证券研究报告 行业研究 / 行业专题 2026 年 03 月 17 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《智能制造行业周报：看好多层板放量下 PCB 设备升级机遇》2026-03-16 《智能制造行业周报：持续看好半导体设备零 部件国产化替代》2026-03-09 《全球人形机器人产业周报（二）：产业化提 速，标准体系与应用落地共振》2026-03-09 《全球商业航天产业周报（一）：蓝箭航天动 力系统实现突破》2026-03-09 《全球人形机器人产业周报（一）：人形机器 人供应链海外产能布局加速推进》2026-03-02 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 GTC 催化，量产预期仍是核心锚点 ——全球人形机器人产业周报（二） 资料来源：iFinD，爱建证券研究所 资料来源：iFinD，爱建证券研究所 图表 3：人形机器人指数在万得全 A 指数成交额占比 图表 4：人形机器人指数走势与两融余额 资料来源：iFinD，爱建证券研究所 资料来源：iFin ...

Investment Rating - The report rates the humanoid robotics industry as "Outperform the Market" [2] Core Insights - The humanoid robotics index experienced a decline of 1.37% during the week of March 9 to March 13, 2026, maintaining a volatile pattern. The current PE ratio is at a 23.81% percentile over the past three months [2] - Key companies in the humanoid robotics sector are accelerating their listings in Hong Kong, enhancing their global presence and supply chain influence [2] - The upcoming NVIDIA GTC 2026 conference is expected to be a significant catalyst for advancements in robotics and AI, focusing on industrial-grade embodied intelligence and foundational models [2] Summary by Sections Industry Overview - The humanoid robotics industry is in a transitional phase from engineering to mass production, with technological advancements and event-driven catalysts influencing short-term pricing [2][19] - The report highlights the importance of production rhythm and application scenarios for long-term growth [2] Market Performance - The humanoid robotics index has shown fluctuations, with notable gains from companies like Bozhong Precision (+38.28%) and Shuangyi Technology (+26.27%), while companies like Huapei Power (-23.42%) and Hengfeng Tools (-17.09%) faced significant declines [2][14] - The report emphasizes the need to monitor the production and iteration progress of leading humanoid robotics manufacturers [2] Investment Recommendations - The report recommends investing in companies with core component capabilities that can enhance value through collaboration with complete machine manufacturers, such as reducers, screws, motors, sensors, and control systems [2] - It also suggests focusing on platform-type manufacturers with integrated algorithm and control system capabilities, as their market leadership is expected to become more evident with the advancement of industrialization [2]

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [35] Core Insights - The report highlights significant advancements in the robotics sector, including the launch of Optimus V3 and the capabilities of Helix 02, which enable full-body end-to-end operations [2][4] - Domestic companies like Estun and Yushutech are leading the market, with Yushutech projected to be the global leader in humanoid robot shipments by 2025, achieving a market share of 32.4% with 5,500 units [18][19] - The report emphasizes the importance of focusing on both complete robot manufacturers and core component suppliers, suggesting specific companies for investment [35] Industry News and Company Developments - Estun has initiated its Hong Kong stock listing to accelerate internationalization, aiming to enhance its global sales network and R&D capabilities [15] - Yushutech is expected to dominate the humanoid robot market by 2025, surpassing competitors like Tesla and Figure AI [18][19] - The report notes the successful development of a liquid metal universal gripper by a team from Suzhou University, achieving unprecedented precision and speed in robotic manipulation [21][22] - JD.com showcased over 60 new robotic products at AWE 2026, launching an industry acceleration plan in collaboration with top robotics brands [22][24] Investment Recommendations - The report recommends focusing on complete robot manufacturers and core component suppliers, including: 1. Complete Robots: Recommended companies include UBTECH and Hangcha Group, with related stocks being Woan Robotics and Jizhi Jia [35] 2. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related stocks being Weichuang Electric and Buke Co [35] 3. Gear Reducers: Related stocks include Harmonic Drive, Keda Li, and others [35] 4. Lead Screws: Recommended company is Hengli Hydraulic, with related stocks being Zhejiang Rongtai and others [35] 5. Sensors: Recommended companies include Amperelong and Hanwei Technology [35] 6. Encoders: Related stocks include Fengcai Technology and Yap Technology [35] 7. Joints: Recommended company is Changying Precision [35] 8. Structural Parts: Recommended company is Ningbo Huaxiang [35] 9. Equipment: Recommended companies include Jinsang Machine Tool China and Bozhong Precision [35]

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [35] Core Insights - The report highlights significant advancements in the robotics sector, including the launch of Optimus V3 and the capabilities of Helix 02, which enhance robotic functionalities [2][4] - Domestic companies like Estun and Yushutech are making strides, with Estun initiating a Hong Kong IPO and Yushutech projected to lead global humanoid robot shipments by 2025 [4][18] - The report emphasizes the importance of focusing on both complete robot manufacturers and core component suppliers, indicating a robust investment landscape [31][35] Industry News and Company Developments - Estun Automation has started the process for a Hong Kong IPO to accelerate its international expansion, aiming to enhance its global sales network [15] - Yushutech is expected to dominate the humanoid robot market in 2025, with a projected shipment of 5,500 units, capturing 32.4% market share [19] - The report notes the successful development of a liquid metal universal gripper by a team from Suzhou University, achieving record-breaking performance in precision control [21][22] - JD.com showcased over 60 new robotic products at AWE 2026, launching an industry acceleration plan in collaboration with top robotics brands [22] Investment Recommendations - The report recommends focusing on complete robot manufacturers and core component suppliers, including: 1. Complete Robots: Recommended companies include UBTECH and Hangcha Group, with related companies like Woan Robotics and Jizhijia [35] 2. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related companies like Weichuang Electric and Buke Co. [35] 3. Gear Reducers: Related companies include Harmonic Drive and Keda Li [35] 4. Lead Screws: Recommended company is Hengli Hydraulic, with related companies like Zhejiang Rongtai and Best [35] 5. Sensors: Recommended companies include Amperelong and Hanwei Technology [35] 6. Encoders: Related companies include Fengcai Technology and Yapu Co. [35] 7. Joints: Recommended company is Changying Precision [35] 8. Structural Components: Recommended company is Ningbo Huaxiang [35] 9. Equipment: Recommended companies include Jinsang Machine Tool China and Bozhong Precision [35]

Core Insights - China is positioned as a global leader in the electric vehicle (EV) industry, with an expected production of 16.626 million EVs by 2025, accounting for approximately 74.5% of global EV production [1] - The automotive equipment manufacturing industry in China is characterized by autonomous technology, leading efficiency, and customization capabilities, setting a benchmark for global automotive equipment manufacturing [1] Group 1: Automation and Robotics in Manufacturing - Estun has partnered with a well-known domestic smart car brand to create an intelligent manufacturing factory for automotive components, achieving a 90% automation level in core processes [1] - Over 200 Estun robots have been installed and commissioned within 60 days, marking a significant breakthrough in large-scale, full-process applications in high-end automotive manufacturing [1] - The new intelligent factory is designed to meet an annual production capacity of 300,000 automotive components, with robots capable of handling loads ranging from 6 kg to 500 kg [3] Group 2: Specific Applications of Robotics - Estun's industrial robots for spot welding have achieved a mean time between failures (MTBF) of 120,000 hours, demonstrating top-tier stability, reliability, and durability [4] - The robots have a repeat positioning accuracy of ±0.06 mm, significantly enhancing production efficiency and reducing debugging time from days to hours [4] - Estun robots are also capable of adapting to SPR (Self-Piercing Riveting) and FDS (Thermal Melt Fastening) processes, withstanding a reaction force of 4000N, ensuring high-quality connections for lightweight materials [7] Group 3: Additional Robotic Applications - Estun's arc welding robots ensure stable and reliable welding quality in confined spaces due to their high trajectory precision and vibration suppression capabilities [10] - The handling robots excel in transporting and assembling large sheet metal and assembly parts, with load capacities ranging from 3 kg to 1200 kg [10] - In adhesive dispensing, Estun robots achieve a trajectory precision of ±0.1 mm, ensuring uniform and uninterrupted adhesive application [10] Group 4: Comprehensive Solutions and Services - As a comprehensive automation brand in China, Estun offers a wide range of industrial robots tailored for various automotive welding line processes [14] - The company provides professional and customizable product solutions based on its core technology system, supporting clients in building digital factories and ensuring stable, efficient operations [14] - The establishment of a fully autonomous automotive component welding line demonstrates Estun's capability in developing high-end equipment and intelligent solutions, validating the performance and engineering resilience of domestic high-end equipment [14]

Core Viewpoint - Estun's stock performance has been weak since its debut, reflecting both fundamental challenges and a tough market environment, with a significant price gap between its Hong Kong and A-share listings [3][4][7]. Group 1: Company Performance - Estun's stock price fell 16% on its first trading day, closing at 12.90 HKD, and showed only a slight recovery of 0.31% to 12.94 HKD the next day [4][3]. - The company is projected to report a net loss of 818 million CNY in 2024, a significant decline from previous years, with gross margin decreasing from 32.9% in 2022 to 28.2% in the first three quarters of 2025 [9][6]. - Revenue figures for Estun from 2022 to 2024 are 3.881 billion CNY, 4.652 billion CNY, and 4 billion CNY respectively, with a notable drop in net profit from 183 million CNY in 2022 to a projected loss in 2024 [9][6]. Group 2: Market Environment - The Hong Kong stock market has been under pressure, with the Hang Seng Index dropping 9.5% since late January 2026, impacting new stock sentiment [10][3]. - There is a growing concern about liquidity in the Hong Kong market, with 488 companies currently waiting to list and an expected unlock of over 450 billion HKD in shares in the first half of 2026 [14][15]. - The IPO market in Hong Kong has shown a stark contrast, with 27 new listings in 2026, but 10 of these stocks have fallen below their issue price within five trading days [12][3].

股票代码：002747 股票简称：埃斯顿 公告编号：2026-014号 | 1．基本情况 | | | --- | --- | | 信息披露义务人1 | 南京派雷斯特科技有限公司 | | 住所 | 南京市高淳区淳溪街道石臼湖北路 68 号-7 | | 信息披露义务人2 | 吴波 | | 住所 | 南京市玄武区****** | 1 | 信息披露义务人3 | | 吴侃 | | | | --- | --- | --- | --- | --- | | 住所 | 南京市玄武区****** | | | | | 权益变动时间 | | 2026 年 3 月 | 9 日 | | | 权益变动过程 | 公司于2026年3月9日发行H股并在香港联合交易所有限公司主板挂 | | | | | | 牌上市。公司本次发行96,780,000股H股股票（行使超额配售权之前 | | | | | | ），公司总股本由871,018,453股增加至967,798,453股，控股股东 | | | | | | 派雷斯特、实际控制人吴波及一致行动人吴侃持有股份数量不变， | | | | | | 持股比例被动稀释，合计持股比例由42.15%降至37.94% ...

股票代码：002747 股票简称：埃斯顿 公告编号：2026-013号 | 股东名称 | 本次发行上市前 | | | 本次发行上市后 | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 假设超额配售权未获行使 | | 假设超额配售权悉数行使 | | | | 持股数量（股） | 比例 | 持股数量（股） | 比例 | 持股数量（股） | 比例 | | 南京派雷斯特 科技有限公司 | 254,894,742 | 29.26% | 254,894,742 | 26.34% | 254,894,742 | 25.95% | | 吴波 | 110,996,700 | 12.74% | 110,996,700 | 11.47% | 110,996,700 | 11.30% | | 吴侃 | 1,263,033 | 0.15% | 1,263,033 | 0.13% | 1,263,033 | 0.13% | | 合计 | 367,154,475 | 42.15% | 367,154,475 | 37.94% | 367,154,475 | 37.38% | ...

Core Viewpoint - Estun Automation has successfully listed on the Hong Kong Stock Exchange, becoming the first company in China's industrial robotics sector to achieve an "A+H" listing, following its 2015 listing on the Shenzhen Stock Exchange [1][3]. Group 1: Listing Details - On March 9, Estun Automation officially listed on the Hong Kong Stock Exchange under the stock code 02715.HK, marking a significant milestone in its capital market strategy [1]. - The listing ceremony was attended by government leaders, investment institutions, intermediaries, and Estun's management, highlighting the importance of this event [3]. - Estun's global offering consisted of 96.78 million shares, attracting notable investment from various well-known institutions, reflecting strong recognition of its growth prospects in the international capital market [8]. Group 2: Market Context - The global smart manufacturing market is projected to exceed $1 trillion, driven by the ongoing trends of digitalization and automation, which are reshaping the core competitiveness of the manufacturing industry [5][14]. - By 2027, the market size for AI-enabled high-end intelligent equipment and smart manufacturing is expected to surpass $2 trillion, indicating rapid growth in this sector [14]. Group 3: Solutions and Innovations - Estun has developed comprehensive smart manufacturing solutions across over 30 major industries, including automotive, lithium batteries, photovoltaics, semiconductors, and electronics, enhancing efficiency for global manufacturing clients [15]. - The company is focusing on AI and robotics integration, with plans to launch the iER.OS control base and the new E-Noesis AI industrial cloud platform by early 2026, establishing a full-stack technology chain [16]. - Estun aims to address industry pain points by creating intelligent solutions for welding, polishing, flexible assembly, and other manufacturing processes, reinforcing its mission to make manufacturing smarter [17]. Group 4: Strategic Vision - The listing on the Hong Kong Stock Exchange marks a new strategic starting point for Estun, which is committed to long-term innovation and collaboration with the capital market to provide smarter, greener, and more efficient automation solutions for the global manufacturing industry [19].

Core Viewpoint - Estun Automation has successfully listed on the Hong Kong Stock Exchange, becoming the first company in China's industrial robot sector to achieve an "A+H" listing, following its previous listing on the Shenzhen Stock Exchange in 2015 [1][3]. Group 1: Global Smart Manufacturing Market - The global smart manufacturing market is projected to exceed $1 trillion, driven by advancements in automation, digitalization, and intelligent technologies that address labor shortages and skill gaps [13]. - By 2027, the market for AI-enabled high-end smart equipment and smart manufacturing is expected to surpass $2 trillion [13]. Group 2: Comprehensive Solutions for Manufacturing - Estun has developed hundreds of intelligent manufacturing solutions across over 30 major industries, including automotive, lithium batteries, photovoltaics, semiconductors, and electronics, in collaboration with leading clients [14]. - The company aims to enhance the core competitiveness of global manufacturing clients through a systematic approach, leveraging its extensive business network and partnerships [14]. Group 3: Focus on AI and Robotics - Estun is set to launch the iER.OS control base and the new E-Noesis AI industrial cloud platform in early 2026, establishing a comprehensive "AI + Robotics" technology chain that integrates system development, application software, and AI digital management [15]. - The company will focus on addressing industry pain points by developing intelligent solutions for welding, grinding, flexible assembly, and other unstructured scenarios, reinforcing its mission to make manufacturing smarter [15]. Group 4: Strategic Positioning - The listing on the Hong Kong Stock Exchange marks a new strategic starting point for Estun, which is committed to long-term innovation and collaboration with the capital market to provide smarter, greener, and more efficient automation solutions for global manufacturing [17].