新股前瞻｜埃斯顿二次递表港交所：海外扩张“加速跑”，盈利风险何去何从？

Core Viewpoint - Estun, a leading Chinese industrial robotics company, is accelerating its global expansion by applying for a secondary listing in Hong Kong, aiming to leverage the AI and robotics wave for growth [2][3]. Company Overview - Estun has seen its market value increase by over 2.7 times since its A-share listing in 2015, with a current focus on becoming a global brand in robotics [3]. - The company offers a range of products including industrial robots, smart manufacturing systems, and automation core components, supported by strategic acquisitions and in-house R&D [2][3]. Market Position - According to Frost & Sullivan, Estun ranks first among domestic companies in China's industrial robot solution market and sixth globally, with market shares of 1.7% and 2.0% respectively [2]. - The company has maintained a strong presence in the industrial robotics sector, with a balanced revenue contribution from industrial robots and smart manufacturing systems [3]. Financial Performance - Estun's revenue has shown volatility over the past three years, with growth rates of 19.9%, -13.8%, and 12.87% for 2023 to 2025, while net profits fluctuated significantly [2][8]. - The company reported a gross margin decline from 32.9% in 2022 to 28.2% in 2025, primarily due to lower margins in its core business segments [8][11]. Product and Sales Dynamics - Estun's product matrix includes 96 models of general and specialized industrial robots, with sales increasing from 11,852 units in 2022 to 24,884 units in 2025 [4]. - The company has a stable order volume for its smart manufacturing systems, with a notable increase in revenue contribution from this segment [6]. Customer Base and Geographic Distribution - The majority of Estun's revenue comes from China, accounting for 70.6% in 2025, while overseas markets, primarily Germany and the USA, contribute 12.3% and 4.7% respectively [7]. - The company operates seven manufacturing bases, with plans for a new facility in Poland to meet overseas demand [7]. Industry Growth Potential - The global industrial robotics market is projected to grow at a compound annual growth rate (CAGR) of 14.6%, reaching $25.4 billion by 2024, with China expected to grow at 16.5% [12][14]. - Estun is well-positioned to benefit from this growth, leveraging its digital platform technology and AI integration in robotics [12][14]. Challenges and Risks - The company faces challenges with profitability, as its operating cash flow has been inconsistent, and it has significant goodwill and intangible asset impairment risks [9][11][15]. - Despite these challenges, Estun's direct sales model and expanding customer base provide a stable foundation for future growth [6][15].