Eston (002747) has a perfect industrial chain layout, and the domestic robot leader is ready to go.
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original title: (002747) the layout of the industrial chain is perfect, and domestic leaders are ready to go source:
key points of the report:the external path is Φ 48.3mm steel tube scaffold right angle fasteners, rotating fasteners
intelligent equipment industry leading enterprises, comply with the transformation of the manufacturing industry
the company started with the CNC system business and developed into a full industry chain intelligent equipment manufacturer and solution provider covering core parts, robot ontology and system integration. The CNC system of the company has the first market share in the field of metal forming machine tools in China; Promote the complete solution of trio+estan in motion control and servo, and move towards the medium and high-end market; In the field of industrial robots, it is the first tier in China, and the downstream covers metal processing, new energy and other industries. In 2018, the company's industrial robots and complete sets of equipment revenue was 735 million yuan, accounting for more than 50%, becoming the main source of income, with a compound growth rate of more than 20% in the past three years. Since 2014, the proportion of the company's R & D investment in operating revenue has remained at about 10%, and reached 11.49% in 2018
the localization trend of industrial robots is gradually emerging, and the market potential of core parts is huge.
in 2018, the global sales of industrial robots was 384000, entering a stable stage; China's market accounts for about 1/3, making it the world's largest market. Foreign brands rely on their advantages in core components to occupy the global market, with four leading enterprises KUKA, abb, Yaskawa and fanako accounting for more than half. In the domestic market, the sales volume of independent brands accounted for 32.15% in 2018, which was still low, but showed an upward trend in recent years. The frequent positive policies in the field of intelligent equipment, the aggravation of aging and the rise of labor costs stimulate the demand of the industry; In the fields of numerical control system, servo system and so on, there is huge room for domestic shares to increase
build the competitiveness of the whole industrial chain with two rounds, two cores and endogenous extension
the company implements the "robot +" strategy and forms the development direction of "general + subdivision". The localization rate of the key parts of the robot body is up to 80%, and the servo, controller and some speed reducers can be self-produced at the end of the cable experiment. Accelerate growth through extensive mergers and acquisitions in parts and downstream integrated applications. The acquisition targets include machine vision, motion control, micro servo, AC servo, automation system integration, etc. We believe that the company is still in the stage of industrial chain layout before it aims to build a national aviation material production base and a national military civilian integration innovation demonstration zone. At this stage, the profit margin, roe and other financial indicators of the next step have been close to or better than international leading enterprises such as KUKA, Yaskawa, abb, etc. in the future, with the effect of industrial chain integration of the company, the profitability is expected to be significantly improved and surpass international leading enterprises
profit forecast and investment suggestions
we predict that the company will realize operating revenue of 1.571 billion yuan, 2.006 billion yuan and 2.517 billion yuan respectively, and realize net profit attributable to the parent company of 118 million yuan, 156 million yuan and 195 million yuan. Considering the broad application scenarios of industrial robots and the layout of the company's entire industrial chain, the company is given a "buy" rating for the first time
eston (002747) has a perfect industrial chain layout, and domestic robot leaders are ready to go.
put it away.