调研速递|南京埃斯顿自动化接受美银证券等60家机构调研，聚焦赴港上市与业务布局要点

Core Insights - Nanjing Estun Automation Co., Ltd. has attracted significant institutional interest, with 60 institutions participating in recent investor relations activities, focusing on its Hong Kong listing plans, future demand in the robotics industry, and overseas business strategies [1][2] Group 1: Hong Kong Listing - The company's Hong Kong listing is a strategic move to enhance its global presence and core competitiveness, aiming to increase international visibility, attract overseas partners, and accelerate international business expansion [3] - Funds raised from the listing will be used to expand global production capacity, seek strategic alliances and acquisition opportunities, advance next-generation industrial robot technology, enhance global service capabilities, and develop digital management systems [3] Group 2: Robotics Industry Demand - Despite challenges in the industrial robotics market, the company remains optimistic about future industry growth, citing opportunities for domestic substitution and increased market share in high-end applications [4] - The demand for automation in manufacturing is expected to rise due to increasing labor costs and decreasing costs of industrial robots, particularly in sectors like food and beverage [4] - The integration of AI with industrial robotics is seen as a future direction, with the company actively pursuing developments in the robotics and AI fields [4] - Emerging industries, such as new energy vehicles, are anticipated to provide new growth points for industrial robots, prompting the company to explore applications in these sectors [4] Group 3: Overseas Business Strategy - The company is implementing a comprehensive global strategy through branding, marketing, service, manufacturing, and R&D [5] - It has established a global marketing and service network with 75 locations covering Europe, the Americas, and Southeast Asia, and has set up a subsidiary in Europe to build a localized team [5] - The overseas manufacturing base in Poland is designed with an annual production capacity of 15,000 units, contributing to a global production capacity system [5] Group 4: Q2 Performance - In Q2, the company experienced a recovery in downstream market demand and accelerated domestic substitution, leading to a rapid increase in industrial robot sales and market share, particularly in the automotive and electronics sectors [6] - The company expects to turn a profit in the first half of 2025, with revenue growth and improved operating cash flow, although net profit remains in loss due to increased expenses from overseas expansion [6] Group 5: Embodied Intelligence Technology - The company is focusing on the development of embodied intelligence technology, increasing R&D investment to align with customer needs and enhance the practical application value of its technologies and products [7] - It is constructing a control system architecture for AI applications and developing interface technologies to integrate robotics with cutting-edge technologies like AI [7] Group 6: Industry Competition Landscape - The industry is shifting towards a technology-driven and high-end development model, with increasing concentration due to the "anti-involution" policy [8] - Domestic substitution is identified as a long-term driving force, with the company committed to maintaining high R&D investment to develop more competitive products and optimize cost and operational efficiency [9]