First coverage report of Estun Automation Co.Ltd(002747) company: domestic industrial Siasun Robot&Automation Co.Ltd(300024) leader, with deep moat built inside and outside

\u3000\u3000 Estun Automation Co.Ltd(002747) (002747)

Domestic Siasun Robot&Automation Co.Ltd(300024) leader, thick accumulation and thin sword refers to the long term

Estun Automation Co.Ltd(002747) is a supplier of automation core components and motion control systems, industrial Siasun Robot&Automation Co.Ltd(300024) and complete sets of equipment. Relying on the technical advantages of endogenous extension, it builds a moat and expands the market share of industrial Siasun Robot&Automation Co.Ltd(300024) body at home and abroad by relying on the "general + subdivision" strategy. The company has strong technical strength and continuous innovation in product research and development, and has formed a rich and diversified product matrix based on industrial Siasun Robot&Automation Co.Ltd(300024) ontology. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be 158 / 263 / 415 million yuan respectively, corresponding to EPS of 0.18/0.30/0.48 yuan / share, and the PE corresponding to the current stock price will be 128.6/77.4/49.1 times respectively. It will be covered for the first time and given a "buy" rating.

The upstream core technologies have made breakthroughs one after another, and the domestic industry Siasun Robot&Automation Co.Ltd(300024) has made rapid progress

According to IFR prediction, the global industrial Siasun Robot&Automation Co.Ltd(300024) installation volume in 2021 is expected to reach 435000 units, with a year-on-year increase of 13%. The annual new installation volume from 2022 to 2024 will increase by 18%, 27% and 35% respectively compared with that in 2020. With the gradual opening of incremental market demand such as lithium battery and photovoltaic, the volume of industrial Siasun Robot&Automation Co.Ltd(300024) downstream market can be expected. From the perspective of industrial chain, the high technical barriers to the production of upstream core parts have become a highland of market value. Foreign brands monopolize upstream production with technical advantages and occupy the market share of the middle reaches of the industry with cost advantages. However, domestic brands are paying more and more attention to building core competitiveness by improving their technical strength, and have gradually broken through the technical barriers of upstream core parts and midstream ontology, which has greatly increased the market share of domestic brands in the global industrial Siasun Robot&Automation Co.Ltd(300024) ontology, and is expected to achieve the goal of 50% market share in 2025.

The internal and external wheels build a technical moat, and the "general + segmentation" strategy has achieved remarkable results in occupying the ontology market

By accumulating underlying technologies and acquiring high-quality assets through extension, the company has realized the independent supply of 80% of parts, has the ability of ontology independent design to meet the needs of generalization and customization, and can develop and optimize software algorithms to improve the quality of Siasun Robot&Automation Co.Ltd(300024) ontology. At present, the technical layout of the whole industrial chain of the company is perfect, and the advantages of synergy are gradually emerging. Relying on its strong technical strength, the company adheres to the "general + subdivision" strategy to occupy the industrial Siasun Robot&Automation Co.Ltd(300024) body market. At this stage, the company has formed significant competitive advantages in subdivided industries such as photovoltaic, lithium battery and 3C and general markets such as welding and sheet metal processing, and has sufficient customer resources and orders at home and abroad. With the large demand of the company's products in the domestic and foreign markets, the company is expected to enter the international Siasun Robot&Automation Co.Ltd(300024) first camp in 2025.

Risk warning: the growth risk of accounts receivable; The epidemic has brought risks in import and export international trade.

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