JACK(603337) 新浪财经·2025-04-15 08:31Core 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].