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Esther follow-up comments: major customers are superimposed in the segmented fields, and domestic robot leaders go to the next city

event description

recently, the company signed a strategic agreement with Jingshan light machinery, so that the friction received on the sliding sales can be measured. Jingshan light machinery promised to give priority to the use of Esther industrial robots and other products in its group's modules in the next two years, and it is expected to purchase no less than 500 Esther industrial robots every year. Previously, the company announced on May 25 that it had jointly established Jiangsu hangding Intelligent Equipment Co., Ltd. with China Southern Airlines assets to promote in-depth development in the aerospace field and build new business growth points in the high-end robot application field around the development needs of the next generation aerospace and other related industries

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segment fields are cut into and superimposed with key customer development, and the market strategy is accelerated. Based on the gradual improvement of the layout of core components, as the development of domestic robots enters a new stage, the company will focus on market development, production organization, cost control and other aspects. 1) The joint venture with China Southern Airlines to establish hangding intelligent equipment is not only an affirmation of the company's ontology technical strength, but also marks the entry into the high-end field of aerospace robots. After sheet metal bending, welding and photovoltaic, this field is expected to become another advantage incremental market segment of the company. 2) On the other hand, the strategic cooperation with Jingshan light machinery is a new attempt of the company in customer development. Compared with the automobile market with extremely high entry threshold, the current main target market of domestic robots is still general industry, and the decentralized market pattern has limited the rapid expansion of product sales to a certain extent. The large-scale purchase of large customers solves the bottleneck of expansion, and is of great benefit to optimize the production process, stabilize the sales base, and improve product quality

robot replacement is the general trend, and high-quality companies with domestic brands will stand out. Since the fourth quarter of 2016, the demand of the domestic industrial robot market has accelerated, and the growth rate has declined recently due to trade friction and other factors. Under the trend of replacing robots with people, the domestic manufacturing industry has significantly improved its acceptance of new production methods, and the long-term growth of the industry is still uncertain. With local advantages, domestic robot manufacturers, based on the gradual breakthrough of core components, are expected to continue to provide low-cost advantage products to more operators who need to turn off the power immediately, and to the downstream traditional industries, so as to expand the overall market share of domestic brands

scale effect is the moat of gross profit rate, and there is room for long-term growth of profitability. In the short term, the depreciation and land amortization of the selected load production line at the beginning of the year will be compensated by the growth of production scale in 18 years. In the long run, with the further embodiment of the scale effect, the gradual dilution of R & D investment and the further improvement of the self-made rate of parts, the profitability of the company is expected to be further improved. Compared with FANUC, there is still much room to improve the gross profit margin of eston robot business, and it is optimistic about the growth of the company's long-term profitability. It is estimated that the annual net profit attributable to the parent company will be about 161million and 253million yuan, EPS will be 0.19 and 0.30 yuan/share, and PE will be 79 and 50 times, maintaining the "buy" rating

risk tips:

1 Manufacturing should be leak free, and the prosperity of the industry has declined significantly

2. The company's market development progress is less than expected

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