机械设备行业 标配（维持） 关注出口链及科技成长等细分领域 机械设备行业 2024 年报及 2025 年一季报业绩综述 投资要点： ◼ 业绩：2025Q1归母净利润环比显著改善。2024年申万机械设备板块营收 为199957.67亿元，同比增长4.99%；归母净利润为1053.07亿元，同比下 降8.07%。2025Q1营收为4540.09亿元，同比增长10.16%，环比下降22.35%； 归母净利润为328.14亿元，同比增长24.44%，环比增长172.67%。2024年 营收同比保持小幅增长，利润端承压。从季度来看，2025Q1归母净利润 环比改善明显。行业连续三个季度盈利能力环比下降后回升，2025Q1毛 利率、净利率分别环比提升0.76pct、5.41pct。 ◼ 投资建议：维持标配评级。 自动化设备：25Q1业绩压力仍存，多因素助力景气回暖。2025Q1自动化 设备整体业绩仍承压，工控、机器人、激光设备等细分领域利润端环比 改善，归母净利润分别环比增长26.65%、113.81%、86.88%；毛利率分别 环比提升2.21pct、6.71pct、3.21pct；净利率分别环比提升4.18pct、 ...

一季度南京规模以上工业整体行业增长面达81.1% 不久前，正大天晴南京顺欣制药有限公司传来好消息，旗下3款抗体类1类创新药接连获批临床，覆盖罕 见病、肿瘤、过敏三大高增长赛道。 激发增长动力，实现产业强市新突破 □ 南京日报/紫金山新闻记者 徐宁 近日，MIR DATABANK（睿工业专业数据平台）发布最新数据统计，今年一季度，位于江宁开发区的 埃斯顿机器人实现近20%的同比增长，占中国机器人市场份额的10.3%，成为首个登顶中国机器人市场 的国产机器人品牌。 由点及面，推动整个行业发展，"机器人之城"加速崛起。在最新发布的统计数据中，一季度全市规模以 上工业37个行业大类中，30个行业增加值保持同比增长，整体行业增长面为81.1%，充分展现出南京经 济的强大韧性，基础稳、潜能大，持续延续回升向好态势。 全力抓增量，医药制造业同比增长13.7% 3月26日，香港大学医学院宣布成功完成香港地区首例CAR-T细胞治疗末期多发性骨髓瘤患者。该患者 接受了南京驯鹿生物技术股份有限公司CAR-T细胞产品伊基奥仑赛注射液治疗，在细胞回输一个月后， 不仅取得显著疗效，且未出现严重并发症。 此举为国产CAR-T药物"出海"走 ...

证券研究报告 通用自动化2024年报&2025年一季报总结 通用设备需求筑底静待复苏，挖掘机器人&FA自动化等α机会 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 证券分析师：钱尧天 执业证书编号：S0600524120015 qianyt@dwzq.com.cn 2025 年 5 月 7 日 请务必阅读正文之后的免责声明部分 1 核心要点 ◆工业自动化：2025Q1需求/业绩有所改善，推荐业绩拐点已至的工业FA板块。 我们选取10家工业自动化标的，包括【埃斯顿】【汇川技术】（东吴电新组覆盖）【埃夫特】【新时达】【拓斯达】【机器人】【怡合达】【绿 的谐波】【国茂股份】【中大力德】进行分析。2024年合计实现营收592.48亿元，同比+6%，中位数收入同比增速分别为-3%/-10%。 2024年工业自 动化行业合计归母净利润为34.18亿元，同比-40%，中位数归母净利润同比增速分别为-33%和-26% 。整体来看，工业自动化行业利润增速正逐步下 滑，一方面受收入端增速放缓影响，另一方面价格竞争情况仍未有明显改善。重点推荐工业自动化细分板块：工业F ...

股票代码：002747 股票简称：埃斯顿 南京埃斯顿自动化股份有限公司 2025 年 4 月 29 日投资者关系活动记录表 编号：2025002 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | ■其他（电话会议） | | 参与单位名称及人员姓名 | 2025年4月29日 18:00-19:00 电话会议 | | | 汇丰晋信基金管理有限公司、花旗环球金融亚 | | | 洲有限公司、摩根士丹利亚洲有限公司、大华 | | | 继 显 ( 香 港 ) 有 限 公 司 、 Fidelity Asia | | | Holdings Pte Limited 、 UOB ASSET | | | MANAGEMENT LTD、野村国际(香港)有限公司、 | | | 天瓴（北京）投资管理有限公司、耕霁(上海) | | | 投资管理有限公司、深圳市睿德信投资集团有 | | | 限公司、深圳市奕金安投资管理有限公司、鸿 | | | 运私募基金管理（海南）有限公司、海南道亦 | | | ...

在全球制造业智能化转型的浪潮中，中国工业机器人行业正迎来结构性变化。一方面，"智能化升级"与"设 备更新"政策红利持续释放，加速机器人向下沉市场渗透；另一方面，国产机器人技术平台不断升级，向汽 车、医药等高端场景开拓。 01 国产品牌登顶中国机器人市场第一 工业机器人作为推动全球制造业转型的关键驱动力，近年来取得了飞速的发展，中国工业机器人市场销量 从2015年的6.1万台增长至2024年的29.4万台，中国更是连续10多年稳居全球最大机器人市场宝座。随 着智能制造产业的发展，中国机器人市场进入调整期，行业迈入新增长阶段。 2015-2024年中国工业机器人整体市场销售规模推移（台） 数据来源：MIR DATABANK 注：*工业机器人产品包括：≤20kg 6-axis（包括其他垂直多关节）、>20kg 6-axis （包括其他垂直多关节） 、 据MIR DATABANK最新数据统计， 2025年Q1，中国工业机器人整体市场销量同比增长11.6%，国产机 器人渗透率同比提升2个百分点 。 埃斯顿机器人实现近20%的同比增长，占比中国机器人市场份额10.3% （注：含埃斯顿酷卓的市场份额） ， 成为首个登顶中国 ...

Core Viewpoint - The company, Estun Automation, reported a significant decline in revenue and net profit for the reporting period, primarily due to weakened market demand and increased competition in the automation and robotics sectors. The company aims to pivot towards solution-oriented services and expand its international presence to recover from these challenges [15][16][18]. Business Overview - Estun's business encompasses a full industry chain from automation core components and motion control systems to industrial robots and intelligent manufacturing systems, focusing on driving the transformation of China's manufacturing industry through automation, digitalization, and intelligence [5][4]. - The company operates two main business modules: automation core components and motion control systems, and industrial robots and intelligent manufacturing systems, serving various sectors including new energy, automotive, and electronics [5][8]. Financial Performance - For the reporting period, the company achieved sales revenue of 4.009 billion yuan, a year-on-year decrease of 13.83%. The industrial robots and intelligent manufacturing systems segment generated 3.032 billion yuan, down 16.04%, while the automation core components segment brought in 976 million yuan, down 6.13% [15][16]. - The overall gross margin for the company was 29.57%, a decline of 2.36 percentage points compared to the previous year, with specific margins for industrial robots and automation components also decreasing [17]. - The net profit attributable to the parent company was -810.44 million yuan, a staggering decline of 700.14% year-on-year, primarily due to lower revenue and increased operational costs [18]. Strategic Initiatives - The company plans to enhance its global footprint by expanding into markets in Europe, the Middle East, Southeast Asia, and the Americas, while also focusing on high-value product exports [16][20]. - Estun aims to strengthen its core business and market focus, analyze high-value customer needs, and explore niche market opportunities to build a differentiated competitive advantage [20]. - The company will continue to invest in research and development, with approximately 503 million yuan allocated, representing 12.55% of sales revenue, to maintain its technological leadership [19]. Accounting Policy Changes - The company has adopted a new accounting policy effective from April 1, 2024, which involves changes in how warranty-related costs are accounted for, impacting the presentation of financial statements [13][22][25].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.33 RMB [8][9]. Core Insights - The company reported a revenue of 4.009 billion RMB in 2024, a decrease of 13.83% year-on-year, and a net profit attributable to shareholders of -810.44 million RMB, a decline of 700.14% year-on-year, primarily due to goodwill impairment, declining market demand, and intensified industry competition [1][2]. - In Q1 2025, the company achieved a revenue of 1.244 billion RMB, an increase of 24.03% year-on-year, and a net profit of 13 million RMB, up 93.43% year-on-year, indicating a recovery in profitability [1][2]. - The company's gross margin for 2024 was 29.57%, down 2.36 percentage points year-on-year, with Q1 2025 gross margin at 28.27%, down 4.35 percentage points year-on-year, reflecting pressure from market competition and fixed cost rigidity [3]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been adjusted to 4.703 billion RMB, 6.062 billion RMB, and 7.862 billion RMB respectively, with net profit forecasts of 31.08 million RMB, 229.53 million RMB, and 369.85 million RMB respectively [5][7]. - The company is expected to maintain its leading position in the domestic industrial robot market, with a market share of 9.9% in Q1 2025, and is actively developing humanoid robots and related technologies [4][5]. Financial Metrics - The report provides key financial metrics, including a projected EPS of 0.04 RMB for 2025, a PE ratio of 515.85 for 2025, and a PB ratio of 8.81 for 2025 [7][18].

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 注：拟向金融机构申请的授信额度中，包含截至目前已披露对外投资项目的并购贷款所需的授信额度约 合人民币2.25亿元。 综合授信业务范围包括但不限于贷款、开立承兑汇票、融资性保函、融资租赁、保理、买方信贷、供应 链融资、票据池、信用证、外汇衍生产品等，同时公司对于前述额度内的综合授信，根据实际需要提供 相应担保。具体综合授信额度、品类、期限及其他条款要求最终以公司及子公司与各金融机构签订的协 议为准。 2025年度，公司为控股子公司提供的担保总额度预计不超过8.90亿元。其中，为资产负债率未超过70% 的被担保对象提供的担保额度为6.90亿元，为资产负债率超过70%的被担保对象提供的担保额度为2亿 元。具体如下： ■ 注： 上述担保为预计的2025年度公司及子公司提供的担保，被担保主体将根据实际发生的担保需要， 在公司合并报告范围内各主体间按规则调剂。 （三）被担保人基本情况 被担保人为公司合并报表范围内各主体（以下列出的为预计发生担保的被担保方） 1、南京埃斯顿机器人工程有限公司 成立日期：2011年9月5日 注册地点：南京市江宁经济技术开发区燕湖路178号 ...

Core Insights - The company reported a revenue of 4.009 billion yuan for 2024, but faced net profit losses due to goodwill impairment, industry demand fluctuations, and cost pressures. However, in Q1 2025, the company saw a significant improvement in profitability with a revenue of 1.244 billion yuan, a year-on-year increase of 24.03%, and a net profit of 12.63 million yuan, up 93.43% [1][2] Group 1: Financial Performance - In 2024, the company experienced a net profit loss due to various challenges, but in Q1 2025, it achieved a net profit of 12.63 million yuan, marking a 93.43% increase year-on-year [1] - The company's revenue for Q1 2025 was 1.244 billion yuan, reflecting a 24.03% year-on-year growth [1] - The company’s non-recurring net profit for Q1 2025 was 4.1674 million yuan, which is a 132.20% increase year-on-year [1] Group 2: Market Position and Growth - The company maintained a 20% year-on-year growth in industrial robot shipments in 2024, ranking second in China's industrial robot market and first among domestic brands [1] - In Q1 2025, the company became the top-selling brand in China's robot market, achieving a market share of 10.3% [1] - The overall market for industrial robots in China grew by 11.6% year-on-year in Q1 2025, with domestic robot penetration increasing by 2 percentage points [1] Group 3: Research and Development - The company invested 503 million yuan in R&D in 2024, accounting for 12.55% of its revenue, focusing on high-precision six-axis robots and flexible production line solutions [2] - The company successfully launched a 700kg heavy-duty robot, breaking technological barriers and being included in the Ministry of Industry and Information Technology's promotion directory [2] - The company aims to build a globally competitive R&D framework and has committed to long-term investments in innovation to maintain its technological leadership [2] Group 4: Global Expansion and Strategy - The company is actively expanding its global presence, with overseas revenue reaching 1.37 billion yuan in 2024, making up 34.16% of total revenue [2] - The company plans to focus on "global layout, strategic focus, technological breakthroughs, and operational efficiency" in its 2025 development strategy [2] - The company is also investing in "artificial intelligence + robotics" to leverage its experience and data in industrial applications [3]

2024 年度独立董事述职报告 陈珩 南京埃斯顿自动化股份有限公司 2024 年度独立董事述职报告 （独立董事：陈珩） 作为南京埃斯顿自动化股份有限公司（以下简称"公司"）独立董事，在 2024 年任职期间，本人严格按照《公司法》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》《公司章程》《独立董事制度》等规定和要求， 认真履行职责，出席董事会及股东大会，对会议议题进行认真审议，并对相关事 项发表意见，维护了公司及全体股东利益。现将 2024 年独立董事任职期间的工 作情况汇报如下： 一、独立董事的基本情况 1、独立董事工作履历、专业背景及兼职情况 本人陈珩，1973 年出生，中国国籍，无境外居留权，中国注册会计师、高 级会计师，硕士研究生学历（MBA）。历任立信会计师事务所（特殊普通合伙）高 级经理，上海置诚管网工程技术股份有限公司财务总监，众华会计师事务所（特 殊普通合伙）审计业务部部门主管，上海沪工焊接集团股份有限公司财务总监、 投资总监。现任上海开开实业股份有限公司财务总监、副总经理，上海强商实业 有限公司法人代表和执行董事，上海开开制衣公司董事，上海开开百货有限公司 董事， ...