Estun (002747): R & D efforts to increase short-term performance under pressure

Estun (002747): R & D efforts to increase short-term performance under pressure

The company recently released its semi-annual report for 2019, and the company achieved operating income in 2019H16.

8.1 billion yuan, a year-on-year decrease of 6%; net profit attributable to mothers was 5,669.

80,000 yuan, an annual increase of 0.

69%; net cash flow from operating activities was 4235.

170,000 yuan, an improvement from the same period last year of 89.2 million yuan.

The overall gross profit margin increased, and the expense ratio increased during the period.

In 2019H1, the company’s comprehensive gross profit margin rose by more than 0.

73 good 36.

88%, of which the gross profit margin of the core control functional 杭州桑拿网 components of intelligent equipment exceeds 2.

89 perfect to 41.

99%; gross profit margin of industrial robots and complete equipment decreased by more than 1.

88 perfect to 31.


In total, the company’s period expense ratio increased by 3.

89 perfect to 32.

25%, of which, the sales expense ratio increased by 0.

83 perfect to 6.

72%; management + R & D expense ratio tripled.

29 out of 22.

52%; financial expense ratio increases by 0 every year.

78 perfect to 3.


The proportion of R & D funding remained high.

The scale of R & D spending of companies in 2019H1 will increase by 4 each year.

63% to 8284.

460,000 yuan, accounting for up to 12% of operating income.

16%, maintained at the level of 10% for many years.

It is estimated that by H1 2019, the company will have 630 R & D and engineering 杭州桑拿 technicians, accounting for 35 of the total number of employees.

41%. The global R & D layout and multi-level R & D system have broken an important prerequisite foundation for the company to maintain its technological innovation advantage.

The main business is under short-term pressure, and the robot body business has grown against the trend.

Due to the relatively insufficient downstream demand, the company’s revenue in the first half of the year overlapped.

The current growth rate of the robot industry has begun to increase since the second half of 2018, and gradually increased from -6 in January to July 2019.


In 2019H1, the revenue of the industrial robot body increased by about 10%. Against the background that the economy of robot replacement of labor began to gradually appear, the industry’s medium and long-term development space is still continuous. The company’s core technology has a high degree of autonomy, and the industrial chain is complete.The potential for growth.

Acquired Cloos, a leader in welding robots.

On August 26, the company announced that it plans to continue to increase the capital of Dingpai Electromechanical in cash with the controlling shareholder Perest5.

51ppm by German SPV to 1.

9.6 billion euros in cash for the acquisition of the global leader in welding robots, with a net profit of 12.44 million euros in 2018, which will increase the company’s performance in the future.Cloos has 11 branches, subsidiaries and 50 sales outlets around the world. Through this acquisition, the company will obtain Cloos’ world-class customers and sales channels, which is conducive to accelerating the internationalization strategy.

Earnings forecast and investment rating: The company’s EPS for 2019-2021 is expected to be 0.

14, 0.

18, 0.

22 yuan, 9 the previous trading day.

At the closing price of 16 yuan, the corresponding dynamic PE is 65.

4, 50.

9, 41.

6 times, maintaining the company’s “recommended” investment rating.

Risk reminders: M & A and business integration risks; intensified market competition in the robotics industry leads to company performance that falls short of expectations; and internal secondary market systemic risks.