JACK(SH:603337) Ge Long Hui A P P·2025-11-11 08:00Core Insights - Jack Technology's transformation towards high-end products has shown significant results, with AI and robotics opening new growth opportunities [1] Group 1: Business Strategy - The company focuses on "intelligent and unmanned" directions, continuously increasing R&D investment to parallel core product iterations and new business layouts, establishing technological barriers and a second growth curve [1] - Progress in humanoid robots has been smooth, having overcome key technologies such as intelligent fabric grasping, with product prototypes showcased publicly and joint innovation with clients underway [1] - The official launch of humanoid robots is expected in the second half of 2026, aiming to penetrate new scenarios in intelligent garment manufacturing [1] Group 2: International Expansion - The international strategy has evolved from "building a global sales network" to "localized deep operations," focusing on emerging markets in Africa, the Middle East, and South America [1] - The company is leveraging local teams and regional offices to capture the potential of overseas consumption upgrades [1] - Although Q3 export growth has slowed, the long-term global and localized operations are expected to mitigate risks from single market fluctuations, becoming a crucial support for revenue growth [1] Group 3: Investment Rating - The investment rating is maintained at "Buy," reflecting confidence in the company's growth trajectory and strategic initiatives [1]