Group 1: Market Position and Performance - The company's market share for general servo products in Q3 2024 is approximately 4.64%, showing year-on-year and quarter-on-quarter growth [6] - Domestic brands' market share increased from 28.6% in 2020 to 45.1% in 2023, reaching 51.6% in the first nine months of 2024 [9] - The company aims to enhance its market position by expanding applications in high-end sectors such as automotive manufacturing, semiconductors, and new energy [10] Group 2: Product Development and Innovation - The company has launched the first generation humanoid robot, Codroid 01, which was officially released in September 2024 and is positioned as an industry leader [7] - A strategic financing round raised 130 million RMB for product development, market expansion, and talent acquisition [7] - The company is focused on continuous product upgrades and technological iterations to drive sales growth and market share [6] Group 3: Industry Trends and Policies - The implementation of national policies encouraging equipment upgrades is expected to boost downstream demand and promote the automation industry [8] - The domestic industrial robot market is anticipated to enter a new growth cycle due to structural adjustments in downstream industries and increased investment in manufacturing [8] Group 4: Sales and Marketing Strategy - The company primarily utilizes a direct sales approach, targeting direct users, system integrators, and equipment manufacturers [10] - A regional marketing system has been established to adapt to market changes and improve sales efficiency [10] Group 5: International Expansion - The company has established 75 service outlets globally, covering major manufacturing regions in Europe, America, and Asia [10] - Plans for localized manufacturing in Eastern Europe are underway to enhance the company's global presence [10]

Investment 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]

股票代码：002747 股票简称：埃斯顿 公告编号：2024-066 号 南京埃斯顿自动化股份有限公司 关于公司及子公司获得政府补助的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、获取补助的基本情况 南京埃斯顿自动化股份有限公司（以下简称"公司"）及子公司近期收到与 收益相关的各类政府补助合计 14,182,278.39 元，收到与资产相关的各类政府补 助合计 3,000,726.00 元。根据《深圳证券交易所股票上市规则》等的有关规定， 现将公司及子公司自最近一次披露获得政府补助的公告至今收到的相关政府补 助情况公告如下： （一）与收益相关的政府补助 | 获得补助的主 | 补助项目/ 原 | 发放主体 | 补助金额 | 补助到 | | 补助类型 | 会计 | | --- | --- | --- | --- | --- | --- | --- | --- | | 体 | 因 | | （单位：元） | 账时间 | | | 处理 | | 南京埃斯顿机 器人工程有限 | 软件退税 | 南京国税 | 290,367.61 | 2024 | 年 | 与收益相 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-065 号 南京埃斯顿自动化股份有限公司 关于参股公司增资暨公司放弃优先认缴出资权的关联交易公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、关联交易概述 （一）交易基本情况 南京埃斯顿自动化股份有限公司（以下简称"公司"）参股公司南京埃斯顿 酷卓科技有限公司（以下简称"埃斯顿酷卓"）根据业务发展需要，拟引入新投 资者先进制造产业投资基金二期（有限合伙）（以下简称"先进制造业基金"）、 江苏南京软件和信息服务产业专项母基金（有限合伙）（以下简称"南京产业专 项母基金"）进行增资，增资金额人民币 13,000 万元，其中先进制造业基金出 资人民币 10,000 万元，南京产业专项母基金出资 3,000 万元。本次增资完成后， 埃斯顿酷卓新增注册资本人民币 1,625 万元，增资金额与新增注册资本差额计入 其资本公积。公司及埃斯顿酷卓其他原股东拟放弃上述增资的优先认缴出资权， 该事项同时构成关联交易。本次增资完成后，公司持有埃斯顿酷卓的股权比例将 由增资前的 20%变更为 13.95%，埃斯顿酷 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-064号 南京埃斯顿自动化股份有限公司 第五届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 南京埃斯顿自动化股份有限公司（以下简称"公司"）第五届监事会第十次 会议通知于 2024 年 11 月 7 日以电话、邮件等方式发出，会议于 2024 年 11 月 11 日在南京市江宁区吉印大道 1888 号（江宁开发区）公司会议室，以通讯表 决方式召开。本次会议由监事会主席顾晓霞女士主持，会议应出席监事 3 人，实 际出席监事 3 人。本次会议的召开符合《公司法》及相关法律、法规以及《公司 章程》的规定。经审议，通过如下议案： 一、审议并通过《关于参股公司增资暨公司放弃优先认缴出资权的关联交 易议案》 经审核，监事会认为：本次参股公司南京埃斯顿酷卓科技有限公司增资有助 于补充营运资金，满足其业务发展需要，符合其长期发展战略。公司放弃本次增 资的优先认缴出资权是综合考虑公司实际情况、经营规划等作出的审慎决策，不 会对公司生产经营、财务状况、经营成果产生重大不利影响。本次关联交易遵 ...

南京埃斯顿自动化股份有限公司（以下简称"公司"）第五届董事会独立董 事专门会议第四次会议通知于 2024 年 11 月 7 日以电话、邮件等方式发出，会议 于 2024 年 11 月 11 日以通讯表决方式召开。会议应出席独立董事 3 人，实际出 席独立董事 3 人，全体独立董事共同推举本次会议由冯虎田先生主持。本次会议 的召开符合《公司法》《上市公司独立董事管理办法》及相关法律、法规以及《公 司章程》的规定。经审议，通过如下议案： 一、审议并通过《关于参股公司增资暨公司放弃优先认缴出资权的关联交 易议案》 经审核，独立董事认为：本次增资有利于满足参股公司南京埃斯顿酷卓科技 有限公司（以下简称"埃斯顿酷卓"）经营发展的资金需求，对埃斯顿酷卓的未 来发展具有积极作用。公司放弃参股公司埃斯顿酷卓增资的优先认缴出资权不会 对公司的生产经营、财务状况、经营成果产生不利影响。本次关联交易遵循了公 开、公平、公正的原则，交易定价公允、合理，不存在损害公司、股东尤其是中 小股东利益的情形。 同意参股公司增资暨公司放弃优先认缴出资权的关联交易事项，并同意将该 议案提交公司董事会审议，其中关联董事应回避表决。 表决结果：同意 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-063号 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 南京埃斯顿自动化股份有限公司 第五届董事会第十次会议决议公告 南京埃斯顿自动化股份有限公司（以下简称"公司"）第五届董事会第十 次会议通知于 2024 年 11 月 7 日以电话、邮件等方式发出，会议于 2024 年 11 月 11 日在南京市江宁区吉印大道 1888 号（江宁开发区）公司会议室，以通讯表 决方式召开。本次会议由董事长吴波先生主持，会议应参会董事 9 人，实际参会 董事 9 人，本次会议的召开符合《公司法》及相关法律、法规以及《公司章程》 的规定。经审议，通过如下议案： 一、审议并通过《关于参股公司增资暨公司放弃优先认缴出资权的关联交 易议案》 公司参股公司南京埃斯顿酷卓科技有限公司（以下简称"埃斯顿酷卓"）根 据业务发展需要，拟引入新投资者先进制造产业投资基金二期（有限合伙）（以 下简称"先进制造业基金"）、江苏南京软件和信息服务产业专项母基金（有限合 伙）（以下简称"南京产业专项母基金"）进行增资，增资金额人民币 13,0 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-062 号 南京埃斯顿自动化股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、进行现金管理的审批情况 南京埃斯顿自动化股份有限公司（以下简称"公司"）分别于第五届董事会 第六次会议、第五届监事会第六次会议、2023 年年度股东大会审议通过了《关 于公司及子公司使用部分闲置募集资金和自有资金进行现金管理的议案》，同意 公司及子公司拟对最高余额不超过人民币 10 亿元的闲置自有资金适时进行现 金管理，投资于流动性好、安全性高的中、低风险理财产品；在上述额度内可滚 动使用暂时闲置的自有资金进行现金管理。公司及子公司应严格遵守审慎投资原 则，选择银行、证券公司等金融机构的中、低风险短期的投资品种，以及进行结 构性存款、大额存单、国债逆回购、收益凭证、资管计划等方式的短期现金管理。 具体内容详见 2024 年 4 月 30 日、2024 年 5 月 22 日披露在巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 二、本 ...

Company and Industry Summary Company Overview - The company discussed in the conference call is involved in the robotics industry, specifically focusing on industrial robots and their applications in various sectors such as automotive, electronics, and metal processing. Key Points Industry and Market Performance - In the first three quarters, the company's total shipment volume exceeded 20,000 units, reflecting a year-on-year growth of approximately 17% [1] - The automotive sector accounted for over 30% of the total shipments, while electronics contributed less than 20% [2] - Metal processing, including sheet metal and machinery, represented about 20% of the downstream shipment volume, with general industrial applications making up less than 15% [2] - The photovoltaic sector had a shipment volume of over 2,000 units, contributing around 10% to the total shipments [2] Future Growth Expectations - The company aims for a shipment growth target of approximately 20% for the upcoming year, with specific focus on increasing overseas exports and enhancing core component strategies [5] - The company is currently in the process of setting specific targets for 2025, with expectations to finalize these by the end of November [4] Strategic Focus Areas - The company sees potential growth in the photovoltaic industry in the second half of the upcoming year and is actively engaging with leading equipment manufacturers [6] - The automotive sector remains stable, with a notable growth in automotive components, while the company plans to continue focusing on this area [7] - The company is also monitoring the recovery in the industrial sector, particularly in engineering machinery and heavy industry, which is expected to present opportunities in the coming year [7] Pricing and Competitive Landscape - The company has experienced significant pricing pressure due to a price war in the industry, with an average price decline of over 10% compared to the previous year [11] - However, there are signs of price stabilization in Q3, with an increase in average selling prices from approximately 5.5 to 5.8 [11] - The competitive landscape is characterized by intense competition among domestic brands, with a noted increase in market share for local manufacturers [12][15] R&D and Innovation - The company continues to invest heavily in R&D, focusing on high-end applications and new product development, including heavy-duty robots and solutions for specific industrial needs [24][25] - The R&D expenditure is expected to remain high, with a focus on innovative solutions and international market penetration [25] Organizational Changes - The company has undergone significant organizational restructuring to improve efficiency, including the integration of various departments and the introduction of a more streamlined management system [22][23] - The company is also focusing on quality improvements and financial management reforms to enhance operational effectiveness [23] Emerging Technologies - The company is exploring advancements in humanoid robotics, with ongoing development in this area, although it is currently focused on industrial applications rather than service-oriented scenarios [27][28] - There is a strategic interest in attracting external investment to support the development of humanoid robotics, indicating a long-term vision for this segment [29] Conclusion - The company is positioned for growth in various sectors, with a strong emphasis on R&D, strategic market engagement, and organizational efficiency. The competitive landscape remains challenging, but opportunities for innovation and market expansion are being actively pursued.

Group 1: Market Outlook and Trends - The company remains optimistic about the industrial robot market in 2025, expecting growth driven by automation and labor cost reductions [3] - In the first three quarters of 2024, the company's industrial robot shipments increased by 17.73%, outperforming the industry growth rate [4] - The domestic market is witnessing a shift towards automation as traditional factories adopt industrial robots due to rising labor costs and favorable national policies [3][4] Group 2: Industry Applications and Customer Base - The company's primary downstream applications include the automotive, electronics, and general manufacturing sectors, with significant growth in electronic industry orders due to AI technology demand [4][5] - The automotive and automotive parts sectors are key focus areas for the company, with an emphasis on domestic brand replacement to expand customer applications [5] Group 3: Financial Performance and Strategy - The company's gross margin improved due to strict price control and cost reduction measures, including supply chain optimization and material localization [6] - Future strategies include enhancing contract quality, developing products for emerging industries, and continuing cost reduction efforts to improve profitability [7] Group 4: Policy Impact and Corporate Governance - National policies supporting equipment upgrades and consumption upgrades are expected to boost manufacturing investment and create a favorable environment for the automation industry [7] - The company is considering a new equity incentive plan to enhance employee motivation and align interests with long-term sustainable development [7] Group 5: Technological Development - The company has made strides in humanoid robotics through its investment in Nanjing Estun Co., Ltd., which focuses on component and algorithm development for humanoid robots [8] - The first humanoid robot, CODROI D 01, has been showcased and is set for application in industrial scenarios, complementing existing industrial robots [8]