Estun (002747): The acquisition synergy effect is basically in line with expectations

Estun (002747): The acquisition synergy effect is basically in line with expectations

Event 1: The company achieved revenue 14 in 2018.

61 trillion, +35 ten years ago.

72%; net profit attributable to mothers1.

1.0 billion, +8 per year.

79%, deducting non-attribution net profit 0.

650,000 yuan, at least -9.


A cash dividend of 0 is proposed for every 10 shares.

72 yuan.

Event 2: The company achieved revenue 3 in 2019Q1.

21 trillion, ten years +6.

21%; net profit attributable to mother is 0.

1.9 billion, +4 a year.

78%, deducting non-mother net profit 0.

1.3 billion, around -18.


Investment highlights The acquisition of synergies has begun to emerge, and the core business continues to grow: In 2018, the company’s core business achieved average continuous growth.

Revenue from automation core components and motion control system products7.

26 ppm, +23 a year.

60%, the business scale is further expanded. Among them, the growth of motion control and AC servo system products has increased by about 50%. Based on the advantages of TRIO motion control technology, synergistic Estun AC servo systems have formed a complete control solution to replace 3C electronics, packaging machinery andEnergy lithium batteries and other industries have gradually expanded into high-end operation control solution providers, and successfully obtained bulk orders for key customers in the industry for the company.

Industrial robot and intelligent manufacturing system business revenue 7.

35 ppm, an increase of 50 in ten years.

28%, maintaining rapid growth.

The first phase of the company’s intelligent production base for industrial robots has been officially put into production in 2018. The throughput of industrial robots can reach 9,000 sets / year. After full completion, the production capacity can reach 15,000 sets / year, which is expected to increase future performance.

In 2019, the photovoltaic, lithium battery and domestic mobile phone industries are expected to pick up, and performance is expected to maintain a good development trend.

The growth rate of the industrial robot business in the first quarter was close to 20%, driving the overall performance growth.

We look forward to the performance of Q2 motion control and AC servo products. The new product ultra-thin and thin driver is expected to become the next performance growth point.

The effect of scale appears, and profitability is further improved: the comprehensive gross profit margin in 2018 was 35.

99%, ten years +2.

55 points, scale effect and profitability are further reflected.

The core business: the gross profit margin of core automation components and motion control systems is 41.

65%, ten years +5.

05pct; gross profit margin of industrial robots and intelligent manufacturing systems is 30.

39%, ten years +0.

76pct, after the industrial robot production capacity is fully increased, it will further reduce costs and increase profits.

Period expenses cost 30.

79%, +3 per year.

29pct, of which the sales expense ratio is 7.27%, overhead rate (including R & D expense rate) 20.

82%, financial expense ratio 2.

70%, respectively +0.

19 points, +1.

8 points, +1.

3pct, in which the increase in management expenses was mainly due to the expansion of business scale, the expansion of talents and the increase in the scope of consolidated statements; financial expenses increased due to the impact of the economic environment, and the current quarter fell sharply.

The company’s net operating cash flow was 0.

1.4 billion, from negative to positive, cash flow in the first quarter of 0.

1.3 billion US dollars, maintaining a good posture, customer credit control and sales repayment efforts are significant; accounts receivable turnover days increased by 6 days to 126 days, inventory turnover rate from 2.

94 expected 2.

78. Operating conditions contracted slightly.

Complete the overall layout and enjoy the competitive advantages of the entire industrial chain of core components + ontology + robot integration applications: At present, the industry is in the process of releasing industrial transformation and upgrading requirements, supported by national policy dividends, and boosted by the capital market. We expect to 四川逍遥网 reach annual sales of industrial robots by 2022The volume is more than 270,000 units. The upstream parts and components of the robot industry chain, midstream body manufacturing and system integration, and downstream application areas have great market potential.

The company has successively acquired the British TRIO, holding the German M.



The company and its shares in the United States BARRETT, Italy EUCLID and other companies have effectively merged and integrated global resources. The market positioning has completed the transformation from a core component manufacturer to a high-end motion control solution provider.Rehabilitation robots and industry 4.

The development prospects of 0 and other aspects have laid the foundation for suffering.

The company’s R & D expansion has remained at about 10%杭州桑拿 of sales revenue for many years, and the report has expanded its R & D scale to 11.

49%, the basis of the advantages of high-resolution technological innovation, and the integration of synergy and extension, the advantages are further reflected.

It has covered the entire industrial chain from automation core components and motion control systems, industrial robots, and intelligent manufacturing systems for robot integrated applications. It has formed multiple competitive advantages with core technologies and core components, and stands out in the market competition.

Earnings forecast and investment rating: We estimate the company’s net profit for 2019-2021 will be 1.

2, 1.

4, 1.

600 million, corresponding to PE is 68, 59, 52 times, maintaining the “overweight” level.

Risk warning: the competition in the robotics industry is intensifying, and market demand is less than expected.