Investment Rating - The report gives a "Strong Buy" investment rating for the company [1][9]. Core Insights - The industrial sewing machine industry exhibits significant cyclicality, with Jack's performance surpassing the industry in each upcycle, establishing itself as a global leader. The company is expected to continue increasing its market share through superior product capabilities and is actively promoting automation and unmanned transformation, indicating substantial growth potential [1][6][9]. Summary by Sections Industrial Sewing Machine Industry: Cyclical Fluctuations and Demand Divergence - The industrial sewing machine industry in China has experienced two phases: a growth phase from 1999 to 2007 and a cyclical phase from 2008 to present. The current cycle began to recover in Q3 2023, with production expected to reach 6.85 million units in 2024, a year-on-year increase of 22.32% [6][14]. - Domestic demand is anticipated to face pressure in 2025, while overseas markets are expected to remain supported by inventory replenishment and supply chain restructuring [6][24]. Jack's Competitive Positioning - Jack is the global leader in the industrial sewing machine market, with a market share exceeding 30%. The company has successfully implemented a "fast response king" and "over梗 king" product strategy, focusing on high-demand products to enhance efficiency and profitability [6][32][52]. - The average selling price of Jack's industrial sewing machines is projected to rise from 2,195.6 yuan/unit in 2021 to 2,481.7 yuan/unit in 2024, contributing to an increase in gross margin from 23% to 31.28% during the same period [6][38]. Future Trends and Innovations - Jack is at the forefront of the trend towards automation and unmanned production in the sewing industry, addressing labor shortages and enhancing digital transformation. The company has launched a digital integrated solution and is exploring unmanned solutions to facilitate machine replacement for human labor [7][55][60]. - The introduction of high-end AI sewing machines and robotic systems is expected to further solidify Jack's competitive edge and open new growth avenues [7][61]. Financial Data and Valuation - Projected total revenue for Jack is expected to reach 71.64 billion yuan in 2025, with a year-on-year growth of 18%. The net profit attributable to shareholders is forecasted to be 9.73 billion yuan, reflecting a 20% increase [8][9]. - The company's PE ratio is projected to decrease from 30.9 in 2023 to 17.1 in 2025, indicating an attractive valuation as the company continues to grow [8][9].

Core Insights - Jack Technology Co., Ltd. successfully launched the "Fast Response King 2" intelligent sewing machine at a global event, showcasing advancements in China's garment intelligent manufacturing equipment sector [2] - The event attracted over 1,000 garment enterprises and 6 million global viewers, with more than 180,000 units of the new product ordered to date [2] - The Fast Response King 2 is a collaborative innovation involving over 200 experts from various fields and prestigious universities [2][3] Product Features - The Fast Response King 2 is equipped with the AMH2 fabric adaptive system, utilizing a dual-core AI chip and advanced algorithms to quickly identify complex fabric and stitch variations [3] - It features a powerful dual-engine that enhances its performance with rapid response and robust torque capabilities [3] - The machine set a world record for the longest uninterrupted stitching of 338 meters during a live demonstration [3] Strategic Partnerships - Jack Technology signed strategic cooperation agreements with multiple companies during the launch event, indicating a commitment to advancing the sewing and textile industry [3]

今年的发布的快反王2，是杰克科技集结材料、机械、电控、软件、AI领域200余位专家，与科研机构联合创新之作。团队通过500余次技术推演与6000次实 验模拟，升级后的快反王2的A.M.H2面料自适应系统突破了世界级难题。中国缝制机械协会理事长杨晓京在致辞中对杰克科技给予高度评价，"杰克公司是 中国缝制机械行业的优秀企业代表，对服装企业技术进步、产品创新和高质量发展起到了重要的推动作用。" 会上，快反王2进行了多次试验。快反王2凭借超强的算力、响应速度、穿刺力和精准送布力的协同，全程不断针不断线创造了新纪录；在智力拔河的现场挑 战环节，快反王2凭借九脑章鱼双核AI芯片强大的AI算法能力轻松击败人形机器人。以强大算力通过大数据模型的快速运算精准输出穿刺力与送布力，不仅 力道大，更重要的是智能且精准的控制力量，这样才能应对各种复杂的服装生产需求。 从快反王1到快反王2，杰克科技用700多个日夜的研发投入，攻克了服装智能制造装备领域的"卡脖子"难题。这场在杭州发起的技术变革，不仅重新定义了 智能缝制标准，更以浙江制造的创新实力，为全球服装产业向智能化、无人化迈进提供了新解决方案。 （受访者供图） 潮新闻客户端 通讯员 ...

Core Viewpoint - Jack Co., Ltd. has launched the "Fast Response King 2" intelligent sewing machine, addressing the challenges of the "small batch quick response" era in the garment industry, which has seen over 90% penetration in small and medium-sized garment factories [1][2]. Group 1: Product Launch and Features - The "Fast Response King 2" sewing machine builds on the success of its predecessor, solving issues related to needle breakage and fabric slippage, and is the first to integrate a highly adaptive system for various fabrics and stitching conditions [2][3]. - The machine features a dual-core AI chip that enhances performance by quickly recognizing fabric types and adapting to different sewing scenarios, along with a powerful motor that improves torque and response time [3][4]. - A world record for uninterrupted sewing over a distance of 338 meters was achieved with the "Fast Response King 2," showcasing its capabilities [3]. Group 2: Industry Trends and Challenges - The garment industry is shifting towards a "small batch quick response" model due to increasing consumer demand for personalized clothing, which traditional mass production cannot meet [5][6]. - Labor shortages pose significant challenges, as younger generations are less inclined to work in garment production, necessitating advancements in automation and technology [5][6]. Group 3: Future Developments and Innovations - Jack Co., Ltd. is investing in AI and robotics to enhance production efficiency and reduce reliance on skilled labor, with plans to launch high-end AI sewing machines and humanoid robots by 2026 [6][7]. - The integration of AI and robotics in garment manufacturing is expected to create new product categories and significantly improve production efficiency, opening new profit avenues [7].

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 ...

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%， ...