Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6][2]. Core Insights - The company is expected to achieve a net profit of RMB 35-50 million in 2025, recovering from a loss of RMB 810 million in the previous year, marking a significant turnaround [7]. - The industrial robot market is anticipated to rebound in 2025, driven by demand from the automotive and electronics sectors, with a year-on-year production increase of 28% [9]. - The company is focusing on embodied intelligence and international expansion, having launched new robotic products and established partnerships to create an innovation center for embodied intelligence robots [9]. - Profit forecasts for the company suggest net profits of RMB 40 million, RMB 160 million, and RMB 270 million for 2025, 2026, and 2027 respectively, with significant year-on-year growth expected [9]. Company Overview - The company operates primarily in the machinery and equipment sector, with a product mix consisting of 75.7% industrial robots and 24.3% automation core components [3]. - As of January 21, 2026, the company's stock price was RMB 25.13, with a target price set at RMB 29 [1]. Financial Performance - The company is projected to achieve a revenue of RMB 5.151 billion in 2025, increasing to RMB 6.317 billion in 2026 [13]. - The earnings per share (EPS) is expected to be RMB 0.05 in 2025, rising to RMB 0.19 in 2026 and RMB 0.30 in 2027 [11]. - The price-to-earnings (P/E) ratio is forecasted to be 501.45 in 2025, decreasing to 132.80 in 2026 and 82.41 in 2027 [11].

Core Viewpoint - Estun is expected to achieve a net profit of 35 million to 50 million yuan for the fiscal year 2025, marking a significant turnaround from a loss of over 810 million yuan in the previous year, representing a year-on-year growth of 104.32% to 106.17% [1][2] Financial Performance - The net profit attributable to shareholders is projected to be between 35 million and 50 million yuan, compared to a loss of 810.44 million yuan in the same period last year, indicating a growth of 104.32% to 106.17% [2] - The net profit after deducting non-recurring gains and losses is expected to be between 6 million and 8 million yuan, a significant improvement from a loss of 835.67 million yuan last year, reflecting a growth of 100.72% to 100.96% [2] - Basic earnings per share are anticipated to be between 0.04 yuan and 0.06 yuan, recovering from a loss of 0.93 yuan per share in the previous year [2] Business Growth Drivers - The turnaround in performance is attributed to robust revenue growth in core business areas, particularly in high-demand sectors such as automotive, electronics, and lithium batteries, which have driven domestic revenue growth [3] - A significant reduction in asset impairment provisions, which amounted to approximately 466 million yuan in the previous year, has also positively impacted net profit, with no major asset impairment expected for 2025 [3] Market Position and Strategy - Estun has become the leading domestic company in the industrial robot solutions market in China, surpassing foreign brands in terms of shipment volume in the first half of 2025 [4] - The company ranks sixth globally in the industrial robot market, with a market share of 1.7% worldwide and 2.0% in China, based on 2024 revenue [4] - Estun's multi-brand strategy, including brands like "Estun," "Cloos," "Trio," and "M.A.i," enhances its technological capabilities and product offerings, covering a wide range of 96 robot models [6] IPO and Future Plans - The upcoming Hong Kong IPO aims to raise funds for expanding global production capacity, forming strategic alliances, investing in R&D for next-generation industrial robot technologies, upgrading global service systems, repaying existing loans, and supplementing working capital [7]

Core Viewpoint - Estun (002747) forecasts a significant increase in net profit for the year 2025, indicating strong growth potential for the company [1] Financial Performance - The company expects a net profit of between 35 million to 50 million yuan for 2025, representing a year-on-year growth of 104.32% to 106.17% [1] - After excluding non-recurring gains and losses, the net profit is projected to be between 6 million to 8 million yuan, with a year-on-year increase of 100.72% to 100.96% [1]

Core Viewpoint - Estun has announced its earnings forecast for the year 2025, projecting a net profit attributable to shareholders of between 35 million and 50 million yuan, representing a year-on-year growth of 104.32% to 106.17% [2] Financial Performance - The expected net profit for 2025 is estimated to be between 35 million yuan and 50 million yuan [2] - This forecast indicates a significant increase compared to the previous year's performance, with growth rates between 104.32% and 106.17% [2]

Group 1 - The company, Estun, held its 21st meeting of the 5th board of directors on January 21, 2026, via telecommunication voting [1] - The meeting reviewed proposals related to expected daily related transactions [1]

Core Viewpoint - Estun Automation Co., Ltd. has submitted a second listing application to the Hong Kong Stock Exchange after a previous application lapsed in June 2025, with a current market capitalization of approximately 21.9 billion yuan as of January 21 [1][10]. Company Overview - Estun is a leading Chinese industrial robot company providing automation solutions, including industrial robots, intelligent manufacturing systems, and core automation components to various manufacturing sectors such as automotive and heavy industry [3][12]. - The company has maintained the highest shipment volume among domestic enterprises in China's industrial robot solutions market for several consecutive years, surpassing foreign brands in 2025 [3][12]. - As of 2024, Estun ranks sixth globally and first in China by revenue in the industrial robot sector, with market shares of 1.7% and 2%, respectively [3][12]. Global Presence and Brand Portfolio - Estun operates 75 service outlets globally and has seven manufacturing bases in key domestic and international markets, including Europe, Southeast Asia, and the Americas [3][12]. - The company has established a localized production base in Europe and integrates global R&D resources from countries like Germany, the UK, and the USA [3][12]. - Estun owns multiple brands, including Estun, Cloos, Trio, and M.A.i, with the latter three acquired post its A-share listing in 2015 [3][12][14]. Financial Performance - Despite the global industrial robot solutions market growing significantly from $14.7 billion in 2020 to an expected $25.4 billion in 2024, Estun's revenue has declined during the reporting period [6][15]. - Estun's revenues for the years 2022 to 2024 were 3.881 billion yuan, 4.652 billion yuan, and 4.009 billion yuan, with net profits of 184 million yuan, 134 million yuan, and a loss of 818 million yuan, respectively [6][15]. - The company's gross margin has also decreased from 32.9% in 2022 to 28.2% in 2025 [8][17]. Strategic Plans for IPO Proceeds - The funds raised from the IPO are intended for expanding global production capacity, seeking strategic alliances, investing in R&D for next-generation industrial robot technologies, enhancing global service capabilities, repaying existing loans, and general corporate purposes [5][14].

南京埃斯顿自动化股份有限公司 章 程 （草案） （H 股发行并上市后适用） 二〇二六年一月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 股 | 份 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | 股份增减和回购 | 4 | | 第三节 | 股份转让 | 5 | | 第四章 | 股东和股东会 | 6 | | 第一节 | 股东 | 6 | | 第二节 | 控股股东和实际控制人 9 | | | 第三节 | 股东会的一般规定 10 | | | 第四节 | 股东会的召集 | 14 | | 第五节 | 股东会的提案与通知 16 | | | 第六节 | 股东会的召开 | 17 | | 第七节 | 股东会的表决和决议 20 | | | 第五章 | 董事和董事会 | 24 | | 第一节 | 董事的一般规定 24 | | | 第二节 | 董事会 | 28 | | 第三节 | 独立董事 | 32 | | 第四节 | 董事会专门委员会 34 | | | 第六章 | 高级管理人员 | 37 | | 第七章 | 财务会计制度、利润分 ...

关于日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、预计日常关联交易基本情况 （一）日常关联交易概述 1、日常关联交易事项 南京埃斯顿自动化股份有限公司（以下简称"公司"、"埃斯顿"）因生产经 营需要，根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第 7 号——交易与关联交易》等相关规定，公司对 2026-2028 年度日常 关联交易情况进行了预计，公司拟与关联方南京埃斯顿酷卓科技有限公司（以下 简称"埃斯顿酷卓"）、埃斯顿（南京）医疗科技有限公司及其子公司（以下简称 "埃斯顿医疗"）、连云港斯克斯机器人科技有限公司（以下简称"连云港斯克斯"）、 南京派雷斯特科技有限公司（以下简称"派雷斯特"）、南京埃斯顿未来技术研究 院有限公司（以下简称"未来技术"）发生日常关联交易，并分别签署日常关联 交易的相关框架协议 1。 2、关联交易履行的审批程序 股票代码：002747 股票简称：埃斯顿 公告编号：2026-005 号 南京埃斯顿自动化股份有限公司 联董事吴波先生、吴侃先生回避表决。 （3）根据《深圳证券交易所 ...

南京埃斯顿自动化股份有限公司 第五届董事会独立董事专门会议第九次会议 会议决议 第五届董事会独立董事专门会议第九次会议决议 南京埃斯顿自动化股份有限公司（以下简称"公司"）第五届董事会独立董 事专门会议第九次会议通知于 2026 年 1 月 18 日以电话、邮件等方式发出，会议 于 2026 年 1 月 21 日以通讯的表决方式召开。会议应出席独立董事 3 人，实际出 席独立董事 3 人，全体独立董事共同推举本次会议由韩小芳女士主持。本次会议 的召开符合《公司法》《上市公司独立董事管理办法》及相关法律、法规以及《公 司章程》的规定。经审议，通过如下议案： 一、审议并通过《关于日常关联交易预计的议案》 经审核，独立董事认为：本次关联交易价格以市场价格为依据，遵循公允、 公平、公正的原则，没有损害公司及其他股东的利益，符合公司生产经营活动需 要。公司与关联方之间有着良好的合作关系，是双方正常业务形成的，符合双方 公司经营需要，符合全体股东利益，不会对公司独立性产生影响，不存在损害公 司、股东尤其是中小股东利益的情形。我们同意公司 2026-2028 年度日常关联交 易预计事项，并同意将该议案提交公司董事会审议，关 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2026-004号 南京埃斯顿自动化股份有限公司 第五届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 南京埃斯顿自动化股份有限公司（以下简称"公司"）第五届董事会第二十 一次会议通知于 2026 年 1 月 18 日以电话、邮件等方式发出，会议于 2026 年 1 月 21 日在南京市江宁区吉印大道 1888 号（江宁开发区）会议室以通讯表决方式 召开。本次会议由董事长吴波先生主持，会议应出席董事 9 人，实际出席董事 9 人，本次会议的召开符合《公司法》及相关法律、法规以及《公司章程》的规定。 经审议，逐项通过如下议案： 一、审议并通过《关于确定 H 股全球发售（香港公开发售及国际发售）及 在香港联合交易所有限公司上市相关事宜之议案》 同意关于公司 H 股全球发售（包括香港公开发售及国际发售）并在香港联合 交易所有限公司上市（以下简称"本次发行并上市"）的相关安排，包括但不限 于：（1）刊发、签署符合相关法律法规要求的招股说明书及其他相关文件；（2） 处理 H 股发行程序及相 ...