JACK(SH:603337) China Post Securities·2024-07-19 06:30Investment Rating - The investment rating for the company is "Buy" and is maintained [16] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with estimates ranging from 380 million to 433 million yuan, representing a year-on-year increase of 40.43% to 60.02% [18] - The company is benefiting from industry recovery and a "hit product" strategy, leading to sustained high growth in performance [19] - The overall industrial sewing machine production is projected to recover, with a year-on-year increase of over 20% in Q1 2024, following a decline in 2023 [19] - The company has successfully launched new products, such as the "Quick Response King" sewing machine, which has seen substantial sales, indicating strong market demand [19] - The company is focused on optimizing its complete intelligent solutions, which is expected to provide long-term growth opportunities [19] - Revenue forecasts for 2024-2026 are 66.78 billion, 79.85 billion, and 92.50 billion yuan, with corresponding net profit estimates of 7.86 billion, 9.93 billion, and 12.16 billion yuan, reflecting growth rates of 45.97%, 26.33%, and 22.44% respectively [19] Financial Summary - The company's revenue for 2023 is projected at 5.294 billion yuan, with a growth rate of -3.78%, followed by 6.678 billion yuan in 2024 with a growth rate of 26.15% [19][25] - EBITDA is expected to grow from 827.23 million yuan in 2023 to 1.21168 billion yuan in 2024 [19][25] - The earnings per share (EPS) is projected to increase from 1.11 yuan in 2023 to 1.62 yuan in 2024 [19][25] - The price-to-earnings (P/E) ratio is expected to decrease from 25.92 in 2023 to 17.76 in 2024, indicating improved valuation [19][25] - The company's total assets are projected to grow from 8.515 billion yuan in 2023 to 9.106 billion yuan in 2024 [2][25]