JACK(SH:603337) Minsheng Securities·2025-07-29 13:31Investment Rating - The report maintains a positive investment rating for the industry, particularly focusing on companies leading in the unmanned textile sector, such as Jack Co., Ltd [5]. Core Insights - The report highlights the feasibility of unmanned textile and apparel industries due to labor shortages and high labor costs in traditional textile manufacturing. In 2023, direct labor costs accounted for over 5% of the cost structure in China's textile industry, making it the second-largest cost component [1][10]. - The report emphasizes that the sewing process, which constitutes about 90% of the workforce in textile manufacturing, is suitable for automation. Jack Co., Ltd has already begun developing high-end AI sewing machines and humanoid robots, with plans to launch these products by 2025 and 2026 respectively [1][36]. - The potential market for humanoid robots in the textile sector is projected to grow significantly, with estimates of 600,000 units by 2028, 1.1 million by 2030, and 2.6 million by 2035. The market size is expected to reach 894 billion yuan by 2040 [2][54]. Summary by Sections 1. Unmanned Textile and Apparel - The textile industry faces significant challenges, including labor shortages and rising costs, which have led to a shift towards automation and robotics [10][11]. - The traditional textile manufacturing process is divided into three main stages: cutting, sewing, and finishing, with sewing being the most labor-intensive [17][27]. 2. Humanoid Robot Estimation in Textile Sector - The report outlines the assumptions and calculations for the humanoid robot market, estimating that the number of easily replaceable sewing workers is around 37.5 million, with a projected sales penetration rate for robots increasing from 0.1% in 2028 to 16% by 2040 [47][50]. - The estimated market size for humanoid robots in the textile sector is projected to be 894 billion yuan by 2040, with significant cost savings from reduced labor expenses [53][54]. 3. Embodied Intelligence Implementation - The report discusses the necessity of embodied intelligence systems to overcome current automation limitations in the textile industry, emphasizing the need for advanced perception and adaptability in robotic systems [46][55]. - Companies like Jack Co., Ltd are actively integrating AI and robotics to enhance automation in textile manufacturing, with significant advancements expected in the coming years [36][44].