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 ...

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 2023年度持续督导工作定期现场检查报告 3 鉴证报告，访谈公司高级管理人员。 | 1.是否在募集资金到位后一个月内签订三方监管协议 | √ | | | --- | --- | --- | | 2.募集资金三方监管协议是否有效执行 | √ | | | 3.募集资金是否不存在第三方占用或违规进行委托理财等 | √ | | | 情形 | | | | 4.是否不存在未履行审议程序擅自变更募集资金用途、暂 | √ | | | 时补充流动资金、置换预先投入、改变实施地点等情形 | | | | 5.使用闲置募集资金暂时补充流动资金、将募集资金投向 | | | | 变更为永久性补充流动资金或者使用超募资金补充流动资 | √ | | | 金或者偿还银行贷款的，公司是否未在承诺期间进行风险 | | | | 投资 | | | | 6.募集资金使用与已披露情况是否一致，项目进度、投资 | √ | | | 效益是否与招股说明书等相符 | | | | 7.募集资金项目实施过程中是否不存在重大风险 | √ | | | （六）业绩情况 | | | | 现场检查手段：不适用 | | | ...

股票代码：002747 股票简称：埃斯顿 公告编号：2024-032 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"）分别于第四届董事会 第二十六次会议、第四届监事会第二十一次会议、2022 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 2 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 13 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 ...

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 13 日投资者关系活动记录表 编号：2024006 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 参与单位名称及人员姓名 参与南京埃斯顿自动化股份有限公司2023年度 网上业绩说明会的投资者。 时间 2024年5月13日 15:00-16:30 地点 本次活动通过“约调研”线上交流平台进行 上市公司接待人员姓名 董事长：吴波 财务总监兼董事会秘书：何灵军 独立董事：陈珩 证券事务代表：肖婷婷 ...

10 May 2024 净利率承压，继续深化管理变革 Profitability under Pressure, Continue to Deepen Management Reform 25 50 75 100 125 Price Return MSCI China | --- | --- | --- | --- | --- | |---------------------------|---------|---------|---------|---------| | | | | | | | | | | | | | May-23 | Sep-23 | | Jan-24 | | | 资料来源： Factset | | 1mth | 3mth | 12mth | | 绝对值 | | -7.6% | 12.5% | -31.4% | | 绝对值（美元） | | -7.5% | 12.0% | -34.3% | | 相对 MSCI China | | 23.4% | 45.0% | 9.7% | | [Table_Profit] (Rmb mn) | Dec-23E | Dec-24E | Dec-25E | D ...

公司2023年公布时间,销售收入46.52亿元,同比增长约20%。其中,工业机器人及智能制造板块收入36.12亿元,同比增长26.5%。其中,工业机器人销售增长率达到40%。 自动化核心部件业务收入10.4亿元 公比增长约1.4%应该讲还是跟过去的往年一样保持了一个相对不错的增长当然这个增长率目前还是不及我们2023年年初的预期的确实2023年 我们也没考虑到经济的复苏还是比较稀烂这个跟我们年初可能觉得疫情放开以后大家都比较乐观的这种情况还是有些差别目前的销售有一次20%增长跟原来年期计划还是有不小的差别 公司整体毛利率是31.93%同比下降了1.9%这里面工业机器的自动制造毛利率是31.28同比下降了2.9%自动化工型物件毛利率是34.19同比下降了0.99% 毛利率的下降主要还是我们的工业机器人及智能制造板块因为这两个板块占的收入占比也比较高那么这个板块的去年毛利率下降很大一个原因就是整个行业因为整个行业去年都面临着竞争价值所以行业方面也都面临着巨势那除了这个 防疫的这个因素里面我觉得还有一个因素就是我们去年的大客户占比上升以后相对来说大客户的毛利率还是很压力所以这个影响了我们整体的毛利率的情况确实我们从 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - Revenue meets expectations, benefiting from the acceleration of domestic substitution in industrial robots [1] - Industrial robot sales grew by 40% YoY in 2023, significantly higher than the industry growth rate of 0.4% [3] - Domestic substitution rate for industrial robots reached 45.1% in 2023, up 9.6 percentage points YoY [3] - Revenue from industrial robots reached 3.61 billion yuan, up 26.5% YoY, with market share increasing to 8.5%, second only to Fanuc [3] - Automation core components and motion control systems revenue reached 1.04 billion yuan, up 1.4% YoY [3] - Manufacturing PMI rebounded above the boom-bust line in March, supporting continued high revenue growth in 2024 [3] - Contract liabilities at the end of Q1 2024 were 314 million yuan, up 27.9% YoY, indicating strong order backlog [3] Financial Performance - 2023 revenue was 4.652 billion yuan, up 19.9% YoY, while net profit attributable to shareholders was 135.04 million yuan, down 18.8% YoY [5] - Q4 2023 revenue was 1.43 billion yuan, up 6.5% YoY and 44.9% QoQ, with a net loss of 5.23 million yuan [5] - Q1 2024 revenue was 1.0 billion yuan, up 1.7% YoY, with net profit attributable to shareholders of 6.53 million yuan, down 84.8% YoY [5] - Gross margin in 2023 was 31.9%, down 1.9 percentage points YoY, while net margin was 2.9%, down 1.9 percentage points YoY [3] - Q1 2024 gross margin was 32.6%, down 1.0 percentage point YoY, and net margin was 0.9%, down 3.6 percentage points YoY [3] - Operating expenses ratio in 2023 was 29.4%, up 1.7 percentage points YoY, driven by increased sales and R&D expenses [3] Industry and Market Position - The industrial robot industry is in a phase of intense competition, with leading companies expected to gain higher market share due to superior supply chain and management capabilities [3] - The "Robot+" application action plan aims to double the density of robots in manufacturing by 2025 compared to 2020, indicating significant growth potential for industrial robots [3] - The company is a leader in domestic industrial robots and is well-positioned to benefit from the trend of replacing human labor with robots and domestic substitution [3] - The company's welding robot business, led by Cloos, achieved revenue of 180 million yuan and net profit of 10.66 million yuan in 2023, with potential for further growth [3] Financial Forecasts - Revenue is expected to grow to 5.968 billion yuan in 2024, 7.486 billion yuan in 2025, and 9.445 billion yuan in 2026 [6] - Net profit attributable to shareholders is forecasted to be 204.24 million yuan in 2024, 306.42 million yuan in 2025, and 425.85 million yuan in 2026 [6] - EPS is projected to be 0.23 yuan in 2024, 0.35 yuan in 2025, and 0.49 yuan in 2026 [6] Valuation Metrics - P/E ratio based on current price and latest diluted EPS is 70.84x for 2024, 47.22x for 2025, and 33.98x for 2026 [6] - P/B ratio based on current price is 4.98x for 2024, 4.51x for 2025, and 3.98x for 2026 [10] - ROE is expected to improve from 5.00% in 2023 to 11.71% in 2026 [10]

增持（维持） 基础数据 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-----------------------------|--------|-------|-------|-------| | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | 重要财务与估值指标 | 2023A | 2024E | 2025E | 2026E | | 经营活动现金流 | 30 | 72 | 126 | 48 | 每股净资产 ( 元 ) | 3.10 | 3.34 | 3.69 | 4.18 | | 投资活动现金流 | (678) | (183) | (153) | (153) | 最新发行在外股份（百万股） | 870 | 870 | 870 | 870 | | 筹资活动现金流 | 1,195 | 300 | 200 | 100 | ROIC(%) | 3.05 | 3.04 | 3.70 | ...

[ T able_StockInfo] 2024 年 04 月 30 日 证券研究报告•23 年年报&24 年一季报点评 持有（维持） 当前价：17.94 元 埃 斯 顿（002747）机械设备 目标价：——元（6 个月） 2023 年利润承压，2024Q1 毛利率恢复正常水平 [Table_Summary 事件：1）公司发布] 2023年年报，2023年实现营业收入 46.52亿元，同比增长 19.87%；实现归母净利润 1.35 亿元，同比下降 18.80%。2023Q4 实现营业收 入 14.26亿元，同比增长 6.56%；实现归母净利润-0.05亿元，同比下降 111.35%。 2）公司发布 2024年一季报，2024Q1营业收入 10.03亿元，同比增长 1.73%； 归母净利润 0.07 亿元，同比下降 84.83%。 工业机器人销售增长率达 40%，自动化部件稳健增长。根据 MIR睿统计，2023 年工业机器人市场销量约为 28.3万台，同比增长 0.4%。2023年公司工业机器 人及智能制造业务收入 36.12亿元，同比增长 26.50%，其中工业机器人销售增 长率达 40%，远高于行业增长， ...

Investment Rating - The report assigns a rating of "Accumulate" (downward adjustment) for the company [4][21]. Core Views - The company's performance in 2023 and Q1 2024 was below market expectations, with a full-year revenue of 4.652 billion, a year-on-year increase of 19.87%, but a net profit attributable to shareholders of 135 million, a year-on-year decrease of 18.80% [4][21]. - The report highlights a stable growth in revenue for 2023, with a continuous increase in market share in the domestic industrial robot market, but profitability is under pressure due to rising costs and increased competition [5][20][21]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 46.52 billion, with a year-on-year growth of 19.87%. The net profit attributable to shareholders was 1.35 billion, down 18.80% year-on-year [4][20]. - For Q1 2024, revenue was 1.0 billion, a slight increase of 1.73% year-on-year, but the net profit attributable to shareholders dropped to 6.53 million, a decrease of 84.83% year-on-year [6][21]. Revenue Breakdown - The industrial robots and intelligent manufacturing business generated 36.12 billion in revenue, up 26.50% year-on-year, while the automation core components business brought in 10.4 billion, a 1.42% increase year-on-year [5]. - Domestic and overseas revenues grew by 19.04% and 21.50% respectively, with gross margins of 32.28% and 31.26% [5]. Profitability Analysis - The gross margin for 2023 was 31.93%, down 1.92 percentage points year-on-year, primarily due to increased competition and higher depreciation costs from new factories [20]. - The total expense ratio increased to 33.47% in Q1 2024, up 2.31 percentage points year-on-year, impacting overall profitability [6][20]. Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 2.28 billion, 3.35 billion, and 4.63 billion respectively, reflecting a downward adjustment from previous forecasts [21]. - The company’s current stock price corresponds to a price-to-earnings ratio of 69, 46, and 34 for the years 2024 to 2026 [21].