JACK(603337) 华泰证券·2025-04-15 09:25Investment Rating - The investment rating for the company is "Buy" with a target price of 38.40 RMB [7][8]. Core Views - 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 the parent company of 810 million RMB, up 51% year-on-year, aligning with previous performance forecasts [1][5]. - 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]. 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 gross margin for 2024 was 32.76%, and the net margin was 13.57%, reflecting improvements of 4.34 and 3.37 percentage points year-on-year, respectively [3]. Product Segmentation - Revenue growth for different product segments in 2024 included a 15% increase in sewing machines, a 14% increase in cutting tables, and a 25% increase in automated sewing units [2]. - Domestic revenue reached 3.128 billion RMB, a 28.6% increase, slightly above the industry growth rate of 27% [2]. Cost Management - The company streamlined its product line to 1,400 SKUs, enhancing resource allocation efficiency [3]. - The increase in sales, management, and R&D expense ratios was primarily due to stock option expenses, while financial expenses decreased due to loan repayments [3]. Future Outlook - The company is set to release a high-end AI sewing machine in the second half of 2024, which is expected to create a new category in the sewing machine industry and improve production efficiency [4]. - The company maintains a profit forecast of 1.16 billion RMB for 2025 and 1.28 billion RMB for 2026, with corresponding PE ratios of 12 and 11 [5][6].