ESTUN AUTOMATION(SZ:002747) Soochow Securities·2026-04-01 03:24Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 4.888 billion yuan in 2025, representing a year-on-year growth of 21.93%, and turned a profit with a net profit of 0.4497 billion yuan compared to a loss of 0.8104 billion yuan in 2024 [2] - The growth in performance is attributed to the recovery in demand for industrial robots and the acceleration of domestic substitution processes, leading to rapid growth in domestic business [2] - The company ranked first in the domestic industrial robot market for eight consecutive years, with its shipment volume surpassing foreign brands for the first time in 2025, indicating an increase in market share [5] Revenue and Profitability - The company's total revenue for 2025 is projected at 4.888 billion yuan, with a year-on-year increase of 21.93% [2] - The gross profit margin for 2025 is 29.45%, a slight decrease of 0.12 percentage points year-on-year [3] - The net profit margin for 2025 is 0.93%, a significant improvement from -20.38% in 2024 [3] Product Performance - Revenue from industrial robots and intelligent manufacturing systems reached 3.997 billion yuan, up 31.80% year-on-year [2] - Revenue from core automation components was 0.891 billion yuan, down 8.72% year-on-year, affected by industry fluctuations and market competition [2] Cash Flow and Inventory Management - The company reported a net cash flow from operating activities of 0.507 billion yuan in 2025, a significant improvement from -0.074 billion yuan in 2024 [4] - Contract liabilities increased to 0.586 billion yuan, up 16.10% year-on-year, indicating sufficient orders on hand [4] - Inventory was reduced to 1.478 billion yuan, down 14.14% year-on-year, due to optimized inventory management [4] Market Position - The company has maintained its position as the leading domestic robot brand in China, with significant growth in applications across automotive, electronics, and lithium battery sectors [5]