Estun (002747): High R & D enhances long-term power

Estun (002747): High R & D enhances long-term power

The company released annual and quarterly reports, and achieved operating income in 201814.

610,000 yuan, an increase of 35 in ten years.

72%; net profit attributable to mother 1.

10,000 yuan, an increase of 8 in ten years.


1Q1 achieved operating income3.

21 ppm, a six-year increase of 6.

21%; net profit attributable to mothers is 18.94 million yuan, a year-on-year increase of 4.


The growth rate of the company’s net profit in 18 years was lower than the growth rate of operating income, mainly due to: 1.

1. The labor cost caused by the introduction of middle and high-end management talents, such as R & D, sales, and production, is delayed due to the benefits of talents; 2.

Affected by the macroeconomic impact last year, the tightness of funds brought the increase in indicator costs due to the interest rate uplink, and the company’s financial expense ratio in 18 years.

7%, an increase of about 1 last year.


In terms of business, the core components of smart equipment revenue in 20187.

26 ppm, an increase of 23 in ten years.

6. Among them, the motion control and AC servo system grows about 50% each year; the industrial robot and intelligent manufacturing revenue for 18 years7.

3.5 billion US dollars, an annual increase of 50.


In 18 years, the company’s comprehensive gross profit margin reached 35.

99%, an increase of 2 over the previous year.

55 pct, scale effect and profitability are further reflected.

High R & D planning looks to the future, and the second half of the year is expected to usher in the company’s robotics 杭州桑拿 business with a gross profit margin of 30 years.

39%, against the backdrop of fluctuations in investment in downstream manufacturing, the gross profit margin increased against the trend, reflecting the company’s superior product quality.

According to the National Bureau of Statistics, from January to March 19, the domestic industrial robot production increased.

230,000 units, with a ten-year average of 11.


In 2018, the robot industry as a whole showed a trend of highs and lows. At least the base in the second half of the year will help the industry to recover in 19 years.

In addition, the domestic manufacturing PMI50 in March.

5%, back above the critical point.

At the end of the first quarter, the company received advance payments1.

17 trillion, an increase of 41 at the end of the year.


Investment 都市夜网 suggestion: We expect the company to realize revenue 19-19.



73 trillion, EPS is 0.


31 yuan / share, the latest sustainable corresponding PE is 64x / 47x / 33x.

The growth rate of the company’s robotics business is much higher than the overall industry level, and the growth expectation of performance is overestimated.

Since January 18, the company estimates that the center is around 80x. Out of the principle of prudence, the company gives the company a 19-year PE estimate of 69x, corresponding to a reasonable value of 11.

04 yuan / share, maintaining the “overweight” rating.

Risk prompts: breakdown of the growth rate of fixed investment in downstream manufacturing; segmentation of robot prices due to intensified industry competition; less-than-expected integration of functional business and management risks; estimated decline in the robotics sector.