Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 3.373 billion yuan for the first half of 2025, representing a year-on-year growth of 4.27%, and a net profit attributable to shareholders of 477 million yuan, up 14.57% year-on-year [1]. - The gross margin and net margin for the first half of 2025 were 34.07% and 14.44%, respectively, showing improvements of 2.26 and 1.48 percentage points year-on-year [2]. - The company is focusing on high-end AI sewing machines and humanoid robots, achieving significant breakthroughs in integrating AI with garment manufacturing processes [3][4]. - The company’s revenue from domestic and overseas markets for the first half of 2025 was 1.58 billion yuan and 1.785 billion yuan, respectively, with year-on-year changes of -10.86% and +22.82% [3]. - The company expects to launch its humanoid robot in the second half of 2026, enhancing its application in the garment industry [4]. Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 966 million yuan, 1.091 billion yuan, and 1.323 billion yuan, respectively, with year-on-year growth rates of 19%, 13%, and 21% [4]. - The company’s revenue is expected to grow from 5.294 billion yuan in 2023 to 10.228 billion yuan in 2027, with a compound annual growth rate of approximately 24.90% [5]. - The projected earnings per share (EPS) for 2025 is 2.03 yuan, with a price-to-earnings (P/E) ratio of 23.76 [5].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported strong resilience in Q2 performance, with AI and sewing intelligence opening up growth opportunities [2] - The company achieved revenue of 3.373 billion yuan in H1 2025, a year-on-year increase of 4%, with Q2 revenue at 1.580 billion yuan, down 2% year-on-year [3] - The domestic sales were weak, with a year-on-year decline of approximately 30-35% in the sewing equipment market, while the company’s domestic revenue decreased by 11%, outperforming the industry benchmark [3] - The overseas market saw a 20% increase in industrial sewing machine exports, with the company’s overseas revenue rising by 23% year-on-year [3] - The gross profit margin is on a rapid upward trend, with a sales gross margin of 34.07% in H1 2025, up 2.26 percentage points year-on-year [4] - The company is focusing on high-end AI sewing machines and humanoid robots, with plans to launch its high-end AI sewing machine in the second half of 2025 [5] - Revenue forecasts for 2025-2027 have been adjusted to 6.709 billion, 7.659 billion, and 9.041 billion yuan, respectively, with net profit forecasts adjusted to 972 million, 1.142 billion, and 1.392 billion yuan [6]

Group 1 - The company has changed its stock abbreviation from "杰克股份" to "杰克科技" while maintaining the stock code "603337" [1][2] - The abbreviation change will take effect on September 10, 2025 [1][2] - The reason for the abbreviation change is to align with the company's strategic transformation towards digitalization and intelligent manufacturing, integrating advanced technologies such as AI [1][2] Group 2 - The company has successfully transitioned from a traditional sewing equipment manufacturer to a provider of comprehensive intelligent manufacturing solutions, including software systems and smart warehousing [1][2] - The company plans to launch a high-end AI sewing machine in the second half of 2025, aiming to create a new category in the sewing machine industry and significantly enhance production efficiency [1]

近年来，公司坚定不移地推进数字化、智能化转型，已从单一的缝制设备制 造商成功转型为一家集 PDM、APS、MES、WMS、人工智能融合一体的智能制造软件 系统，以及服装面辅料智能仓储、智能裁剪、AI 排产吊挂、智能缝纫、智能分拣、 数字化成品仓储等软硬件为一体的服装智能制造成套解决方案服务商。公司基于 人工智能等新技术与服装机械工艺、服装智能制造的深度融合，逐步布局开发智 能化高端产品，预计 2025 年下半年发布高端 AI 缝纫机，开创缝纫机行业新品类， 大幅提升智能缝制设备的生产效率。 变更后的股票证券简称：杰克科技， 股票证券代码"603337"保持不变 证券简称变更日期：2025 年 9 月 10 日 证券代码：603337 证券简称：杰克股份 公告编号：2025-056 杰克科技股份有限公司 公司证券简称变更实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 公司董事会审议变更证券简称的情况 杰克科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第六届 董事会第二十 ...

Group 1 - The company Jack Co., Ltd. (stock code 603337) will change its stock abbreviation from "Jack Co., Ltd." to "Jack Technology" starting from September 10, 2025 [1]

Core Viewpoint - The company will change its stock name from "Jack Shares" to "Jack Technology" on September 10, 2025, while maintaining the stock code "603337" to better reflect its development strategy and business layout [1] Company Transformation - The company has transitioned from being a single sewing equipment manufacturer to a provider of intelligent manufacturing software systems and services [1] - The company plans to launch high-end intelligent products, including a high-end AI sewing machine scheduled for release in the second half of 2025 [1]

Company Overview - Jack Technology Co., Ltd. is located in Taizhou, Zhejiang Province, and was established on August 27, 2003. The company went public on January 19, 2017. Its main business involves the research, production, and sales of industrial sewing machinery, including industrial sewing machines, cutting tables, and fabric spreading machines, as well as important components like motors and electronic controls [1]. Financial Performance - For the first half of 2025, Jack achieved operating revenue of 3.373 billion yuan, representing a year-on-year growth of 4.27%. The net profit attributable to shareholders was 477 million yuan, showing a year-on-year increase of 14.57% [2]. - Since its A-share listing, the company has distributed a total of 1.402 billion yuan in dividends, with 752 million yuan distributed over the past three years [2]. Stock Performance - As of September 4, Jack's stock price was 46.66 yuan per share, with a market capitalization of 22.230 billion yuan. The stock has increased by 55.61% year-to-date, but has seen a decline of 3.81% over the last five trading days [1]. - The stock's trading volume on September 4 was 93.2058 million yuan, with a turnover rate of 0.42%. The net outflow of main funds was 5.911 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Jack was 10,000, an increase of 13.42% from the previous period. The average circulating shares per person decreased by 12.19% to 46,995 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fourth largest, holding 15.5558 million shares, an increase of 1.6101 million shares from the previous period [2].

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,813.56, down 1.16% [4] - The New Materials sector index increased by 3.72%, underperforming the ChiNext Index by 4.01% [5] Industry Commentary - The State Council's issuance of the "Artificial Intelligence +" action plan is expected to drive rapid development in AI new materials [5] - The FDA's plan to phase out synthetic food colorings is likely to benefit domestic natural colorant companies due to a surge in demand [8] Company Analysis - **Yara International (000893.SZ)**: The company reported a 48.5% year-on-year increase in revenue to 2.52 billion yuan and a 216.6% increase in net profit to 850 million yuan for H1 2025, driven by rising potassium fertilizer prices and sales [10] - **Jianlong Micro-Nano**: The company achieved a revenue of 378 million yuan in H1 2025, a 0.33% increase year-on-year, with a focus on expanding its product matrix and overseas growth [11] - **Xianlead Intelligent (300450.SZ)**: The company reported a strong rebound in order volume for H1 2025, with revenue expected to grow significantly due to the recovery of the lithium battery sector [14] - **Zhejiang Rongtai (603119.SH)**: The company is focusing on the development of humanoid robots and reported steady growth in its main business [26] - **Qingda Environmental Protection (688501.SH)**: The company’s performance met expectations, with AI applications in the thermal power sector expected to exceed forecasts [29] Investment Recommendations - The AI server market is projected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, with significant growth in China's AI computing market anticipated [5] - Domestic natural colorant companies are recommended for investment due to the expected demand surge from the FDA's synthetic colorant phase-out [8] - Yara International is expected to achieve net profits of 1.89 billion, 2.54 billion, and 3.52 billion yuan from 2025 to 2027, with a corresponding PE ratio of 16, 12, and 9 [10] - Jianlong Micro-Nano is expected to enhance its capabilities through strategic acquisitions and product development [11]

Group 1 - The core viewpoint of the report is that Jack Shares (603337.SH) is rated as a "buy" due to its significant achievements in innovation-driven strategies and leading industry transformation with core products [1] - The company is accelerating its global layout and enhancing local operations to increase its international market share [1] - There are notable advancements in the integration of AI, humanoid robots, and the apparel industry, with expectations to launch a high-end AI sewing machine in the second half of 2025 and humanoid robot products in the second half of 2026, which could open new growth opportunities [1] - The company's profitability is expected to reach new highs due to product structure optimization and regional structural changes, with profit margins projected to continue increasing year-on-year by the second quarter of 2025 [1]

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company achieved a revenue of 3.373 billion yuan in the first half of 2025, representing a year-on-year growth of 4.27%, while the net profit attributable to shareholders was 477 million yuan, up 14.57% year-on-year [5] - The company's innovative strategy has led to significant results, with the launch of several industry-leading products and successful technological upgrades [6] - The company has accelerated its global layout, achieving foreign revenue of 1.785 billion yuan in the first half of 2025, a year-on-year increase of 22.82% [6] - The integration of AI and humanoid robots with the garment industry has made significant progress, with plans to launch high-end AI sewing machines in the second half of 2025 [7] - The company's profitability reached new highs, with net profit margins and gross profit margins improving in the second quarter of 2025 [8] Financial Performance - For the first half of 2025, the company reported a revenue structure breakdown: industrial sewing machines at 2.930 billion yuan (up 4.57% year-on-year), smart cutting beds and spreading machines at 344 million yuan (up 6.10% year-on-year), and shirt and denim intelligent automatic sewing equipment at 91 million yuan (down 8.87% year-on-year) [6] - The company expects net profits for 2025-2027 to be 1.0 billion, 1.38 billion, and 1.524 billion yuan, respectively, with year-on-year growth rates of 23.5%, 37.4%, and 10.6% [11] - The earnings per share (EPS) are projected to be 2.1, 2.9, and 3.2 yuan for 2025, 2026, and 2027, respectively [11] Market Position and Strategy - The company is focusing on high-quality product development and enhancing its international market share through innovative products like the Fast Response King 2.0 and AI sewing machines [11] - The ongoing industrial upgrade in the downstream footwear and apparel industry is a strong driver for the expansion of the sewing equipment market [11] - The company is leveraging digital marketing networks and localized service systems to enhance its overseas operations [6]