Estun Automation Faces Deep Losses as New Energy Customers Cut Capital Expenditure

As of December 2023, Estun Automation is the largest domestic industrial robot manufacturer and ranks second by shipment in China, a market that used to be dominated by foreign companies. As a late mover, Estun benefited from the exponential growth of emerging industries such as the photovoltaic and lithium-ion battery industries. It is one of the largest industrial robot suppliers to the photovoltaic industry, with a leading market share in photovoltaic typesetting. In addition, its robots have landed in the factories of top lithium-ion battery companies such as BYD and CATL. However, both industries are currently facing heavy overcapacity. This will weigh on Estun's shipment growth in the near term.