ESTUN AUTOMATION(002747) 群益证券·2024-11-19 03:03Investment Rating - The report assigns a "Buy" rating for the company Estun (002747.SZ) [2] Core Views - The industrial robot market saw a rebound in sales in Q3, and the company is expected to benefit from the development of new productivity initiatives [2] - The company is a leader in the domestic industrial robot sector, although it reported a cumulative net loss attributable to shareholders of 67 million RMB in the first three quarters, primarily due to weak downstream demand in sectors like photovoltaics [2] - With the gradual implementation of equipment renewal policies, the production growth rate of industrial robots is expected to improve month by month, leading to a year-on-year increase in revenue [2] - The company has received investments from advanced manufacturing funds, which is anticipated to accelerate its growth under government support [2] Financial Summary - The company reported a revenue of 1.2 billion RMB in Q3, representing a year-on-year growth of 21.7% [2] - The net profit attributable to shareholders for Q3 was 10 million RMB, recovering from a loss of 80 million RMB in Q2 [2] - The forecast for 2024 indicates a loss of 60 million RMB, with expected net profits of 170 million RMB and 350 million RMB in 2025 and 2026, respectively [2][4] - The estimated EPS for 2025 and 2026 is 0.19 RMB and 0.40 RMB, respectively, with corresponding P/E ratios of 92 times and 44 times [2][4] Market Position and Growth Potential - The company is positioned to capture opportunities in the high-tech industry, particularly in sectors such as shipbuilding, textiles, and packaging, as well as increased demand in electronics and automotive [2] - The government has begun to emphasize new productivity initiatives, which are expected to drive the development of high-tech industries, including industrial robots [2] - The company has introduced advanced manufacturing funds and received significant investments, which are likely to enhance its growth prospects [2]