ESTUN AUTOMATION(SZ:002747) Soochow Securities·2024-05-07 04:00Investment Rating - The investment rating for the company is "Accumulate" [1][7]. Core Views - The company has achieved a 40% year-on-year growth in industrial robot sales in 2023, significantly outperforming the industry growth rate of 0.4% [7]. - The revenue from industrial robots reached 3.61 billion yuan, with a market share increase to 8.5%, second only to Fanuc [7]. - The company is expected to maintain high revenue growth in 2024 due to an increase in manufacturing PMI and a solid order backlog of 314 million yuan, up 27.9% year-on-year [7]. - Despite a decline in gross margin to 31.9% due to intensified competition, the company is focusing on enhancing its market penetration in specific segments [7]. - The company has adjusted its net profit forecasts for 2024 and 2025 downwards due to competitive pressures but maintains a positive long-term outlook [7]. Financial Summary - In 2023, the company reported total revenue of 4.65 billion yuan, a year-on-year increase of 19.9%, while net profit was 135 million yuan, down 18.8% [13]. - The projected revenue for 2024 is 5.97 billion yuan, with a net profit forecast of 204 million yuan, reflecting a growth rate of 51.25% [5][7]. - The company's earnings per share (EPS) is expected to rise from 0.16 yuan in 2023 to 0.23 yuan in 2024 [5][7]. - The company's return on equity (ROE) is projected to improve from 5.00% in 2023 to 7.04% in 2024 [2][5].