ESTUN AUTOMATION(SZ:002747) Soochow Securities·2026-04-01 03:39Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company achieved a revenue of 4.888 billion yuan in 2025, representing a year-on-year growth of 21.93%. The net profit attributable to shareholders was 0.4497 billion yuan, a significant turnaround from a loss of 0.8104 billion yuan in 2024. The recovery in performance is attributed to the rebound in industrial robot market demand and accelerated domestic substitution processes [2] - The company’s gross profit margin remained stable at 29.45%, with a slight decrease of 0.12 percentage points year-on-year. The net profit margin improved to 0.93% from -20.38% in the previous year, indicating a significant recovery in profitability [3] - The company’s contract liabilities increased to 0.586 billion yuan, up 16.10% year-on-year, indicating a healthy order backlog. Inventory management has been optimized, leading to a reduction in inventory to 1.478 billion yuan, down 14.14% year-on-year. The net cash flow from operating activities improved to 0.507 billion yuan from a negative cash flow in 2024 [4] - In 2025, the company’s industrial robot shipments surpassed foreign brands for the first time, securing the top position in the Chinese market. The company has maintained its leadership in the domestic robot market for eight consecutive years, with significant growth in sectors such as automotive, electronics, and lithium batteries [5] Financial Summary - The company forecasts total revenue of 5.687 billion yuan for 2026, with a projected year-on-year growth of 16.35%. The net profit attributable to shareholders is expected to reach 1.4921 billion yuan, reflecting a growth rate of 231.77% compared to 2025 [12] - The company’s earnings per share (EPS) is projected to be 0.15 yuan in 2026, with a price-to-earnings (P/E) ratio of 129.92 based on the current price [12]