Company Overview - The company, originally established as Nanjing Estun Digital Technology Co Ltd in 2002, started with CNC systems for metal forming machine tools and has grown into a leading domestic industrial robot manufacturer [8] - It adheres to the "ALL Made by ESTUN" strategy, focusing on independent R&D of motion control and robot core technologies, and has developed a complete industrial chain covering automation core components, industrial robots, and intelligent manufacturing systems [8] - The company's business spans from automation core components and motion control systems to industrial robots and intelligent manufacturing systems, making it a leader in the domestic industrial robot sector [8] - The company's equity structure is concentrated, with the largest shareholder being Nanjing Pallet Technology Co Ltd, holding 29 31% of the shares, and the actual controller is Chairman Wu Bo, who directly holds 12 65% of the shares [9][39] Industry Background - The industrial robot industry is experiencing long-term growth due to favorable policies, with China accounting for half of the global market [2][56] - The global industrial robot installation scale is expected to grow steadily, with China's installation volume reaching 29 03 million units in 2022, making it the largest market globally [50][75] - The "machine replacement" trend remains a long-term development logic, driven by the gradual decline of China's manufacturing demographic dividend [66] - The demand for six-axis industrial robots is improving, and domestic manufacturers are accelerating their development [4][79] Company Analysis - The company's operating performance has been under pressure due to intensified industry competition, with revenue growing from 2 51 billion yuan in 2020 to 4 65 billion yuan in 2023, but net profit declining by 18 80% in 2023 [33] - In Q1 2024, the company's revenue improved, reaching 1 003 billion yuan, a year-on-year increase of 1 73%, but net profit fell by 84 83% [33][104] - The company's industrial robot and intelligent manufacturing system business grew rapidly, with revenue increasing by 26 50% in 2023, while the automation core component business grew steadily by 1 42% [48] - The company's order backlog is strong, with contract liabilities reaching 314 million yuan in Q1 2024, a year-on-year increase of 27 85%, and inventory increasing by 21 56% to 1 404 billion yuan [37] Financial Analysis - The company's R&D investment has been increasing, reaching 503 million yuan in 2023, with a compound annual growth rate of 35 10% over the past three years [101] - The company's gross margin declined to 31 93% in 2023, with the industrial robot and intelligent manufacturing system business gross margin dropping to 31 28%, and the automation core component business gross margin falling to 34 19% [98] - The company's operating efficiency has been under pressure, with accounts receivable turnover dropping to 3 27 times in 2023 and inventory turnover falling to 0 49 times in Q1 2024 [119] Valuation and Investment Recommendation - The company is valued at a 2024 PE of 55 84 times, with a neutral scenario forecast of revenue reaching 5 742 billion yuan in 2024 and net profit of 242 million yuan [110] - The report gives the company an "Overweight" rating, citing its leading position in the domestic industrial robot industry and its full industrial chain development strategy [110][135] Industry Trends - Global industrial robot installations are expected to grow, with 2023 installations projected to reach 590,000 units, and 2026 installations expected to exceed 700,000 units [50] - China remains the largest market for industrial robots, with significant room for growth in robot density, which was 392 robots per 10,000 workers in 2022, compared to 1,012 in South Korea [78] - Domestic manufacturers are accelerating their development, with the market share of domestic industrial robot manufacturers reaching 48 8% in Q1 2024, up 8 2 percentage points year-on-year [82]

特此公告。 南京埃斯顿自动化股份有限公司 南京埃斯顿自动化股份有限公司 关于归还暂时用于补充流动资金的募集资金的公告 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。 南京埃斯顿自动化股份有限公司（以下简称"公司"）于 2023 年 6 月 9 日 召开第四届董事会第二十七次会议、第四届监事会第二十二次会议，审议通过 了《关于部分募集资金暂时用于补充流动资金的议案》，同意公司使用部分闲 置募集资金暂时补充流动资金，该笔资金仅限于公司主营业务相关的生产经营 使用，最高额度不超过人民币 15,000 万元，使用期限自公司董事会审议通过 之日起不超过 12 个月。具体内容详见 2023 年 6 月 10 日披露在巨潮资讯网 （www.cninfo.com.cn）的《关于部分募集资金暂时用于补充流动资金的公告》 （公告编号：2023-050 号）。 在授权金额和期限内，公司实际使用人民币 13,000 万元募集资金暂时用 于补充流动资金。公司对这部分募集资金进行了合理安排与使用，未影响募集 资金投资项目的正常进行。截至 2024 年 6 月 4 日，公司已分批将上述用于 ...

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 2024 年 5 月 17 日-31 日投资者关系活动记录表 编号：2024007 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、券商策略会） 参与单位名称及人员姓名 2024年5月17日 15:00-16:00 通讯 南方基金共2人。 2024年5月20日 9:00-10:00 电话会议 野 村 证 券 、 Nomura 、 Balyasny 、 Mitsui Sumitomo、 Daiwa 、Manulife、Polymer共7 人。 2024年5月23日 10:00-11:00 券商策略会 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 17.7 RMB per share [6]. Core Insights - The company is a leading player in the domestic industrial robot market, having improved its market share from sixth to second place in 2023, just behind Fanuc [6]. - The demand for industrial robots in traditional industries is recovering, and the company plans to expand its business in electronics and steel sectors [6]. - The report anticipates continued growth in the company's industrial robot business, supported by a recovery in the market and an increase in production [6]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to grow from 4,652 million RMB in 2023 to 7,590 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.5% [3]. - **Net Profit**: The net profit is expected to increase from 135 million RMB in 2023 to 408 million RMB in 2026, with a year-on-year growth of 77.13% in 2025 [12]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.16 RMB in 2023 to 0.47 RMB in 2026, indicating strong profitability growth [12]. - **Price-to-Earnings Ratio (P/E)**: The P/E ratio is projected to decrease from 94.63 in 2023 to 32.23 by 2026, suggesting improved valuation as earnings grow [12]. Market Position and Strategy - The company is actively expanding its market presence in traditional industries, which is expected to enhance its market share further [6]. - The report highlights the company's strategic focus on automation in traditional sectors, which is anticipated to drive growth in the industrial robot market [6]. Production and Market Trends - In the first four months of 2024, the cumulative production of industrial robots reached 171,000 units, representing a year-on-year increase of 9.9% [6]. - The report notes that the recovery in the industrial robot market is becoming more evident, with significant contributions from traditional industries [6]. Investment Recommendations - Given the expected growth in the industrial robot sector and the company's strategic initiatives, the report maintains a positive outlook and recommends a "Buy" rating for investors [6].

股票代码：002747 股票简称：埃斯顿 公告编号：2024-035 号 南京埃斯顿自动化股份有限公司 关于使用部分募集资金和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 0.5 亿元的暂时闲置募集资金适时进 行现金管理，投资于流动性好、安全性高的保本型产品；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；在上述额度内可分别滚动使用暂时闲置 的募集资金和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。其 中，募集资金 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-034 号 南京埃斯顿自动化股份有限公司 2023 年年度权益分派实施公告 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。 特别提示： 1、南京埃斯顿自动化股份有限公司（以下简称"公司"或"本公司"）2023 年年度权益分派方案为：以董事会审议通过 2023 年度利润分配方案时的总股本 869,531,453 股扣除"南京埃斯顿自动化股份有限公司回购专用证券账户" 2,513,000 股为基数，向全体股东每 10 股分配现金红利 0.60 元（含税），合计 派发现金股利 52,021,107.18 元（含税）。剩余未分配利润结转以后年度；不以 资本公积金转增股本；不送红股。 2、因公司回购专用证券账户上的股份不享有利润分配的权利，本次权益分 派实施后计算除权除息价格时，按股权登记日的总股本折算的每股现金红利=实 际现金分红总金额÷股权登记日的总股本= 52,021,107.18÷869,531,453 = 0.0598265 元/股（保留到小数点后七位，最后一位直接截取，不四舍五入）。本 次权益分派 ...

关于南京埃斯顿自动化股份有限公司 北京市中伦律师事务所 二〇二四年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 65 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-033 号 南京埃斯顿自动化股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、召开时间： 现场会议时间：2024 年 5 月 21 日（星期二）下午 14:00 网络投票时间为：2024 年 5 月 21 日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2024 年 5 月 21 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2024 年 5 月 21 日 9:15-15:00。 2、现场会议地点：南京市江宁经济开发区吉印大道 1888 号公司会议室 3、会议召集人：公司董事会 4、会议召开方式：本次会议采取现场表决与网络投票相结合的方式 5、会议主持人：公司董事长吴波先生 6、会议召开的合法、合规性：本次股东大会会议召开符合《公司法》 ...

2023 Environmental, Social CONTENTS and Governance (ESG) Report CONTENTS | Message from the Chairman | 0 1 | | --- | --- | | About Estun | 03 | | Company Overview | 03 | | Business Regional Distribution | 05 | | Responsibilities in 2023 | 0 7 | | ESG Governance | 09 | | ESG Management | 09 | | Material Issues Analysis | 09 | | Stakeholder Communication | 1 0 | | Responsibility Topic: Pursuing | 1 1 | | Dreams with Thirty Years of Endeavor | | | Mission at Heart, Thriving at Thirty | 1 1 | | Managing Transfo ...

2023年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：埃斯顿 | | --- | --- | | 保荐代表人姓名：张欢 | 联系电话：010-60837199 | | 保荐代表人姓名：陈泽 | 联系电话：021-20262301 | 一、保荐工作概述 埃斯顿2021年7月非公开发行项目于2022年12月31日法定持续督导期结束，持续督 导期届满，因存在募集资金尚未完结持续督导事项，保荐人就相关事项继续履行督导义 务。 中信证券股份有限公司 关于南京埃斯顿自动化股份有限公司 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是，法定持续督导期届满，因存在募集资金尚 未完结持续督导事项，保荐人及时审阅有关募 | | | 集资金事项的信息披露文件 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集资 | 是，公司已建立健 ...