工业缝纫机行业深度报告：周期向上，需求复苏正当时

Industry Overview - The industrial sewing machine industry in China has entered a high-quality development phase, with a typical cycle of 3-4 years [1] - The industry faced challenges in 2022-2023 due to weak domestic and international demand, but signs of recovery emerged in 2024, driven by improved domestic textile and apparel markets and gradual recovery in overseas demand [1] - The industry is currently in an upward cycle, with demand for sewing machinery expected to significantly increase in the second half of 2024 [1] Industry Development - China's industrial sewing machine industry has a long history, dating back to the late 19th century, and has evolved towards high-end and intelligent development since the 21st century [2] - The industry's upstream includes raw materials and components like cast iron, copper, servo motors, and electronic controls, while the midstream involves the manufacturing and assembly of sewing machines [2] - Downstream applications extend beyond the apparel industry to include footwear, bags, leather goods, toys, and home textiles [2] Market Size and Growth - The industrial sewing machine market in China reached 19 billion yuan in 2022, with a CAGR of 19.16% from 2015 to 2022 [3] - The industry typically experiences a cycle every 3-4 years, with peak production growth rates observed in 2013, 2017, and 2021 [3] - After a downturn in 2022-2023, the industry showed signs of recovery in 2024, with domestic sales of industrial sewing machines expected to rebound [3] Domestic Demand - Domestic demand for industrial sewing machines stabilized and rebounded in 2024, driven by improved performance in the textile and apparel industry [4] - From January to October 2024, revenue and profit of large-scale textile and apparel enterprises increased by 2.1% and 4.4% year-on-year, respectively [4] - Fixed asset investment in the textile and apparel industry grew by 17.5% year-on-year during the same period, indicating a recovery trend [4] International Demand - International demand for sewing machinery began to recover in 2024, with export values showing positive year-on-year growth [10] - From May 2024, China's sewing machine exports experienced significant growth, with a 50.25% year-on-year increase in October [10] - Key export markets such as India, Vietnam, and the US showed signs of recovery, with India and Vietnam experiencing strong demand growth [10] Competitive Landscape - The global industrial sewing machine market is highly competitive, with major players including Japan's Juki, China's Jack Sewing Machine, and ShangGong Group [10] - The top three companies in the global market are Juki (20% market share), Jack Sewing Machine (18%), and ShangGong Group (10%) [10] Key Companies - Jack Sewing Machine: A leading Chinese industrial sewing machine manufacturer with a diverse product portfolio, including sewing machines, cutting machines, and automated sewing equipment [97] - ShangGong Group: Engaged in industrial and household sewing machine businesses, with a strong presence in high-end markets [92] - Zhongjie Resources: Focuses on mid-to-high-end industrial sewing machines [92] Investment Recommendation - The industrial sewing machine industry is in an upward cycle, with recovery signs in 2024, making it a favorable time to invest in companies benefiting from the industry's rebound [103]