Estun (002747) in-depth report: Based on intelligent manufacturing to create a domestic industrial robot leader
Leading enterprise in intelligent manufacturing, future development is expected.
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.
The short-term company’s operating performance maintained high growth.In 2018, the industrial robot business continued to maintain high-speed growth, the motion control system business grew rapidly, the CNC system business grew steadily, and the synergy effect of the acquired enterprises continued to appear.
The company expects to achieve a net profit of 9305 attributable to mothers in 2018.
60,000 yuan, expected to grow 0% -40 throughout the year.
Continued high investment in research and development, dual-core dual-wheel drive for development.
In the first three quarters of 2018, the company’s R & D expenses accounted for 9% of revenue.
It is estimated that this ratio has been maintained at about 10%, which is enough to enable the company to maintain an alternative basis for leading edge in technological innovation.
The company has vigorously developed the business of industrial robots and intelligent manufacturing systems, and its revenue accounted for 武汉夜生活网 16% in 2015.
4% climbed to 48 in the first half of 2018.
The gross profit margin of various businesses showed a rising trend, and the company’s profitability gradually improved.
Actively carrying out domestic and overseas mergers and acquisitions, the international layout has achieved significant results.
The company actively explores an international development strategy, acquires British Trio and controls German M.
, Invested in companies such as Barrett in the United States, Euclid in Italy, and established a European R & D center in Milan to complete the internationalization of the brand and technology.
The company’s domestic mergers and acquisitions of Shanghai Praxair, Nanjing Fengyuan, Yangzhou Shuguang and other companies, after the merger and integration, the synergy is obvious, which further strengthens the company’s production and research and development capabilities in the field of automation core components and motion control systems, robots and intelligent manufacturing systems.
The industrial robot industry has a promising future and the trend of intelligent manufacturing is inevitable.
China has become the world’s largest and fastest-growing market for industrial robots since 2013. Foreign brands still have advantages in terms of technology and market, and domestic brands will make breakthroughs in the segmentation in the future.
In 2018, the growth rate of the industrial robot industry has fallen sharply, and the output has repeatedly shifted for four consecutive months. We believe that the short-term pressure of the industry cannot change the general trend of machine generation.
There is huge room for domestic automation transformation, the demographic dividend is gradually disappearing, the problem of aging is serious, and the labor force is overlapping; the strong support of overlapping national policies has made the future development of the industrial robot industry still considerable.
Investment suggestion: The company is one of the leading companies in the industrial robot industry in developing countries. We expect the company’s 18/19 revenue to be 0.
20 yuan, the current expected corresponding PE is 69/48 times respectively, giving the company a “cautious recommendation” rating.
Risk reminders: Macroeconomic growth rate; deterioration of overseas trade environment; lower demand for downstream automation transformation; less-than-expected technological transformation; less-than-expected performance.