Morningstar

Estun Automation Co Ltd Class A 002747

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Stock XSHE Rating as of
¥15.49 +1.41 (10.01%)
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Company Report

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Estun Automation Earnings: Weak Demand Hurts Margins; Fair Value Estimate Lowered 15% to CNY 11.30

Cheng Wang

Estun’s net loss of CNY 80 million in the second quarter is in line with preliminary guidance and reflects sluggish downstream demand, notably in the solar industry, coupled with intense price competition. We now factor in weaker demand, leading to 5%-10% cuts to our revenue forecasts for 2024-28 and 14%-34% reductions in our net income estimates for 2025-28. We project Estun to stay profitable in 2024, but with a thin 0.6% net margin. Consequently, we cut our fair value estimate by 15% to CNY 11.30 per share, and consider the shares fairly valued.

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Price vs Fair Value

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002747 is trading at a 566% premium.
Price
¥15.49
Fair Value
¥95.40
Uncertainty
Very High
1-Star Price
¥75.79
5-Star Price
¥5.92
Economic Moat
Fkmm
Capital Allocation
Gpdzkwtv

Bulls Say, Bears Say

Bulls

Estun is set to seize more market share from foreign players as China continues with import substitution.

Bears

Estun's shipment will be under pressure as customers from solar and lithium-ion battery industries scale back capacity expansion.

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Trading Information

Previous Close Price
¥14.08
Day Range
¥14.56–15.49
52-Week Range
¥11.32–22.20
Bid/Ask
¥15.49 / ¥0.00
Market Cap
¥13.47 Bil
Volume/Avg
43.6 Mil / 12.7 Mil

Key Statistics

Price/Earnings (Normalized)
156.90
Price/Sales
2.91
Dividend Yield (Trailing)
0.39%
Dividend Yield (Forward)
0.39%
Total Yield
0.39%

Company Profile

Estun is a leading industrial automation company and the largest domestic industrial robot manufacturer in China.Estun's industrial robots include six-axis general-purpose robots, four-axis palletizing robots, SCARA robots and industry-specific customized robots. Most of its shipments are six-axis general-purpose robots. The main application areas include welding, sheet metal bending, photovoltaic typesetting, among others.
Sector
Industrials
Industry
Specialty Industrial Machinery
Stock Style Box
Mid Growth
Total Number of Employees
3,743
Website
http://www.estun.com

Competitors

Valuation

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Metric
002747
300124
6954
Price/Earnings (Normalized)
 156.9037.6729.13
Price/Book Value
 5.236.572.25
Price/Sales
 2.914.894.97
Price/Cash Flow
 87.9728.8724.08
Price/Earnings
002747
300124
6954

Financial Strength

Metric
002747
300124
6954
Quick Ratio
 0.801.134.43
Current Ratio
 1.091.546.86
Interest Coverage
 0.9629.84—
Quick Ratio
002747
300124
6954

Profitability

Metric
002747
300124
6954
Return on Assets (Normalized)
 −0.81%9.14%9.61%
Return on Equity (Normalized)
 −3.05%18.05%10.99%
Return on Invested Capital (Normalized)
 0.00%14.73%10.61%
Return on Assets
002747
300124
6954

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