[Table_Summary] 事件概述 证券研究报告|公司点评报告 公司发布 2025 年半年报。 ► 25H1 收入受内销景气明显拖累，国内外市占率均快速提升 [Table_Title] 2025 年中报点评：Q2 业绩韧性突出，AI+缝纫 智造打开成长空间 [Table_Title2] 杰克股份(603337) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 603337 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 57.33/24.4 | | 目标价格： | | 总市值(亿) | 219.92 | | 最新收盘价： | 46.16 | 自由流通市值(亿) | 217.43 | | | | 自由流通股数(百万) | 471.04 | [Table_Date] 2025 年 09 月 05 日 公司聚焦高端 AI 缝纫机、人形机器人及自动化模板机等战略品类的开发打造，推动 AI 人工智 能、人形机器人与服装机械工艺、服装智能制造的深度融合，并已取得阶段性突破。公司自主研 发的高端 AI 缝纫机已成功进入多家 ...

Group 1 - The core viewpoint of the report is that Jack Shares (603337.SH) is rated as a "buy" due to its significant achievements in innovation-driven strategies and leading industry transformation with core products [1] - The company is accelerating its global layout and enhancing local operations to increase its international market share [1] - There are notable advancements in the integration of AI, humanoid robots, and the apparel industry, with expectations to launch a high-end AI sewing machine in the second half of 2025 and humanoid robot products in the second half of 2026, which could open new growth opportunities [1] - The company's profitability is expected to reach new highs due to product structure optimization and regional structural changes, with profit margins projected to continue increasing year-on-year by the second quarter of 2025 [1]

Summary of Jack Company Conference Call Industry Overview - The global apparel manufacturing industry is undergoing significant demand for intelligent upgrades, with approximately 80 million workers facing recruitment challenges, driving the need for smart sewing equipment. With a 30% penetration rate and an average price of 100,000 yuan per machine, the new market space exceeds 800 billion yuan [2][4][10]. - The sewing machine industry is cyclical, with the last downturn hitting bottom in 2023, and a rebound expected in 2024-2025. Domestic demand is anticipated to significantly increase by 2026, while exports will benefit from domestic substitution, with inventory levels currently at a low point [2][8][12]. Company Positioning - Jack Company specializes in sewing machinery and apparel equipment, gradually expanding into humanoid robotics. It holds a leading position in the global sewing equipment market, maintaining the highest sales for 14 consecutive years [3][10]. - Jack Company occupies a competitive advantage in the sewing equipment industry, with the top three companies holding a market share of 48%. As the only private enterprise, Jack demonstrates efficiency advantages, with steadily increasing market share, average selling price (ASP), and gross margin [2][10]. Technological Advancements - Jack Company is actively advancing the development of intelligent sewing machines, integrating robotics and AI. The company plans to release an AI intelligent sewing machine in 2025, significantly enhancing production efficiency and product value, with ASP expected to rise to 4,000-5,000 yuan [5][16]. - The company has launched an AR sewing machine prototype in 2024 and plans to introduce a humanoid robot for self-sewing operations by 2026, indicating a strong commitment to technological innovation [6][18]. Market Demand and Inventory - The demand for sewing equipment in 2025 is expected to be stable, with high inventory levels. However, improvements in overall demand are anticipated due to the significant weight of U.S. end demand, especially with the implementation of interest rate cuts and tax reductions [9][12]. - The sewing machine industry is characterized by a clear cyclical pattern, with the next expected growth phase starting in 2026, driven by both domestic and export markets [8][12]. R&D and Innovation - Jack Company maintains a strong focus on R&D, with a research and development expense ratio of 7-8%, ensuring continuous product optimization and enhancement of market competitiveness [5][19]. - The company has established 14 global R&D centers, emphasizing long-term planning and resource integration to drive technological innovation [22][23]. Future Outlook - Revenue growth for Jack Company is projected to remain around 10% from 2025 to 2027, with gross margins consistently above 35% and expected to accelerate in 2026 [24][25]. - The company is well-positioned to lead the intelligent upgrade of the sewing industry, with significant potential in the humanoid robotics sector, driven by unique data, high yield models, and strong customer willingness to pay [11][14][23].

Summary of Jack Company Conference Call Company Overview - Jack Company is a leading player in the sewing equipment industry with a market share exceeding 30% as of 2024, maintaining the top global sales position for 14 consecutive years [3][2][27] - The company employs a combination of direct sales and distribution channels, covering a global market with over 8,000 distributors [3][2] Industry Insights - The sewing machine industry is cyclical, with the current cycle bottoming out in 2023 and expected to peak around 2025-2026, although trade war impacts may delay this peak [2][10] - Domestic demand for sewing equipment is more cyclical compared to export markets, influenced by trade tensions [2][12] - Overseas sewing machine demand is closely linked to U.S. apparel consumption, which is currently in a recovery phase with low inventory levels [2][13] Technological Advancements - Jack Company is actively investing in embodied intelligence, embracing AI and humanoid robotics to expand automation applications in sewing equipment, with a potential market size of 600 billion to 800 billion yuan [2][4][6] - The latest product, the AI sewing machine, features a fully oil-free design and integrates AI technology, enhancing efficiency and precision, leading the industry by 1.5 to 2 years [2][24][9] Market Strategy - Jack Company is focusing on product innovation and optimizing overseas strategies to enhance competitiveness in the mid-to-high-end market [2][26] - The company has established strong relationships with overseas distributors and large factories, increasing market share and customer loyalty [2][26][22] Financial Performance and Outlook - The company has shown continuous growth in performance, with a low valuation in the embodied intelligence sector, indicating high potential returns [5][27] - Future prospects are positive, with expectations of improved domestic demand in 2026 and ongoing investments in overseas markets [27][28] Competitive Advantages - Jack Company has a robust marketing network with over 10,000 distributors, allowing it to effectively capture market opportunities [22] - Compared to competitors, Jack focuses on intelligent development rather than just mechanical equipment, providing superior after-sales service and responsiveness [23] Challenges and Opportunities - The textile industry's shift towards automation faces challenges due to the complexity of fabric handling, but humanoid robotics are expected to drive significant advancements [17][18] - The potential for intelligent automation in the textile sector is vast, with estimates suggesting that achieving a 10% penetration rate could yield a market increase of 600 billion to 800 billion yuan [18][6] Conclusion - Jack Company is well-positioned to lead the sewing equipment industry towards automation and intelligent development, with a strong focus on innovation and market expansion strategies [20][28]

Market Overview - The Shanghai Composite Index rose by 0.7%, with the CSI 300 also increasing by 0.7%, the STAR Market 50 up by 1.2%, the CSI 1000 up by 1.4%, and the ChiNext Index up by 1.5% on Thursday [5][6] - The best-performing sectors included beauty care (+3.1%), non-ferrous metals (+2.8%), steel (+2.7%), retail (+2.6%), and non-bank financials (+2.1%), while the worst performers were banks (-1.4%), telecommunications (-0.2%), utilities (-0.1%), oil and petrochemicals (0.0%), and home appliances (+0.1%) [5][6] - The total trading volume in the Shanghai and Shenzhen markets was 1.8447 trillion yuan, with net inflows of 3.72 billion HKD from southbound funds [5][6] Key Recommendations Company: Guoquan (02517) - Guoquan is the largest in-home meal brand in China with 10,150 stores as of 2024, driven by a high-density store model and standardized supply [7][8] - The company is expected to achieve a revenue CAGR of 21.5% from 2020 to 2024, with over 51% of its stores located in lower-tier cities [7][8] - The penetration rate of prepared foods is projected to grow at a CAGR of 20.7%, reaching 15.0% by 2028, enhancing single-store revenue potential [7][8] Company: Lianlian Digital (02598) - Lianlian Digital is a leading global cross-border payment service provider with a focus on Web3 and the only company to obtain a VATP license [10][11] - The company is expected to see a revenue CAGR exceeding 30% from 2024 to 2027, with potential for growth to over 50% due to Web3 developments [10][11] - The current price corresponds to a PS ratio of 7.7x for this year, decreasing to 5.7x by 2026, with global stablecoin-related valuations ranging from 10-15x [10][11] Company: Jack Sewing Machine (603337) - Jack Sewing Machine is positioned to benefit from the recovery of the sewing equipment industry and the shift of the textile industry to Southeast Asia [12][13] - The company is expected to achieve revenue of 7,113 million yuan in 2025, with a growth rate of 16.73%, and a net profit of 1,080 million yuan [12][13] - The introduction of humanoid robots in the garment manufacturing sector could create a market space exceeding 600 billion yuan [12][13] Important Commentary Company: Hanyi Co., Ltd. (301270) - Hanyi Co., Ltd. announced the acquisition of a 39% stake in Shanghai Pidong for 67.3 million yuan, with an overall valuation of 262 million yuan [15] - This acquisition marks a strategic shift from a tool software provider to a cultural consumption ecosystem platform [15]

Company Overview - Jack Co. is a global leader in sewing equipment, maintaining the top sales position for 14 consecutive years, with sales surpassing Japan's Heavy Industries in 2021, making it the largest sewing equipment company globally [1] - The company has a strong distribution network, covering over 170 countries and regions with 8,000 dealerships by 2024, and continues to enhance profitability through a "hit product" strategy [1] Industry Insights - The global industrial sewing machine market is projected to grow from approximately $3.4 billion in 2024 to $6 billion by 2034, with a CAGR of 5.9% [1] - The industry exhibits clear cyclical characteristics, with a cycle lasting 3-5 years, and is expected to rebound in 2024 due to improved domestic and international demand [1] - The market is highly concentrated, with the top three companies holding a 48% market share, and Jack Co. has strengthened its leading position since surpassing Japan's Heavy Industries in revenue [2] Competitive Advantages - Jack Co.'s core competitive advantage lies in its ability to provide scalable and digital solutions, with a focus on high-demand products like the "Quick Response King AMH2," which integrates AI features at a competitive price point [2] - The company emphasizes R&D investment, launching intelligent solutions that cover the entire sewing process, thereby creating a positive feedback loop of cost reduction, product quality improvement, and market share growth [2] Future Developments - The global apparel manufacturing industry, employing approximately 99.54 million people, faces challenges such as labor shortages and the need for quick response to small orders, driving the need for equipment automation [3] - Jack Co. plans to introduce an AI sewing machine prototype in 2024 and commence the development of a robotic sewing system in 2025, with the aim of launching humanoid robots by 2026 to lead the industry's smart upgrade [3] Financial Projections - Jack Co. is projected to achieve revenues of 7.113 billion, 7.473 billion, and 8.118 billion yuan from 2025 to 2027, with year-on-year growth rates of 16.73%, 5.06%, and 8.63% respectively [4] - The company's net profit is expected to reach 1.08 billion, 1.208 billion, and 1.427 billion yuan during the same period, with growth rates of 32.97%, 11.80%, and 18.17% respectively [4] - The current market valuation corresponds to a PE ratio of 17.62, 15.76, and 13.34 for the years 2025 to 2027, reflecting the company's strong market position and growth potential in the sewing equipment sector [4]