埃斯顿：静待机器人行业竞争格局改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.40 [1][6]. Core Views - The company reported a revenue of RMB 2.169 billion for H1 2024, a year-on-year decrease of 3.21%, and a net loss attributable to shareholders of RMB 73.416 million, a significant decline of 175.37% year-on-year. The second quarter saw a revenue of RMB 1.166 billion, down 7.10% year-on-year but up 16.24% quarter-on-quarter [1][2]. - The report anticipates a recovery in profitability, projecting net profits of RMB 0.02 billion, RMB 1.88 billion, and RMB 4.43 billion for 2024, 2025, and 2026 respectively, with a PE ratio of 70x for 2025 [1][10]. Revenue and Profitability - The company's revenue from automation core components and industrial robots was RMB 5.16 billion and RMB 16.5 billion respectively, with a year-on-year change of +1% and -5%. The decline in robot revenue is attributed to intensified market competition, despite a 10% increase in shipment volume [2][3]. - The gross margin and net margin for H1 2024 were 29.3% and -3.2%, reflecting a decrease of 3.8 and 7.8 percentage points year-on-year. The report indicates that the company is actively working on new product development and cost reduction measures to improve margins [3][4]. Cash Flow and Financial Management - The company experienced a significant cash outflow of RMB 342 million in operating cash flow for H1 2024, a decline of 272% year-on-year, primarily due to decreased gross margins and increased procurement costs [4][10]. - Future strategies include enhancing accounts receivable collection, optimizing supply chain management, and controlling costs to improve cash flow management [4][10]. Financial Projections - The report projects revenues of RMB 4.686 billion, RMB 5.460 billion, and RMB 6.533 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 0.02 billion, RMB 1.88 billion, and RMB 4.43 billion [10][11]. - The expected growth rates for the automation core components and industrial robots segments are 7%, 7%, and 4% for the years 2024 to 2026 [8][10].