ESTUN AUTOMATION(SZ:002747)2022-12-05 01:08Group 1: Company Overview and Market Position - Nanjing Estun Automation Co., Ltd. has been established for less than 10 years, leading to a gap in brand recognition compared to international competitors with decades of experience [1][2] - The company aims to enhance its brand through performance and quality, and is currently developing a smart factory in collaboration with Bosch Rexroth, part of a pilot project recognized by the Ministry of Industry and Information Technology [1][2] Group 2: Technological Advantages - The company possesses significant technological advantages, including multi-axis motion control technology capable of managing up to 128 axes after acquiring TRIO [2] - Estun has core component technology and cost advantages in robotics, with partnerships that enhance capabilities in 3D vision and human-robot collaboration [2] - The company’s self-developed hypoid gear reducer has a cost that is only 10%-20% of imported RV reducers [2] Group 3: Future Plans and Market Strategy - Estun plans to maintain its technological edge in core components and aims to enter the international robotics market by 2018, leveraging cost-performance advantages [2][3] - The company is exploring partnerships for rehabilitation robots and aims to establish a rehabilitation robotics company in China [3] Group 4: Market Trends and Demand - The demand for robots in China is rapidly increasing due to economic recovery, rising fixed asset investments, and the need for improved quality and efficiency [4] - The company’s products cater to both traditional and modern industries, making them less susceptible to economic cycles [4] Group 5: Research and Development - Estun invests approximately 10% of its annual revenue in R&D, with about one-third of its workforce dedicated to research [6] - The company is actively acquiring advanced international technologies to enhance its technical capabilities [6] Group 6: Industry Insights - The CNC rate for metal forming machine tools was nearly 30% in 2016, with expectations for gradual increases due to rising demands for cost and quality [6][7] - The company’s non-operating income primarily consists of government subsidies from various national projects [7]