第十五次会议和第六届监事会第十次会议， 审议通过了《关于调整 2024 年度日常关联交易预计的议案》，关联董事阮积祥、 阮福德、邱杨友回避表决，其他非关联董事以 6 票同意、0 票弃权、0 票反对的 表决结果审议通过了该项议案。本次调整日常关联交易预计事项在提交公司董事 会审议前已经公司独立董事专门会议审议通过。 根据《公 ...

杰克科技股份有限公司 第六届监事会第十次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 证券代码：603337 证券简称：杰克股份 公告编号：2024-050 表决结果：3 票同意，0 票反对，0 票弃权，0 票回避表决。 3、审议通过了《关于调整 2024 年度日常关联交易预计额度的议案》 具体详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关于 调整 2024 年度日常关联交易预计的公告》。 表决结果：3 票同意，0 票反对，0 票弃权，0 票回避表决。 杰克科技股份有限公司（以下简称"公司"）第六届监事会第十次会议于 2024 年 8 月 12 日以现场结合通讯表决方式在公司会议室召开，会议通知已于 2024 年 8 月 1 日以电子邮件方式发出。会议由监事会主席召集并主持，会议应 参加表决监事 3 名，实际参加表决监事 3 名。本次会议的召开符合《中华人民共 和国公司法》和《公司章程》的有关规定，会议决议合法、有效。 二、监事会会议审议情况 会议审议并通过了 ...

关于公司 2024 年半年度利润分配预案的公告 证券代码：603337 证券简称：杰克股份 公告编号：2024-053 杰克科技股份有限公司 本次利润分配方案尚需提交公司股东大会审议。 一、利润分配方案内容 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。 重要内容提示： 分配比例：每股派发现金股利人民币 0.30 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本扣除股份回购专 户中股份数量后的股份总数为基数，具体日期将在权益分派实施公告中明确，公 司通过回购专用账户所持有的本公司股份不参与本次利润分配。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额。 （一）董事会会议的召开、审议和表决情况 公司于 2024 年 8 月 11 日召开第六届董事会第十五次会议审议通过了《关于 公司 2024 年半年度利润分配预案》，董事会认为本预案符合《公司章程》规定的 利润分配政策，同意上述利润分配预案并提交公司 2024 年第一次临时股东大会 审议。 （二）监事会意见 公司于 20 ...

证券代码：603337 证券简称：杰克股份 公告编号：2024-051 杰克科技股份有限公司 2024 年半年度募集资金存放与实际使用情况专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证券 交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，杰克科技股份 有限公司（以下简称"公司""杰克股份"）就 2024 年半年度募集资金存放与 使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 经中国证券监督管理委员会《关于核准杰克缝纫机股份有限公司非公开发行 股票的批复》（证监许可[2021] 3420 号）核准，公司本次实际非公开发行 A 股 股票 36,630,036 股，发行价格每股 19.11 元，共募集人民币 699,999,987.96 元。公司本 ...

证券代码：603337 证券简称：杰克股份 公告编号：2024-048 杰克科技股份有限公司 关于以集中竞价交易方式股份回购进展公告 公司实施 2023 年年度权益分派后，以集中竞价交易方式回购股份价格上限由 不超过人民币 25 元/股（含）调整为不超过人民币 24.52 元/股（含），具体内容详 见公司于 2024 年 7 月 11 日在《上海证券报》和上海证券交易所网站 （www.sse.com.cn）披露的《关于 2023 年年度权益分派实施后调整回购股份价格 上限的公告》（公告编号：2024-038）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，上市公司应当在每个月的前 3 个交易日内公告截 至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 截至 2024 年 7 月 31 日，公司通过集中竞价交易方式累计回购股份 7,792,341 股，占公司总股本的比例为 1.61%，购买的最高价为 24.46 元/股，最低价为 17.46 元/股，已支付的总金额为 160,479,059.22 元（不含交易费用）。 ...