JACK(603337)2023-12-12 08:19Group 1: Company Performance - In the first three quarters of 2023, the company achieved operating revenue of 4.1 billion yuan, a year-on-year decrease of 6.7% [3] - The net profit attributable to shareholders was 412 million yuan, down 2.71% year-on-year, but still better than the industry average [3] - The sewing machinery industry faced significant challenges, with the overall economic performance dropping to the lowest level in nearly a decade [3] Group 2: Future Plans and Strategies - The company has disclosed a restricted stock incentive plan, focusing on cash flow and net profit margin as performance assessment indicators for 2023-2025 [3] - The company plans to enhance its overseas market presence by increasing resource investment and accelerating channel development [4] - The repurchase limit has been raised to 380 million yuan to boost investor confidence and respond to regulatory calls for active capital markets [4][5] Group 3: Industry Outlook - The estimated total production of industrial sewing machines in 2023 is around 5.5 million units, reflecting a decline close to the lowest levels seen in 2016 [5] - The industry is expected to stabilize in the first half of 2024 and gradually recover in the second half, marking the beginning of a new five-year growth cycle [5] - The demand for automated sewing equipment is anticipated to increase significantly due to the ongoing transfer of the textile and apparel industry overseas [7] Group 4: Market Position and Challenges - The company has established a distribution network with over 8,000 dealers in more than 160 countries [3][6] - The company invests over 5% of its sales revenue annually in R&D to enhance its technological capabilities and brand influence [8] - The transition of large clients from traditional brands to domestic brands will take time, but the company is optimistic about increasing its market share in this segment [8][9]