Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 RMB [7][8]. Core Insights - The company achieved a revenue of 6.09 billion RMB in 2024, a year-on-year increase of 15%, and a net profit attributable to shareholders of 810 million RMB, up 51% year-on-year, aligning with previous performance forecasts [1][2]. - The company is expected to benefit from the release of high-end AI products and an increase in market share, particularly with the upcoming launch of a high-end AI sewing machine [1][4]. - The company’s gross margin improved to 32.76% and net margin to 13.57% in 2024, reflecting a year-on-year increase of 4.34 and 3.37 percentage points respectively [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.387 billion RMB, a 16% increase year-on-year, and a net profit of 193 million RMB, up 53% year-on-year [1]. - The company’s domestic revenue reached 3.128 billion RMB, growing 28.6% year-on-year, while overseas revenue was 2.944 billion RMB, a 3.3% increase year-on-year [2]. Product Development - The company has made significant progress in developing high-end products, including a prototype for a high-end AI sewing machine and a humanoid robot [4]. - The company plans to launch the high-end AI sewing machine in the second half of the year, which is expected to create a new category in the sewing machine industry [4]. Profitability and Cost Management - The company’s sales, management, and R&D expense ratios increased due to stock option expenses, while the financial expense ratio decreased due to reduced interest payments from loan repayments [3]. - The company’s product line has been streamlined to 1,400 SKUs, enhancing resource allocation efficiency [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is 1.16 billion RMB for 2025, 1.28 billion RMB for 2026, and 1.38 billion RMB for 2027, with corresponding PE ratios of 12, 11, and 10 times [5][6].

Core Viewpoint - The company reported strong financial performance for 2024, with significant growth in both revenue and net profit, indicating a recovery in the industrial sewing machine industry and the company's effective strategies in product development and market expansion [1][2][5]. Financial Performance - In 2024, the company achieved operating 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][2]. - The fourth quarter of 2024 saw operating revenue of 1.387 billion yuan, growing 16.21% year-on-year, and a net profit of 193 million yuan, reflecting a 53.03% increase [1][2]. Growth Analysis - The revenue growth is attributed to the recovery of the industrial sewing machine industry, with the company benefiting as a market leader [2]. - The company successfully signed contracts with 10 world-class benchmark clients and focused on high-end market expansion through innovative products [2][5]. Profitability Analysis - The gross margin for 2024 was 32.76%, an increase of 4.34 percentage points, while the net margin rose to 13.57%, up 3.37 percentage points [2]. - The company managed to balance rising expenses with improved profitability, despite facing challenges in cost control [2]. Operational Efficiency - The company demonstrated improved operational efficiency, with inventory turnover days decreasing by 25.08 days to 79.39 days, and accounts receivable turnover days down by 9.51 days to 50.47 days [3]. - The net cash flow from operating activities was 1.129 billion yuan, a decline of 23.05% year-on-year [3]. R&D Investment - R&D expenses reached 488 million yuan, a 23.67% increase, with an R&D expense ratio of 8.01% [3]. - The company holds 2,705 valid patents, including 1,125 invention patents, indicating a strong focus on innovation [3]. Industry Overview - The sewing industry experienced moderate growth in 2024, driven by recovering global demand and increased exports, with a total export value of 3.424 billion USD, up 18.39% [4]. - Domestic sales of industrial sewing equipment rose by 27%, with an estimated total of 2.35 million units sold [4]. Product Performance - The company sold 2.1211 million industrial sewing machines in 2024, achieving revenue of 5.264 billion yuan, with a gross margin of 31.28% [5]. - Revenue from cutting and spreading machines was 626 million yuan, up 14.36%, while automatic sewing equipment for shirts and jeans generated 182 million yuan, a 25.12% increase [6]. Strategic Development - The company is focusing on high-end products integrating AI and robotics, with plans to launch humanoid robots by the second half of 2026 [6].

| 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进杰克股份 | 05 | | 公司概况 | 05 | | 发展历程 | 07 | | 大事记 | 09 | | 企业文化 | 13 | | 荣誉奖项 | 14 | | ESG治理 | 15 | | ESG理念与管理架构 | 16 | | ESG相关荣誉 | 17 | | 实质性议题分析 | 19 | | 利益相关方识别与沟通 | 20 | | SDGs贡献 | 21 | | 专题: | | | 推进爆品战略 | | | 激活服装智造新质生产力 | 23 | | 附录 | | | 关键绩效 | 137 | | 指标索引 | 142 | | 匠心铸就品质 技术创新赋能社会 | | | --- | --- | | 研发创新驱动 | 29 | | 保障产品质量 | 36 | | 数字化战略 | 41 | | 智联服务全球 助力服装智造升级 | | | --- | --- | | 卓越客户服务 | 49 | | 供应链管理 | 56 | | 助力行业发展 | 62 | | 规范公司治理 筑牢企业发展根基 | | | --- | ...

| This Report | 0 | | --- | --- | | Message from the Chairman | 0 | | Jack | 0 | | Company Profile | 0 | | Development History | 0 | | Events | 0 | | Corporate Culture | 1. | | Honors | 1 | | ESG | 1 | | ESG Concept and Management Structure | 1 | | ESG-related Honors | 1 | | Substantive Topic Analysis | 1. | | Stakeholder Identification and Communication 20 | | | Contribution to SDGs | 2 | | Special Topics: | | | Key Performance | 1 | | --- | --- | | Index of Indicators | 1 | | Serve the world throug | | -- ...

Group 1 - Jack Shares (603337.SH) released its 2024 annual report on April 15, 2025, indicating that as of April 14, 2025, 293 institutional investors disclosed holding a total of 352 million shares, accounting for 72.88% of the total share capital [1] - The top ten institutional investors include Taizhou Jack Trading Co., Ltd., LAKE VILLAGE LIMITED, Hong Kong Central Clearing Limited, and others, with a combined holding ratio of 64.65%, which is a decrease of 1.74 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, China International Capital Corporation CSI 1000 Index Enhanced A, increased its holdings, while 16 funds, including Tianhong Yongli Bond A and Ping An Rui Xiang Cultural Entertainment Mixed A, reduced their holdings, with a decrease ratio of 1.82% [2] - A total of 268 new public funds disclosed their holdings this period, including GF Stable Growth Mixed A and others, while 7 funds were not disclosed this period, including Guotai Junan Jinma Stable Return Mixed A [2] - In the social security fund sector, one new fund disclosed its holdings in Jack Shares, namely the National Social Security Fund 115 Portfolio, while one fund, Dachen Fund Management Co., Ltd. - Social Security Fund 17011 Portfolio, was not disclosed this period [2]

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]

4月14日，杰克股份（603337）发布2024年年报，公司全年实现营业收入60.94亿元，同比增长15.11%； 归属于上市公司股东的净利润8.12亿元，同比增长50.86%；扣非净利润7.58亿元，同比增长61.67%。在 全球经济压力下，缝制机械行业实现中速增长，杰克股份通过聚焦爆品战略、全球化布局和创新驱动， 成功实现业绩历史新高。 杰克股份坚持用研发创新驱动引领未来发展，2024年公司研发费用为4.88亿元，占销售收入的比例超 8%。公司与拓卡奔马联合浙江大学申报的《智能高效数字化自动裁剪线》荣获2023年度中国轻工业联 合会科技进步奖一等奖。公司全年申请专利445项(含发明专利155项)，主导及参与制修订国家标准、行 业标准23项。 战略攻坚成效显著，核心业务突破性增长 海外业务成为杰克股份的核心增长点。公司通过"营销铁三角"模式深耕海外核心市场，在越南、柬埔寨 等国家建立头部客户样板。联合创新模式打通客户需求链路，大客户联合创新从国内走向海外，初步取 得商业化成果。尽管全年海外营业收入增长未达预期目标，但通过资源倾斜与本地化运营，逐步实现产 品结构的不断升级，全年海外产品毛利率实现37.27%， ...

| 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派5元（含税） | 2.30 | 1.84 | | 2024.06.30 | 10派3元（含税） | 1.39 | 1.19 | | 2023.12.31 | 10派5元（含税） | 2.32 | 2.44 | | 2022.12.31 | 10派3.2元（含税） | 1.54 | 1.43 | | 2021.12.31 | 10派3.2元（含税） | 1.44 | 1.14 | | 2020.12.31 | 10派2.6元（含税） | 1.16 | 1.07 | | 2019.12.31 | 10派1.4元（含税） | 0.62 | 0.50 | | 2018.12.31 | 10转增4.5派5.2元（含税） | 1.60 | 1.20 | | 2017.12.31 | 10转增4.8派4.8元（含税） | 0.99 | 1.28 | | 2016.12.31 | 10派3.3元（含税） | 0.68 | | 4月14日杰克股份发布2024年度分配预案 ...

杰克科技股份有限公司 2024 年对会计师事务所履职情况评估报告 杰克科技股份有限公司（以下简称"公司"）聘请立信会计师事务所（特殊 普通合伙）（以下简称"立信"）为公司2024年度财务及内部控制审计机构。根 据《国有企业、上市公司选聘会计师事务所管理办法》，公司对立信2024年审计 过程中的履职情况进行评估。经评估，公司认为立信资质、制度等方面合规有效， 履职保持独立性，勤勉尽责，公允表达意见，能够满足公司审计工作的要求。具 体情况如下： 1、基本信息 一、资质条件 1、基本信息 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业务 许可证，具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB）注 册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的 ...

证券代码：603337 证券简称：杰克股份 公告编号：2025-028 杰克科技股份有限公司 关于回购注销部分限制性股票及调整回购价格的公告 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： 2022 年股票期权与限制性股票激励计划的首次授予限制性股票回购数量： 1,359,200 股 2022 年股票期权与限制性股票激励计划的首次授予限制性股票回购价格： 10.68 元/股加上银行同期定期存款利息之和 2023 年限制性股票激励计划的首次授予限制性股票回购数量：18,600 股 2023 年限制性股票激励计划的首次授予限制性股票回购价格：9.82 元/ 股 杰克科技股份有限公司（以下简称"公司"）于 2025 年 4 月 13 日召开第六 届董事会第二十一次会议和第六届监事会第十四次会议，审议通过了《关于回购 注销部分限制性股票及调整回购价格的议案》，公司拟回购注销 2023 年限制性股 票激励计划（以下简称"2023 年激励计划"）中因激励对象离职不再具备激励对 象资格、2022 年股票期权与限制性股票激励计 ...