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 Viewpoint - The company, Shangong Shenbei, has faced a decline in stock price and performance despite initial excitement surrounding its entry into the low-altitude economy sector, with significant losses reported in its overseas operations [1][3][5]. Group 1: Company Overview - Shangong Shenbei's stock price peaked at 19.28 yuan per share but has since fallen, with a current price of 10.54 yuan and a market capitalization of 7.517 billion yuan [1]. - The company has been involved in overseas business primarily in sewing equipment and smart manufacturing, as well as general aviation aircraft manufacturing, which is a new venture for 2024 [1][3]. Group 2: Financial Performance - In 2024, the company reported overseas revenue of 1.333 billion yuan, accounting for over 30% of total revenue, with a gross margin of 24.79%, down 10.58 percentage points from the previous year [3]. - The subsidiary Dürkopp Adler GmbH (DA Company) experienced a revenue decline of 15.95% in 2024, resulting in a net loss of 178 million yuan, marking a shift from profit to loss [3]. Group 3: Strategic Moves and Challenges - The company announced plans to invest in DA Company and acquire assets from the bankrupt ICON Company in the U.S., raising concerns from the Shanghai Stock Exchange regarding the relevance of these investments to its core business [2][3]. - Despite a history of international acquisitions since 2004, the company lacks experience in managing U.S. aircraft manufacturing, which poses a challenge for its new business direction [3]. Group 4: Ownership and Control - The company is currently without a controlling shareholder, as both the largest shareholder and the second-largest shareholder hold less than 30% of the shares, leading to a lack of control over the company [4]. - The recent change in indirect ownership involving the "King of Rare Metals," Zhu Shihui, adds complexity to the company's governance structure [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 第二节 公司基本情况 1、公司简介 ■ 2、报告期公司主要业务简介 根据中国证监会上市公司行业分类结果，公司所属行业为制造业(C)中的专用设备制造业(C35)。根据国 家统计局《国民经济行业分类》(GB/T4754-2017)，公司所属行业为制造业(C)，细分行业为专用设备制 造业(C35)-纺织、服装和皮革加工专用设备制造(C355)中的缝制机械制造(C3553)。 3、公司全体董事出席董事会会议。 4、立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经立信会计师事务所（特殊普通合伙）审计，2024年度公司合并报表实现净利润为-242,65 ...

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]