4Q25 Robot/Automation Landscape Analyzer: How are market shares shifting? 4Q25 key observations on the China Industrial Robot & Automation competitive landscape 28 January 2026 | 9:44AM HKT Equity Research CHINA INDUSTRIAL TECH Post MIR's estimated sales data (vs. production data reported by the NBS) as well as our coverage companies' business segment disclosures, we compile our latest landscape analyzer within. n Total industrial automation (IA) market was -3% yoy in 4Q25, with the project/OEM markets at - ...

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, indicating a positive outlook compared to the market [1]. Core Insights - The mechanical sector has shown strong performance, with a 9.68% increase in January, outperforming the CSI 300 index by 8.02 percentage points, ranking 8th among 30 major industries [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have experienced significant growth, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as leading companies in shipbuilding and mining metallurgy equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was robust, with a 9.68% increase, significantly outpacing the CSI 300 index [3][10]. - The sector's valuation is currently at a relatively high level, with the industry P/E ratio at 43.4 times, placing it in the 78.4th percentile of the past decade [15][19]. 2. Engineering Machinery - The engineering machinery sector is expected to see a recovery in 2026, driven by equipment replacement cycles and increasing domestic demand [20][41]. - Sales of excavators and loaders showed strong growth in December 2025, with excavator sales up 19.2% and loader sales up 30% year-on-year [20][28]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in December 2025 production [42]. - The humanoid robot industry is rapidly developing, with over 140 domestic companies and significant production expected in 2025 [42][45]. 4. Shipbuilding - The shipbuilding sector is stabilizing, with new ship price indices showing an upward trend and ongoing recovery in profitability for shipbuilding companies [50].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The mechanical sector has shown a strong performance, with a 9.68% increase in January, outperforming the Shanghai and Shenzhen 300 Index by 8.02 percentage points [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have seen significant gains, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as on humanoid robots and AIDC supporting equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was strong, with a 9.68% increase, ranking 8th among 30 major industries [3][10]. - The report highlights the recent upward trend in sub-sectors, particularly in photovoltaic and semiconductor equipment, which had previously been lagging [4][10]. 2. Engineering Machinery - The report indicates a positive outlook for the engineering machinery sector in 2026, driven by a recovery in demand and an ongoing equipment update cycle [20][41]. - Key statistics include a 19.2% year-on-year increase in excavator sales in December 2025, with total sales for the year reaching 235,257 units, a 17% increase [20][27]. - The report recommends focusing on leading companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG [41]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in production in December 2025, totaling 90,116 units [42][49]. - The humanoid robot industry is rapidly developing, with over 140 companies and more than 330 products launched in 2025, marking it as a year of mass production [42][44]. - The report emphasizes investment opportunities in leading companies and core component suppliers within the robotics sector [49]. 4. Shipbuilding - The shipbuilding sector shows signs of recovery, with new ship price indices stabilizing and ongoing profitability improvements for shipbuilding companies [50]. - In the first three quarters of 2025, China's shipbuilding output increased by 6.0%, maintaining a leading position globally [50].

根据MIR睿工业公布最新数据，2025年埃斯顿机器人出货量继续位列中国市场第一（含全部内外资品牌）， 市场份额达10.6%，全年出货量同比实现25%增长， 推动工业机器人国产化占有率进一步提升至56%以上， 成为中国工业机器人市场持续增长的核心推动力。 以埃斯顿为代表的中国自主化机器人品牌正式引领中国机器人市场进入发展新阶段。 ▍ AI+ 机器人推动产品升级 2025年，埃斯顿延续了工业机器人市场持续高增长的趋势，连续8年位列国产机器人市场第一。在协作机器人 领域，埃斯顿酷卓实现超过270%出货增长，成为增长最快的协作机器人品牌。埃斯顿形成以自动化及核心部 件、工业机器人、协作机器人、AI+具身智能机器人全栈技术自研、全品类布局的厂商。 作为行业龙头，埃斯顿全力拥抱 AI 技术，率先向工业具身智能领域突围。 2026 年初，埃斯顿发布 iER 系 列机器人及 iER.OS 机器人控制系统，并发布聚焦工业机器人 +AI 应用生态的 RoboBase 平台。 ▍ 走出内卷，重回高质量增长航道 2025年，AI+机器人技术不断落地，国产化比例持续提升，埃斯顿引领中国机器人品牌率先实现数量与质量 的"双增长"，走出行 ...

Core Viewpoint - Estun Automation Co., Ltd. has submitted a second IPO application to the Hong Kong Stock Exchange after a previous application lapsed, aiming to expand its global production capacity and strengthen its market position in the industrial robotics sector [2][3]. Group 1: Company Overview - Estun is a leading Chinese industrial robotics company, primarily serving clients in automotive, engineering machinery, heavy industry, and lithium battery manufacturing [3]. - The company has maintained the highest shipment volume among domestic enterprises in China's industrial robotics solutions market for several consecutive years, surpassing foreign brands in 2025 [3]. - As of January 21, the company's market capitalization was approximately 21.9 billion yuan [2]. Group 2: Product and Brand Portfolio - Estun offers a range of industrial robots and automation core components, with 95 robot products covering payloads from 3 kg to 1200 kg [7]. - The company has acquired several brands, including Trio and M.A.i, enhancing its capabilities in high-end motion control solutions and intelligent manufacturing systems [4]. - Estun has established a global presence with 75 service points and seven manufacturing bases across major markets, including Europe and Southeast Asia [3]. Group 3: Financial Performance - Despite the overall growth in the global industrial robotics market, Estun's revenue has declined, with figures of 3.881 billion yuan in 2022, 4.652 billion yuan in 2023, and 4.009 billion yuan in 2024 [6]. - The company's net profit showed a significant drop, with a loss of 818 million yuan in the first nine months of 2025 [6]. - The gross margin has also decreased from 32.9% in 2022 to 28.2% in 2025, indicating ongoing financial challenges [8].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [2][7]. Core Insights - The company is expected to achieve a net profit of RMB 35 to 50 million in 2025, recovering from a loss of RMB 810 million in the previous year, marking a significant turnaround [8]. - 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% [10]. - 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 [10]. - Profit forecasts for the company are optimistic, with expected net profits of RMB 40 million in 2025, RMB 160 million in 2026, and RMB 270 million in 2027, reflecting substantial growth rates [10]. Company Overview - The company operates primarily in the machinery equipment sector, with a market capitalization of RMB 19.66 billion and a share price of RMB 25.13 as of January 21, 2026 [1]. - The product mix includes 75.7% from industrial robots and complete equipment, and 24.3% from automation core components and motion control systems [3]. - Major shareholders include Nanjing Pailaisite Technology Co., Ltd., holding 29.26% of shares [1]. Financial Performance - The company is projected to achieve revenues of RMB 5.15 billion in 2025, increasing to RMB 6.32 billion in 2026 and RMB 7.19 billion in 2027 [14]. - The earnings per share (EPS) are expected to be RMB 0.1 in 2025, RMB 0.2 in 2026, and RMB 0.3 in 2027, with corresponding price-to-earnings (P/E) ratios of 501, 133, and 82 [12][14]. - The company is expected to generate positive cash flow from operating activities starting in 2025, with a net cash flow of RMB 192 million [14].

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].

根据更新后的招股书披露的财务数据，2022年、2023年、2024年和2025年前九个月，埃斯顿的营业收入分别为38.81亿元、46.52亿元、40.09亿元和38.04亿 元，对应的归母净利润分别为1.84亿元、1.34亿元、-8.18亿元和0.30亿元。 1月21日晚间，埃斯顿发布的2025年度业绩预告显示，预计全年归属于上市公司股东的净利润将实现3500万元至5000万元的盈利，相较上年同期亏损超8.1亿 元，同比大幅增长104.32%至106.17%，成功实现扭亏为盈。 同时，埃斯顿赴港IPO的进程也在持续推进，首次递表失效后，已于1月15日再度递交招股书，有望成为港股工业机器人第一股。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利:3.500万元-5,000万元 | 亏损:81.044.45 万元 | | | 比上年同期增长:104.32% - 106. 17% | | | 扣除非经常性损 益后的净利润 | 盈利:600 万元 - 800 万元 | 亏损:83,566.64 万元 | | | 比上年同期增长:100.72 ...

经济观察网2026年1月21日，埃斯顿（002747）发布2025年度业绩预告，预计2025年净利润3500万元至 5000万元，同比增长104.32%至106.17%；扣除非经常性损益后的净利润600万元至800万元，同比增长 100.72%至100.96%。 ...

证券日报网讯 1月21日，埃斯顿发布2025年度业绩预告称，公司预计2025年度归属于上市公司股东的净 利润为3，500万元–5，000万元，比上年同期增长104.32%-106.17%。 （文章来源：证券日报） ...