证券研究报告 杰克股份 (603337 CH) 2025 秋季策略会速递—— 服装制造无人化行将致远，新品发布值得期待 2025 年 8 月 31 日│中国内地 专用设备 8 月 28 日，杰克股份参加了我们组织的秋季策略会，会上公司对于服装制 造无人化发展趋势、公司 AI 缝纫机以及人形机器人产品规划进行了分享。 全球服装制造业劳动密集程度高，AI 的快速发展使得服装制造柔性劳动的 机器替代成为可能，我们认为公司在服装制造无人化领域的发展脉络清晰、 AI 缝纫机/人形机器人等新品研发推进有序，未来业绩有望持续快速增长， 维持"买入"评级。 核心亮点： 1、全球服装制造年人工开支达万亿，AI 发展使其机器替代成为可能。我们 在 6 月 6 日发布的报告《2025 年中期策略会速递—关税影响可控，期待新 品发力》中提及，全球缝纫工人数量为 0.6~1.2 亿人，行业年人工开支在万 亿人民币量级，是工业缝纫机市场规模的百倍量级，具备很大的机器替代空 间。虽然用工规模很大，但过去工业机器人在服装制造业应用较少，原因在 于服装面料柔性、工艺非标、款式更新快，传统自动化编程的模式难以匹配。 近年来大模型快速发展，其端到 ...

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]

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]