一周解一惑系列： 具身智能的落地性-以杰克股份与纺织服装场景为例 2025 年 07 月 29 日 ➢ 本周关注：巨星科技、浙江鼎力、杰克股份、欧圣电气 ➢ 无人纺织服装行业存在可行性： 1）传统纺织业面临劳动力资源不足与人工 成本高昂的双重难题。成本压力上，2023 年中国纺织业成本结构中，直接人工 占比超过 5％，居各种成本的第二位。根据中国棉纺织行业协会调研了解，企业 不断提高工资仍无法招到可持续工作的年轻工人，缺工问题已影响到企业正常运 营；00 后求职者中，仅 0.7%愿考虑纺织岗位，年轻劳动力断层现象明显。2） 传统纺织业的流程工序主要分为裁剪、缝制、后整理，其中缝制工人占比约 90%。 缝纫工序中，平缝以直线缝制为主，动作轨迹规则，无需复杂三维操作，适合机 器人编程实现，目前平缝机器人（如杰克 "快反王"）已能自动调整针距、线张 力，提供了案例支撑。3）杰克为代表的公司已经开始在无人纺织服装布局。2024 年，高端 AI 缝纫机原型样机成功落地，"杰克 1 号"人形机器人、无人模板机 等"机器人+AI 人工智能+缝制机械"多技术融合的智能高端产品初具雏杰克股 份顺应 AI 人工智能及人形机器人技 ...

Core Insights - Jack Company celebrated its 30th anniversary and launched the world's first AI sewing machine at a global technology conference in Taizhou, Zhejiang [1][2] - The company aims to build a world-class talent system and integrate industry chain resources to create the largest rapid flexible garment manufacturing platform [1] - The company is committed to investing in green energy, humanoid robots, and AI automation to support the transformation of the garment industry and achieve its "trillion Jack" goal [1] Company Developments - The company has produced its 30 millionth smart sewing machine, marking a significant milestone in its production capabilities [1] - The newly launched AI sewing machine incorporates the first deep artificial intelligence model in the industry, enhancing the learning capabilities of sewing equipment [2] - Jack Company is accelerating the industrial application of AI technology in garment manufacturing, with a focus on high-end products such as AI sewing machines, AI smart cutting equipment, humanoid robots, and unmanned template machines [2] Industry Challenges - The global garment manufacturing industry faces challenges such as industrial transfer, quality upgrades, and low willingness of young workers to engage in the sector [1][2] - The integration of motor control technology with AI and software is essential for supporting small-batch, quick-response, and customized production in the industry [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 43.60 [8][9]. Core Views - The report indicates that the impact of tariffs on the sewing machine industry is manageable in the short term, while in the medium to long term, it may drive a shift in global apparel manufacturing, boosting demand for new sewing machines [1][2]. - The company is focusing on promoting AI technology in apparel manufacturing, introducing new products such as AI sewing machines and humanoid robots to help downstream clients reduce costs and improve efficiency [1][4]. - Continuous product innovation is expected to enhance the company's profitability [1]. Summary by Sections Tariff Impact - In the short term, uncertainty in U.S. tariff policies may lead some downstream clients to adopt a wait-and-see approach regarding expansion. However, in the medium to long term, this uncertainty is likely to accelerate the decentralization of the global apparel supply chain, prompting manufacturers to shift to countries with lower tariff risks, thereby increasing demand for new machines and providing opportunities for leading companies to enhance market share [2]. Industry Growth - In April, the industrial sewing machine export value reached USD 148 million, a year-on-year increase of 23%. Notably, demand from low-tariff risk regions like Egypt, Kenya, and Argentina saw significant growth, with year-on-year increases of 111%, 254%, and 842%, respectively [3]. Labor and AI Integration - The apparel manufacturing industry is labor-intensive, with a potential for significant machine replacement. The report highlights that the company has made milestone progress in high-end product development, including prototypes of high-end AI sewing machines and humanoid robots, which are expected to open new growth avenues [4]. Profit Forecast and Valuation - The company’s projected net profits for 2025 to 2027 are RMB 1.16 billion, RMB 1.28 billion, and RMB 1.38 billion, respectively, with corresponding PE ratios of 16, 14, and 13. The target price has been adjusted to RMB 43.60 based on a revised PE of 18 for 2025 [5][7].

Investment Rating - The report maintains a "Buy" rating for the company, considering its overseas expansion prospects and active layout in the robotics sector [5]. Core Viewpoints - The company reported a revenue of 1.793 billion RMB in Q1 2025, representing a year-on-year growth of 10.06%. The net profit attributable to shareholders was 246 million RMB, up 30.76% year-on-year, while the net profit excluding non-recurring items reached 226 million RMB, growing by 37.35% year-on-year [2]. - The significant increase in gross margin to 32.79% in Q1 2025, up 2.73 percentage points year-on-year, and a net profit margin of 14.01%, up 2.15 percentage points year-on-year, indicates a notable improvement in profitability [3]. - The company is actively developing AI applications in garment manufacturing, with successful prototypes of high-end AI sewing machines and humanoid robots, positioning itself advantageously in the industry [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.793 billion RMB, a 10.06% increase year-on-year. The net profit attributable to shareholders was 246 million RMB, reflecting a 30.76% increase, while the net profit excluding non-recurring items was 226 million RMB, up 37.35% year-on-year [2]. Operational Analysis - The gross margin improved to 32.79%, a rise of 2.73 percentage points year-on-year, and the net profit margin reached 14.01%, an increase of 2.15 percentage points year-on-year. This improvement in profitability is attributed to product structure optimization and increased overseas market presence, with export gross margins at 37.27%, up 3.88 percentage points year-on-year [3]. Robotics Business Outlook - The company is focusing on the integration of AI and robotics in garment manufacturing, with successful prototypes of high-end AI sewing machines and humanoid robots. This strategic move is expected to enhance product value and address industry challenges, thereby improving operational efficiency for clients [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 964 million RMB, 1.139 billion RMB, and 1.343 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 16X, 13X, and 11X [5].

Core Insights - Jack Co., Ltd. achieved a record high in performance for 2024, with total revenue of 6.094 billion yuan, a year-on-year increase of 15.11%, and a net profit attributable to shareholders of 812 million yuan, up 50.86% [1] - The company successfully navigated global economic pressures through a focus on product strategy, global expansion, and innovation [1] Strategic Execution - The company executed four key strategic initiatives, leading to significant growth in core business areas [4] - The "Focus on Best-Selling Products" strategy enhanced market share for flagship products like "Fast Response King" and "Over-Thread King" [4] - Jack Co. signed contracts with 10 world-class benchmark clients, expanding its large customer base from domestic to international markets [4] - The product line was streamlined to 1,400 SKUs, improving resource allocation efficiency [4] - Quality enhancement initiatives in core product lines led to increased customer satisfaction and NPS scores [4] Global Expansion - Overseas business became a core growth driver, with the company implementing a "Marketing Iron Triangle" model in key international markets [5] - Despite not meeting overseas revenue targets, the company achieved a 37.27% gross margin on overseas products, an increase of 3.88 percentage points year-on-year [5] - The smart sewing industry for shirts and jeans generated sales of 182 million yuan, reflecting a year-on-year growth of 25.12% [5] Innovation and R&D - Jack Co. invested 488 million yuan in R&D, representing over 8% of sales revenue [6] - The company won a first-class award for technological progress from the China National Light Industry Council for its collaborative project with Zhejiang University [6] - A total of 445 patents were filed, including 155 invention patents, and the company contributed to the revision of 23 national and industry standards [6] - Milestone advancements were made in high-end AI sewing machine development, with prototypes like "Jack No. 1" humanoid robot and unmanned template machine being developed [6]