Estun (002747): Domestic robot leader with perfect industrial chain layout is ready to go

Estun (002747): Domestic robot leader with perfect industrial chain layout is ready to go

Key points of the report: Leading companies in the intelligent equipment industry, following the transformation of manufacturing companies, started with the CNC system business and developed into a full industrial chain intelligent equipment manufacturer and solution provider covering core components, robot bodies, and system integration.

The company’s CNC system has the largest market share in the domestic metal forming machine tool field; it promotes the complete solution of TRIO + ESTUN in motion control and servo to move to the mid-to-high-end market; it is the first echelon in the field of industrial robots, and it covers metal processing downstream.Energy and other industries.

In 2018, the company’s industrial robots and complete equipment revenues7.

3.5 billion, accounting for more than 50%, has become the main source of income, with a compound growth rate of over 20% in the past three years.

Since 2014, the company’s R & D investment accounted for about 10% of its operating income, and in 2018 it reached 11.


The localization trend of industrial robots is gradually emerging, and the core component market has huge potential. Global industrial robot sales in 201838.

40,000 units, entering a stable stage; the Chinese market accounts for about 1/3, making it the world’s largest market.

Foreign brands rely on their core component advantages to occupy the global market. Four leading companies, KUKA, ABB, Yaskawa, and Fanuc account for more than half.

In the domestic market, the proportion of sales of independent brands in 2018.

15%, the proportion is still allowed, but in recent years there has been an upward trend.

Favorable policies in the field of intelligent equipment frequently appear, increasing aging and rising labor costs have stimulated industry demand; in areas such as numerical control systems, servo systems, domestic production has huge room for improvement.

Double-wheeled, dual-core, endogenous and extended, develop the competitiveness of the entire industry chain.

The company promotes the “robot +” strategy and forms a “general + subdivision” development direction.

The autonomy rate of the key parts of the robot body reaches 80%, and the servo, controller and some reducers are almost self-produced.

Through deferred mergers and acquisitions in components and downstream integrated applications to accelerate growth, the acquisition targets include machine vision, motion control, micro servo, AC servo, and automation system integration.

We believe that the company is still in the industrial chain layout stage. At this stage, the profit margins, ROE and other financial indicators have approached or exceeded those of KUKA, Yaskawa, ABB and other international leading companies. In the future, the company’s integration through the company’s industrial chain will have a significant effect and profitability is expectedImproving significantly improves and surpasses international leading companies.

Earnings forecast and investment recommendations We expect that the company 2019?
2021 will achieve operating income of 15 respectively.

71, 20.

06, 无锡桑拿网 25.

1.7 billion, realizing net profit attributable to mothers1.

18, 1.


9.5 billion.

Taking into account the broad application scenarios of industrial robots and the company’s entire industrial chain layout, it is covered for the first time and given a “buy” rating.

Risks suggest that market competition is intensifying; downstream demand for industrial robots is less than expected; the synergistic integration effect of company mergers and acquisitions is not obvious.