JACK(603337) 国金证券·2025-01-23 04:30Investment Rating - The report maintains a "Buy" rating for the company, considering its industry leadership, improving industry conditions, and promising overseas growth prospects [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 760 million to 860 million RMB in 2024, representing a year-on-year growth of 41.15% to 59.72% [1]. - The company has significantly reduced its SKU count from over 10,000 to around 1,000, with plans to further reduce it to between 300 and 500, which is expected to enhance product quality and profitability [2]. - The company is well-positioned for continued growth in overseas markets, with a notable increase in exports, which reached 15.992 billion RMB in 2023, up 15.8% year-on-year [3]. Summary by Sections Performance Review - The company forecasts a net profit of 1.41 to 2.41 billion RMB for Q4 2024, with a year-on-year growth of 11.9% to 91.27% [1]. Operational Analysis - The company is benefiting from a cyclical recovery in the industrial sewing machine industry, with both domestic and international markets entering an upward cycle [2]. - The introduction of new products, particularly the "Double King" series, is driving product structure upgrades and contributing to high performance growth [2]. Profit Forecast and Valuation - The adjusted profit forecast for 2024 to 2026 is 813 million, 998 million, and 1.219 billion RMB, respectively, with corresponding P/E ratios of 18X, 15X, and 12X [4].