Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [3][25]. Core Insights - The company, Estun (002747), reported a revenue of 3.37 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 4.4%. However, the net profit attributable to shareholders was a loss of 66.7 million yuan, a significant decline of 147.6% year-on-year [3][9]. - The third quarter showed a revenue increase of 21.7% compared to the previous quarter, with a slight narrowing of losses. The EBITDA for the third quarter was 86.28 million yuan, a year-on-year increase of 10.45% [3][9]. - The company is positioned as a leading domestic player in the industrial robotics sector, benefiting from the trend of domestic substitution, with a market share increase to 51.6% in the first three quarters of 2024, up 4.5 percentage points from the same period in 2023 [8][9]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 3.37 billion yuan, with a year-on-year increase of 4.4%. The net profit attributable to shareholders was a loss of 66.7 million yuan, down 147.6% year-on-year. The EBITDA for the same period was 152.54 million yuan, a decrease of 41.38% year-on-year [3][9][10]. - The gross margin for the first three quarters of 2024 was 29.67%, a decline of 3.45 percentage points year-on-year, while the net margin was -1.83%, down 7.33 percentage points year-on-year [3][9]. Market Position and Industry Outlook - The industrial robotics sector is expected to enter an upward cycle due to equipment upgrades and domestic substitution trends. The production of industrial robots showed significant growth in the latter half of 2024, with year-on-year increases of 12.4% to 33.4% from June to October [7][8]. - The company is actively expanding its global supply chain and has established a presence in key manufacturing regions worldwide, enhancing its competitive edge [6][9]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 5.04 billion yuan, 5.82 billion yuan, and 7.01 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit forecasts for the same years are 0.08 billion yuan, 1.7 billion yuan, and 3.12 billion yuan, with corresponding PE ratios of 2096X, 101.47X, and 55.07X [9][10].

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。 一、交易概述 股票代码：002747 股票简称：埃斯顿 公告编号：2024-068号 南京埃斯顿自动化股份有限公司 关于转让产业投资基金份额的公告 1、南京埃斯顿自动化股份有限公司（以下简称"公司"）于 2022 年 11 月 30 日与鑫沅资产管理有限公司（以下简称"鑫沅资产"）签署了《江苏疌泉亚威 沣盈智能制造产业基金(有限合伙)财产份额转让协议》，公司以自有资金 6,000 万元受让鑫沅资产持有的江苏疌泉亚威沣盈智能制造产业基金（有限合伙）（以 下简称"亚威产业基金"）财产份额 4,379.56 万元（实缴出资 4,379.56 万元）。 交易完成后，公司成为亚威产业基金的有限合伙人，持有基金 5.84%的份额。具 体内容详见公司于 2022 年 12 月 2 日披露的《关于受让江苏疌泉亚威沣盈智能制 造产业基金（有限合伙）财产份额的公告》（公告编号：2022-080 号）。2022 年 12 月至今，公司累计收到亚威产业基金分配的收益约 515.60 万元。 注册地址：扬州市江都区黄海南路仙城工业园 法定 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-067 号 南京埃斯顿自动化股份有限公司 关于参股公司增资暨关联交易的进展公告 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、交易概述 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 会议审议通过了《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》，同意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，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。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放弃上述增资的优先认缴出资权。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 ...

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：2024-064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 ...

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：2024-065 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 ...

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 ...