ESTUN AUTOMATION(SZ:002747) CSC SECURITIES (HK) LTD·2025-06-25 09:29Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6]. Core Insights - The company is expanding from industrial robotics into the field of embodied intelligence, having launched the second-generation humanoid robot Codroid 02, which features 31 degrees of freedom and significant advancements in joint modules and control systems [7][8]. - The company achieved a market share of 10.3% in the domestic industrial robot sector in Q1 2025, marking it as the first domestic brand to reach the top position in market share [7][8]. - The company plans to list its shares in Hong Kong to enhance its international brand image and deepen its global strategy [8]. Summary by Sections Company Overview - The company operates in the machinery and equipment sector, with a current A-share price of 19.99 RMB and a target price of 24 RMB [1]. - The company has a market capitalization of 156.40 billion RMB and a total of 867.02 million shares issued [1]. Financial Performance - The company recorded a revenue of 12.4 billion RMB in Q1 2025, representing a year-over-year increase of 24.0% [8]. - Profit forecasts indicate a turnaround in 2025, with expected net profits of 57 million RMB in 2025, 165 million RMB in 2026, and 280 million RMB in 2027, reflecting year-over-year growth rates of 216% and 70% respectively [10]. Market Position - The company holds a dominant position in the industrial robot market, with a product mix heavily weighted towards industrial robots and complete equipment at 75.7% [2]. - Institutional investors hold 8.9% of the circulating A-shares, while general corporations hold 47.8% [3].