埃斯顿（002747）：25Q1重回正增长轨道

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.33 RMB [8][9]. Core Insights - The company reported a revenue of 4.009 billion RMB in 2024, a decrease of 13.83% year-on-year, and a net profit attributable to shareholders of -810.44 million RMB, a decline of 700.14% year-on-year, primarily due to goodwill impairment, declining market demand, and intensified industry competition [1][2]. - In Q1 2025, the company achieved a revenue of 1.244 billion RMB, an increase of 24.03% year-on-year, and a net profit of 13 million RMB, up 93.43% year-on-year, indicating a recovery in profitability [1][2]. - The company's gross margin for 2024 was 29.57%, down 2.36 percentage points year-on-year, with Q1 2025 gross margin at 28.27%, down 4.35 percentage points year-on-year, reflecting pressure from market competition and fixed cost rigidity [3]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been adjusted to 4.703 billion RMB, 6.062 billion RMB, and 7.862 billion RMB respectively, with net profit forecasts of 31.08 million RMB, 229.53 million RMB, and 369.85 million RMB respectively [5][7]. - The company is expected to maintain its leading position in the domestic industrial robot market, with a market share of 9.9% in Q1 2025, and is actively developing humanoid robots and related technologies [4][5]. Financial Metrics - The report provides key financial metrics, including a projected EPS of 0.04 RMB for 2025, a PE ratio of 515.85 for 2025, and a PB ratio of 8.81 for 2025 [7][18].