EFORT(SH:688165)2022-11-17 14:12Group 1: Company Overview and Market Position - Efort Intelligent Equipment Co., Ltd. focuses on the development of core components such as controllers, reducers, and drivers, with a controller localization rate of 78% as of the end of 2021 [3] - The company has achieved a localization rate of 37.62% for reducers, significantly improving domestic alternatives [3] - Efort's robots with payloads of 50kg, 130kg, 180kg, and 210kg are widely used in industries such as photovoltaics, food, and woodworking [3][4] Group 2: Business Strategy and Focus Areas - The company is shifting its focus towards the core robot business while controlling the scale of its integration business [5] - Efort's strategic focus includes two major industries and four applications: 3C (including PCB) and new energy (including photovoltaics and lithium batteries) [4] - The company aims to enhance its core competitiveness and become a leading brand in the Chinese industrial robot industry [8] Group 3: Financial Performance and Challenges - Efort's integration business revenue share is declining, prompting a reallocation of resources towards the robot business [5] - The company is addressing rising raw material costs and chip shortages by establishing long-term agreements with suppliers and improving inventory management [5][6] - The company reported that its accounts receivable and inventory levels are significant, with measures in place to enhance cash flow and operational efficiency [7] Group 4: Research and Development - Efort's R&D team is primarily based in Wuhu, Shanghai, and Europe, with a stable core team that supports ongoing innovation [6] - The company is actively working on enhancing its autonomous capabilities in controllers and aims to further increase localization rates [6][8] Group 5: Market Impact and Future Outlook - Efort's products have a significant market presence in the 3C and new energy sectors, accounting for 49% of total robot sales, while other industries make up 51% [8] - The company is expanding its overseas operations and enhancing management structures to support international growth [6] - Efort's long-term goal is to continuously increase R&D investment and strive to be among the top global industrial robot companies [8]