Estun (002747) research briefing: industry turning point highlights the company’s development again

Estun (002747) research briefing: industry turning point highlights the company’s development again

Leading company in the industrial robot industry, R & D expansion continues to grow.

The company is one of the leading companies in the industrial robot industry in developing countries. Its main business includes two core business modules: automation core components and motion control systems, industrial robots and intelligent manufacturing systems.

The products cover the entire industrial chain from industrial robot core components, ontology manufacturing to robot system integration applications, and build a comprehensive competitive advantage from technology, cost to service.

In the first three quarters of 2019, the company’s R & D expenses accounted for 11% of its revenue.

1%, the budget has been maintained at about 10%, and the expected company maintains an alternative basis for leading edge in technological innovation.

In the first half of the 杭州夜网论坛 year, 28 new patents were granted, and 3 software copyrights were added. The company’s R & D and engineering technicians accounted for 35 of the total number of employees.


Recently, the company launched the third phase of the equity incentive plan, which will continue to mobilize the enthusiasm of the company’s middle and senior management personnel and core technical (business) backbones, and also demonstrates the company’s high perception of talents.

The synergy effect of mergers and acquisitions is obvious, and the highlands of subdivided fields are gradually expanded.

Pioneer, the company acquires British Trio (control technology) and controls German M.



(Intelligent assembly and testing), shares in companies such as Barrett (service robot) in the United States, Euclid (3D vision) in Italy, and 杭州桑拿 establishes a European R & D center in Milan to complete the internationalization of the brand and technology.

Domestic mergers and acquisitions of Shanghai Praxair (die casting integration), Nanjing Fengyuan (automotive welding and assembly automation), Yangzhou Shuguang (military industry), etc., the synergy effect after the merger and merger is obvious.

Recently, the company acquired Cloos, an international welding robot giant, and merged and integrated the next city.

At present, the company’s robot products have replaced the divided highlands in the fields of photovoltaic module assembly, bending, polishing and other fields. In the future, it will gradually change its leading position in other fields such as welding and gradually move to the “first camp” of the global robot industry.

Winter has come to spring, and the turning point of the industrial robot industry has made a breakthrough.

In November 2019, the number of industrial robot crops reached 1.

60,000 units, an annual increase of 4.

3%; industrial robot production has achieved positive growth for two consecutive months after negative growth for up to 13 months.

After a six-month downturn in November, the PMI returned to the top of the line, and the economic operation gradually stabilized.

In 2020, the commercialization of 5G will accelerate, and the wave of replacements is gradually coming. The demand for consumer electronics is expected to continue to grow, which is expected to drive the demand for automation transformation in the 3C industry to pick up.

And about 1/4 of the industrial robot’s downstream comes from the 3C field, which has a penetrating role in the continuous growth of the industrial robot industry.

At the same time, with the gradual stabilization of the economy and the relaxation of Sino-US trade friction, the turning point of the industrial robot industry is expected to gradually appear in 2020.

There is huge room for domestic automation transformation, the urgent need for the transformation and upgrading of the manufacturing industry, the demographic dividend is gradually disappearing, supplementing the strong support of national policies, and the future development of the industrial robot industry is considerable.

Investment suggestion: The company is a leader in the industrial robot industry in developing countries.

We expect the company’s expected earnings in 2019/2020 to be 0.


16 yuan, the current sustainable corresponding PE is 97.


5 times, maintain the company’s “recommended” rating.

Risk warning: macroeconomic growth; downstream automation transformation needs continue to weaken; merger and acquisition integration effect is less than expected; market competition is intensified; performance is less than expected, etc.