JACK(603337) 华西证券·2025-04-23 01:23Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 6.094 billion yuan for 2024, representing a year-on-year increase of 15% [3] - The company is focusing on AI+ technology, aiming to lead the next iteration of sewing intelligence [5] - The net profit for 2024 reached 812 million yuan, a significant increase of 51% year-on-year [4] Revenue Summary - The revenue breakdown for 2024 includes: - Industrial sewing machines: 5.264 billion yuan, up 15% year-on-year - Cutting and spreading machines: 626 million yuan, up 14% year-on-year - Intelligent automatic sewing equipment for shirts and jeans: 182 million yuan, up 25% year-on-year - Domestic revenue was 3.128 billion yuan, up 29% year-on-year, while international revenue was 2.944 billion yuan, up 3% year-on-year [3] Profit Summary - The gross profit margin for 2024 was 32.76%, an increase of 4.34 percentage points year-on-year, with Q4 gross profit margin reaching a historical high of 34.61% [4] - The company’s net profit margin improved to 13.57%, up 3.37 percentage points year-on-year [4] Future Outlook - Revenue forecasts for 2025 and 2026 have been adjusted to 6.903 billion yuan and 7.906 billion yuan, respectively, with expected growth rates of 13% and 15% [6] - The company anticipates a net profit of 1.031 billion yuan in 2025, reflecting a year-on-year growth of 27% [7]