研报掘金丨浙商证券：维持杰克科技“买入”评级，AI+刺绣机打开空间

Core Viewpoint - The report from Zhejiang Securities indicates that Jack Technology is expanding into the embroidery machine industry, driven by continued export growth and domestic recovery, with AI integration opening new opportunities [1] Group 1: Company Developments - The company announced its official entry into the embroidery machine sector during the 2025 dealer conference, introducing two core products: the X7 cutting embroidery machine (flat embroidery machine) and the X5 finished product embroidery machine (cap embroidery machine) [1] - Plans to establish a professional team of 1,000 members and build a dedicated production base covering 300 acres are in place [1] Group 2: Market Outlook - A rebound in both domestic and international demand in the textile and apparel industry is expected in 2026, which may drive equipment upgrade needs [1] - The combination of the company's intelligent product upgrades and the launch of new business lines is anticipated to further stimulate growth [1] Group 3: Financial Metrics - The current market valuation corresponds to a price-to-earnings (PE) ratio of 25.1/20.0/18.2X [1] - The company's strong position in the global sewing machinery market and the performance growth potential from intelligent product iterations are highlighted [1]