Zhejiang Securities: Jieke Technology has maintained steady growth in performance, and maintains a "buy" rating.

Zhejiang Merchants Securities Research Report pointed out that Jack Technology's performance showed steady growth, and the equity incentive demonstrated confidence in development. In 2025, the total revenue was 6.59 billion yuan; the net profit attributable to the owner was 860 million yuan; in the first quarter of 2026, the revenue was 2.02 billion yuan; and the net profit attributable to the owner was 260 million yuan. As a leader in the sewing equipment industry in China, the company continues to open up growth space through explosive product iterations, AI empowerment, and overseas expansion. Relying on the long-term development space of the sewing machine industry under the transfer of downstream textile and garment industries, as well as the company's leading advantages in technology research and development and global channel layout, considering the company's global market position in the sewing machine field and the performance growth potential brought by intelligent product iterations, we maintain a "buy" rating.