On March 17, 2022, Eston (002747) announced that CITIC Securities, Pioneer Fund Management Co., Ltd., Cintai Life Insurance Asset Management Center, Dymon Asia Capital, Hangzhou Deya Investment Management Co., Ltd., Shanghai Zhiji Asset Management Co., Ltd., Zhejiang Yingrui Investment Management Co., Ltd., Timing Capital, Shangzheng Fund Management Co., Ltd., Taiping Fund, Zhejiang Guoxin Investment, Guangzhou Yuanshi Investment Management Co., Ltd., Shanghai Luyong Asset Management Co., Ltd , Zhejiang Property & Casualty Insurance Co., Ltd., Chuangjin Hexin Fund Management Co., Ltd., Prime Capital, Qingdao Yongan SINBON Investment Management Co., Ltd., Cloison Li & Fung Asset Management Co., Ltd., Xinhua Fund, Yuanhao Investment, Beijing Xinleda Investment Management Co., Ltd., Millennium, Industrial Securities Self-operated Department, Qingrong Assets, Cintai Life Insurance Co., Ltd., Dalian Daohe Investment Management Co., Ltd., National Treasury Investment of Malaysia, Qunyi Securities Investment Trust Co., Ltd., Tianyi Capital, Shanghai Shicheng Investment, Shanghai Fengyang Assets, Temasek, Shanghai Snowbo Investment Management Co., Ltd., Zhejiang Shinkansen Media Investment Co., Ltd., Bauer Taiping Co., Ltd., Fengyang Asset Management Co., Ltd., Zhengxin Valley Capital, Shanghai Life, Baoying Fund Management Co., Ltd., Fujian Haoshan Asset Management Co., Ltd., Huarong Securities, Shanshu Assets, and CITIC Lyon surveyed our company on March 10, 2022.
The main contents of this survey are:
Q: Are the company's vision products autonomous software technologies, and have they been applied?
A: The company has independently developed vision software technology and products. The company's robot two-dimensional and three-dimensional vision technology has been applied in batches in the company's robot and intelligent control unit products related business.
Q: What is the localization process of the reducer?
A: The company's harmonic reducer and RV reducer have introduced some domestic reducer suppliers. Harmonic reducer in the earlier has been realized on the basis of domestic suppliers, the company is currently through the further introduction of competition, optimize the supply chain to reduce costs; in the RV reducer, the company based on the early domestic reducer through the small batch verification, plans to further improve the localization level of RV reducer.
Q: What are the company's current technical advantages in welding?
Answer: The main advantages are: 1. Master the complete independent core technology, self-produced welding robots, welding machines and welding torches, etc., can provide customers with robots + welding machines + welding process trinity of intelligent welding solutions, with technology, cost and complete solutions of the core competitiveness 2. Model-free offline programming function IRPS, no matter how the product is placed, automatically complete the construction of the three-dimensional model of the part after automatic scanning of the workpiece, and complete the welding robot programming according to the weld seam scanned, and weld, without welding fixtures, suitable for small batches of multi-variety products. 3. Combined with offline laser tracking ICSE, after a scan of the welding gun end, complete the bevel section, bottom clearance, groove depth, slope, position and other multi-information collection, and then according to the collection data robot for welding trajectory and welding parameters self-programming, suitable for products with similar structure, product size and assembly error. 4. Online laser tracking CST, instant tracking of adaptive function during welding, with the welding groove, product assembly gap or product welding deformation changes instantaneously self-adjust welding methods and parameters. 5.3D arc tracking, the robot in the tracking movement, in the left and right tracking and height tracking at the same time, autonomous detection of gap changes, and real-time adjustment of welding parameters, the maximum support 0-4mm unpadded clearance of the adaptive. 6. Declination welding adaptive tracking, through this function can easily achieve multi-layer multi-channel welding of all welds can be arc tracked. It is particularly advantageous for solving the process deformation during multi-layer multi-channel welding of thick plates. 7. The necessary AI programming of the black light factory automatically generates welding programs and parameters according to the three-dimensional model computer, without the traditional manual teaching or manual offline mode, which greatly saves the cost and time cost of personnel.
Q: What is the company's current production capacity?
A: At present, the company's robot production capacity can reach 20,000 sets per year after flexible transformation. In addition, in order to further support the development strategy of Eston, the second phase of the Eston Robot Intelligent Industrial Park is stepping up construction, planning to complete the infrastructure construction by the end of 2022, and start the ramping capacity in 2023, and finally achieve 50,000 sets of production capacity.
Q: What are the company's downstream industry development plans for this year?
A: The company still takes the rapid expansion of scale as the main goal this year, the company adopts the "general + subdivision" strategy, the downstream industry covers a wide range, and the current key industries include lithium batteries, photovoltaics and other emerging industries and welding applications. Although the macroeconomic environment is under pressure, the investment strategy of leading enterprises in downstream industries, especially those in emerging industries, to accelerate industrial upgrading with intelligent manufacturing has not been affected too much. (1) At present, the automation market size of emerging industries such as lithium batteries and photovoltaics is expanding rapidly, and the company judges that the new energy industry will continue to grow in the next 2-3 years or 3-5 years. The company in the new energy industry is its own own automation core components and industrial robots as the core advantages of the downstream extension, seize the development opportunities of the new energy industry, the development of automation-related business based on the company's own automation control system and industrial robots, the products currently provided include general and photovoltaic lithium battery industry special industrial robots, automation core components (such as motion control systems, AC servo systems, HMI, Digital remote monitoring and edge computing modules and intelligent control units with robots as the core). After several years of investment accumulation, the company has achieved certain results in the industry's key customer strategy. In the lithium battery industry, starting from 2021, the core components and robots of Eston's own brand have been recognized by mainstream new energy enterprises such as CATL, and the official introduction of the Ningde era supplier directory has been batch-entered into other head enterprises in the new energy industry, based on the new energy automation related business developed by Eston's core automation components and industrial robots, which fully reflects the advantages of independent core technology products, whether from product accuracy, production efficiency, on-site debugging, quality control, after-sales service, Equipment investment cost performance, delivery guarantee and other aspects fully reflect the company's core competitiveness, customer application experience and equipment efficiency have been highly recognized. In the photovoltaic industry, which lasted 5 years of development, the company designed for the photovoltaic industry high-speed high-precision arm-to-large inertia module assembly robot to form the company's main products in the photovoltaic industry, while in the silicon wafer, cell end also in 2021 to achieve batch shipments, serving more than 100 photovoltaic industry customers. (2) In the downstream application field of rigid replacement of robots such as welding, the company's investment in research and development, sales channel resource construction has also brought about the corresponding technical foundation and the accumulation of industry customer resources, realizing the rapid development of welding robot business. The company gives full play to the synergy effect with Cloos, Cloos China market integration strategy has been implemented, combined with Cloos robot welding core technology, products and the company's existing robot products, suitable for the Chinese market series of Cloos products have begun to market, high-end part of the product has been highly recognized by customers and has achieved rapid development of business, Cloos integration effect is obvious, the product successfully entered a number of leading construction machinery enterprises and automotive vehicle field, such as Sany heavy equipment, Henan Juntong, the domestic market increased by 375% year-on-year. Based on Eston's understanding of the Arc Welding Market in China, combined with the advantages of having autonomous industrial robots, a new Arc Welding Robot and Arc Welding Application Software Package has been released. The product adopts hollow wrist design and is used in high-speed welding applications. The arc welding application software package has a rich welding process, a convenient operation interface, saving welding workstation commissioning time, and convenient external axis expansion function to facilitate workstation design. The welding power supply developed based on Cloos' rich welding technology has an ultra-low splash effect and is suitable for welding base materials of various plate thicknesses and different materials, especially in the field of stainless steel welding. Eston arc welding series robots, in the field of thin plate, medium and thick plate, with super cost performance, provide welding automation solutions for multiple industry TOP brands.
Eston's main business: engaged in high-end intelligent machinery and equipment and its core control and functional components of research and development, production and sales, and to provide customers with personalized, diversified, systematic intelligent equipment automation control solutions for high-tech enterprises.
Eston's 2021 third quarter report shows that the company's main revenue was 2.302 billion yuan, up 30.54% year-on-year; net profit attributable to the mother was 87.8462 million yuan, up 2.84% year-on-year; deducted non-net profit of 63.3883 million yuan, down 11.04% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 740 million yuan, up 25.32% year-on-year; single-quarter net profit attributable to the mother was 24.9538 million yuan, up 4.94% year-on-year. In the single quarter, the non-net profit was 14.941 million yuan, down 23.4% year-on-year; the debt ratio was 59.12%, the investment income was 398,100 yuan, the financial expenses were 23.6819 million yuan, and the gross profit margin was 33.53%.
A total of 5 institutions have given ratings, 3 buy ratings and 1 overweight rating in the last 90 days; the average target price of institutions in the past 90 days has been 31.13.
Here is detailed profit forecast information:
Margin data shows that the stock's net outflow in the past three months was 58.3402 million, and the balance of financing decreased; the net outflow of margin was 855,900, and the balance of margin decreased. The Securities Star Valuation Analysis Tool shows that 002747 Company is rated 3 stars, Good Price is rated 1.5 stars, and valuation composite rating is 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
The above content is compiled by Securities Star based on public information, if you have any questions, please contact us.
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