装备全球系列报告之纺织服装设备：纺服设备需求持续向好，出海有望加速

Industry Overview - The textile machinery industry is experiencing a cyclical upturn, with demand for industrial sewing machines improving, especially in South Asia and Southeast Asia [2][11] - The global textile industry is shifting from China to Southeast Asia, South Asia, and Central Asia due to labor cost advantages, driving capital expenditure growth in these regions [2][10] - In 2023, China's textile machinery industry revenue reached 952.2 billion yuan, down 1.5% YoY, but showed signs of recovery with a 12.84% YoY revenue growth in the first 8 months of 2024 [11] Industrial Sewing Machine Market - The industrial sewing machine market is dominated by Chinese and Japanese companies, with Jack Sewing Machine holding an 18% global market share [33] - The sewing machinery market is cyclical, with each cycle lasting 3-4 years, and 2024 is expected to mark the beginning of a new upward cycle [21] - In 2023, China's sewing machinery industry revenue was 28.6 billion yuan, with industrial sewing machines accounting for 56% of production [17][19] Export Trends - China's industrial sewing machine exports showed strong growth in 2024, with a 8.7% YoY increase in export value to $1.137 billion in the first 9 months [24] - Major export destinations for China's sewing machinery in 2024 were India, Vietnam, and Pakistan, with growth rates of 26.4%, 68.3%, and 157.2% respectively [30] - Vietnam's textile and garment exports grew by 15.86% YoY in September 2024, indicating strong demand in Southeast Asia [14] Key Companies Jack Sewing Machine (603337) - Jack Sewing Machine is China's leading industrial sewing machine manufacturer, focusing on core product development and global expansion [37] - The company's revenue grew from 4.152 billion yuan in 2018 to 5.294 billion yuan in 2023, with a CAGR of 4.98% [39] - Jack Sewing Machine launched innovative products like "Fast Response King" and "Seam King" in 2023-2024, driving profitability improvements [58] Dahao Technology - Dahao Technology is a leader in sewing and knitting equipment control systems, with a strong presence in the embroidery machine control market [46] - The company's revenue grew from 1.075 billion yuan in 2018 to 2.033 billion yuan in 2023, with a CAGR of 13.59% [47] - Dahao's knitting equipment control system business grew significantly, from 7 million yuan in 2015 to 550 million yuan in 2023 [49] Market Outlook - The textile machinery industry is expected to continue its upward trend, driven by industry cycle recovery and strong export demand [2][21] - With the shift of textile production to Southeast Asia and South Asia, demand for textile machinery in these regions is expected to grow significantly [10][30] - Chinese textile machinery companies are expected to benefit from technological innovation and global market expansion [33][37]