业绩简评 2025 年 4 月 28 日公司发布 25 年一季报，1Q25 年实现营收 17.93 亿元，同比增长 10.06%；实现归母净利润 2.46 亿元，同比增长 30.76%；实现扣非归母净利润 2.26 亿元，同比增长 37.35%。 经营分析 一季度毛利率显著提升，推动业绩高增长。1Q25 公司实现毛利率 32.79%，同比提升 2.73pcts；实现净利率 14.01%，同比提升 2.15pcts，盈利能力显著提升，业绩表现优异。 盈利能力的提升有持续性，后续继续看好。公司近年毛利率整体 呈上升趋势，我们认为一方面由于公司产品结构持续优化，快反 王、过梗王等新品附加值更高，随着收入占比提升拉动毛利率提 升，同时公司通过新品放量也实现了产品 SKU 的缩减，单机成本 有望维持下降趋势，毛利率后续还有进一步提升空间；一方面公 司目前积极布局海外市场，24 年公司出口实现毛利率 37.27%，同 比提升 3.88pcts，高于内销毛利率 9.12pcts，未来海外收入占比 提升也能推动盈利能力进一步上行。 持续看好公司机器人业务布局。根据公司公告信息，随着 AI 人工 智能及人形机器人技术的快速演进 ...

Group 1 - Jack Shares (603337.SH) released its 2024 annual report on April 15, 2025, indicating that as of April 14, 2025, 293 institutional investors disclosed holding a total of 352 million shares, accounting for 72.88% of the total share capital [1] - The top ten institutional investors include Taizhou Jack Trading Co., Ltd., LAKE VILLAGE LIMITED, Hong Kong Central Clearing Limited, and others, with a combined holding ratio of 64.65%, which is a decrease of 1.74 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, China International Capital Corporation CSI 1000 Index Enhanced A, increased its holdings, while 16 funds, including Tianhong Yongli Bond A and Ping An Rui Xiang Cultural Entertainment Mixed A, reduced their holdings, with a decrease ratio of 1.82% [2] - A total of 268 new public funds disclosed their holdings this period, including GF Stable Growth Mixed A and others, while 7 funds were not disclosed this period, including Guotai Junan Jinma Stable Return Mixed A [2] - In the social security fund sector, one new fund disclosed its holdings in Jack Shares, namely the National Social Security Fund 115 Portfolio, while one fund, Dachen Fund Management Co., Ltd. - Social Security Fund 17011 Portfolio, was not disclosed this period [2]

Core Insights - Jack Technology Co., Ltd. reported a revenue of 6.094 billion yuan for 2024, marking a year-on-year increase of 15.11%, with a net profit of 812 million yuan, up 50.86% [1] - The company focuses on intelligent manufacturing in the apparel sector, with significant revenue contributions from its main products, including smart industrial sewing machines and automatic sewing equipment [1][2] Revenue Breakdown - Smart industrial sewing machines generated 5.264 billion yuan, a growth of 14.69% year-on-year [1] - Smart cutting and laying machines achieved 626 million yuan in revenue, up 14.36% [1] - Shirt and denim automatic sewing equipment reached 182 million yuan, reflecting a 25.12% increase [1] Strategic Initiatives - The company has implemented a successful "explosive product" strategy, focusing on flagship products "Fast Response King" and "Overlock King," which have sold 801,300 units as of November 5, 2024, with a GMV increase of 68% during the "Double 11" shopping period [2] - Jack Technology emphasizes a dual strategy of domestic and international sales, achieving 3.128 billion yuan in domestic revenue (up 28.57%) and 2.944 billion yuan in overseas revenue (up 3.30%) [2] Future Plans - In 2025, the company aims to deepen its presence in key markets such as Bangladesh, Vietnam, Cambodia, and Indonesia, focusing on high-end channels and major global clients [3] - The company plans to enhance local operations and improve sales efficiency and service quality in overseas markets [3] Shareholder Returns - Jack Technology announced a cash dividend of 5 yuan per 10 shares, totaling 230 million yuan, with a commitment to a mid-term dividend of 139 million yuan, leading to an expected total dividend of 369 million yuan for the year, representing 45.44% of net profit [3] - The dividend plan reflects the company's strong financial health and commitment to shareholder value, enhancing investor confidence [3]

4月14日，杰克股份（603337）发布2024年年报，公司全年实现营业收入60.94亿元，同比增长15.11%； 归属于上市公司股东的净利润8.12亿元，同比增长50.86%；扣非净利润7.58亿元，同比增长61.67%。在 全球经济压力下，缝制机械行业实现中速增长，杰克股份通过聚焦爆品战略、全球化布局和创新驱动， 成功实现业绩历史新高。 杰克股份坚持用研发创新驱动引领未来发展，2024年公司研发费用为4.88亿元，占销售收入的比例超 8%。公司与拓卡奔马联合浙江大学申报的《智能高效数字化自动裁剪线》荣获2023年度中国轻工业联 合会科技进步奖一等奖。公司全年申请专利445项(含发明专利155项)，主导及参与制修订国家标准、行 业标准23项。 战略攻坚成效显著，核心业务突破性增长 海外业务成为杰克股份的核心增长点。公司通过"营销铁三角"模式深耕海外核心市场，在越南、柬埔寨 等国家建立头部客户样板。联合创新模式打通客户需求链路，大客户联合创新从国内走向海外，初步取 得商业化成果。尽管全年海外营业收入增长未达预期目标，但通过资源倾斜与本地化运营，逐步实现产 品结构的不断升级，全年海外产品毛利率实现37.27%， ...