New Stock Interpretation | Estun Automation (002747.SZ): Leading domestic market with domestically produced Siasun Robot & Automation, global layout entering the harvest period.

As a pioneer in the Chinese industrial Siasun Robot & Automation industry, Estun Automation (002747.SZ) has a total market value of approximately 21.1 billion RMB, calculated based on the current stock price of 24.22 RMB. From the successful development of the first industrial Siasun Robot & Automation in 2010 to the completion and operation of the production base in Eastern Europe Poland by 2025, Estun Automation has established a full industry chain competitive barrier covering core components to Siasun Robot & Automation machines through internal growth and strategic mergers and acquisitions. Recently, the company successfully passed the listing hearing on HKEX and is expected to become the first industrial Siasun Robot & Automation enterprise to achieve dual listing in both A-share and H-share markets. The funds raised in this Hong Kong listing will be mainly used for global capacity expansion, deepening strategic coordination of overseas industry chains, strengthening core technology research and development, and repaying existing debts. Expanding strategic map globally with significant scale advantages Unlike many peers who still rely heavily on export trade as their main overseas expansion model, Estun Automation has deeply embedded itself in the global manufacturing landscape through capital operations and physical construction: In terms of technology, the company has achieved a leap in core technology through precise acquisitions: acquiring the UK's Trio in 2017, entering the high-end motion control field, and acquiring Germany's Cloos in 2020, launching into the mid-to-high-end arc welding Siasun Robot & Automation market. In terms of production capacity, Estun Automation now has seven major manufacturing bases globally, with five in China including Nanjing and Jingmen, and two in Germany. Of note is its Poland factory, expected to start production in June 2026 with an annual production capacity of 15,000 units, significantly improving the company's delivery time and supply chain response capabilities in the European market. In terms of services, as of September 30, 2025, Estun Automation has established 75 service points globally, covering major regions in Europe, America, and Asia, with Europe serving as the hub and starting point of its global strategy. According to the prospectus, in the first half of 2025, Estun Automation achieved a historic breakthrough, surpassing foreign brands to become the first domestic company to lead the industrial Siasun Robot & Automation solution market in China. Based on the shipment volume in 2024, Estun Automation has risen to become one of the top five global industrial Siasun Robot & Automation solution providers with a market share of 5.5%; in the Chinese market, its share has increased to 9.5%, narrowing the gap with the top-ranked Fanuc (with a market share of 10.9%). As of the end of September 2025, the company's cumulative shipment of industrial Siasun Robot & Automation has exceeded 105,000 units, covering a range of products with payloads from 3kg to 700kg, totaling 96 models, widely used in over ten core manufacturing sectors including automotive, lithium batteries, photovoltaics, 3C electronics, metal processing, and engineering machinery. In terms of segmented tracks, Estun Automation has developed multiple globally competitive "hidden champion" businesses - according to the shipment volume in 2024, its sheet metal bending Siasun Robot & Automation and photovoltaic industrial Siasun Robot & Automation both rank first globally; its power battery industrial Siasun Robot & Automation ranks first in the Chinese market; and its arc welding Siasun Robot & Automation ranks fifth globally. These data reflect Estun Automation's deep involvement in the new energy industry chain: its photovoltaic layout Siasun Robot & Automation has entered the Longi supply chain system; in the lithium battery field, it has won 90% of the new production line orders from BYD Company Limited; in the automotive manufacturing sector, its Siasun Robot & Automation products have successfully entered into Geely's JiKe factory, replacing original German Kuka equipment with domestic products. According to Estun Automation's disclosed financial data, the company's recent years of operations are as follows. The company's revenue scale remains stable, with short-term disruptions affecting profitability. In the 2024 fiscal year, the company achieved operating revenue of 4.009 billion RMB, similar to the 38.81 billion RMB in the 2022 fiscal year, maintaining overall revenue stability. Due to one-time factors such as impairment of intangible assets and goodwill provision of 360 million RMB, a net loss of 8.18 billion RMB was recorded. Excluding the impact of this non-recurring item, the company's operating profit capacity still shows some resilience. Since 2025, business has rebounded and a trend of profit recovery has emerged. In the first three quarters of 2025 (up to November 30, nine months), the company achieved operating revenue of 3.804 billion RMB, close to 85% of the full year revenue in 2024; an operating profit of 181 million RMB, exceeding the full year operating profit level of the previous year, demonstrating a gradual recovery of core business profitability. During the same period, the net profit turned from loss to profit, recording 29.7 million RMB, showing signs of improvement in operational fundamentals. In addition, research and development investment continues to increase, and technological barriers are expected to be strengthened. Research and development spending reached 442 million RMB in 2024. R&D investment in the first three quarters of 2025 continued to grow, with ongoing technological accumulation expected to support the company in consolidating its core competitive advantage in the industry chain. Industrial Siasun Robot & Automation sales steadily expand, intelligent manufacturing systems become a new growth engine Currently, the company's main business focuses on industrial Siasun Robot & Automation, intelligent manufacturing systems, automation core components, and motion control systems. From the revenue structure, industrial Siasun Robot & Automation and intelligent manufacturing systems are the company's core sources of revenue. From 2022 to the first three quarters of 2025, the revenue contribution of these businesses accounted for 73.1%, 77.3%, 75.6%, and 82.5% respectively, showing a steady increase. Among the specific businesses, revenue contributions from industrial Siasun Robot & Automation, industrial Siasun Robot & Automation workstations, and intelligent manufacturing systems are relatively balanced. In recent years, intelligent manufacturing systems have grown rapidly, with revenue in the first three quarters of 2025 increasing by 33%, and the revenue ratio rising to 24.4%. In the field of industrial Siasun Robot & Automation, the company has developed a product matrix covering general and special types, totaling 96 models, widely used in key industries such as electronics, automotive, and lithium batteries. From 2022 to the first three quarters of 2025, the company's industrial Siasun Robot & Automation sales volumes were 11,852 units, 18,952 units, 22,304 units, and 24,884 units, showing a continuous expansion in sales volume. In terms of intelligent manufacturing systems, the company possesses core capabilities such as high-speed and high-precision synchronous control, multi-technology integration, and cost efficiency optimization, with stable order volumes in the last three years, achieving 122 orders in the first three quarters of 2025, an increase of 9 orders year-on-year. It is worth noting that there was a slight fluctuation in the orders for industrial Siasun Robot & Automation workstations, with 191 orders recorded in the first three quarters, a decrease of 33 orders year-on-year. As the foundation supporting intelligent manufacturing, automation core components, and motion control systems cover three major business lines including motion control systems, servo systems, and motion control solutions. The revenue share of this segment has structurally decreased over the past three years, with the revenue contribution of core business motion control solutions dropping from 15.3% in 2022 to 11.7% in the first three quarters of 2025. In terms of market expansion, Estun Automation adopts a marketing system that combines "strategic customers, industry benchmark customers, and regional customers," with direct sales as the main model, where direct sales revenue exceeds 90%. Direct sales customers come from various sectors such as automotive, photovoltaics, lithium batteries, electronics, metal processing, and building materials, with the contribution from the automotive industry customers continually increasing to over 30%. Due to the continuous improvement in customer structure, the top five customers contribute 37.2% of the total revenue, showing a low level of concentration and diversifying operational risk.