Company Coverage
Estun Automation (002747 CH): 2Q26: Solid Margins But Fairly Priced; Maintain HOLD
HOLD (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb30.82
Rmb28.20
(8.5)%
Rmb21.20
Analyst
Analyst
Highlights
2Q26 results were in line with the preliminary announcement. Revenue grew 4.3% yoy and 11.9% qoq to Rmb1.36b, an 11.6% miss vs consensus, but gross margin expanded 6.0ppt yoy to 33.1% and core net profit swung to Rmb51m.
Management guides for around 45,000 robot shipments globally in 2026, a 10-11% domestic market share and Rmb300m net profit, with gross margin and the expense ratio expected to improve further in 2H26.
Maintain HOLD; target price raised to Rmb28.20 on higher estimates.
Analysis
2Q26 print in line with preliminary results. Estun Automation’s (Estun) 2Q26 revenue grew 4.3% yoy and 11.9% qoq to Rmb1.36b, which is an 11.6% miss vs consensus estimates as the company gave up low-margin orders in favour for profitability. As a result, mix improved and gross margins expanded 6.0ppt yoy and 2.7ppt qoq to 33.1%, a big beat vs consensus at 30.8%. Opex ratio also declined 0.4ppt yoy and 0.2ppt qoq, indicating ongoing improvements in cost controls; core net profit swung to a profit of Rmb51m, vs a core net loss at Rmb22m in 2Q25.
Highlights
2Q26 results were in line with the preliminary announcement. Revenue grew 4.3% yoy and 11.9% qoq to Rmb1.36b, an 11.6% miss vs consensus, but gross margin expanded 6.0ppt yoy to 33.1% and core net profit swung to Rmb51m.
Management guides for around 45,000 robot shipments globally in 2026, a 10-11% domestic market share and Rmb300m net profit, with gross margin and the expense ratio expected to improve further in 2H26.
Maintain HOLD; target price raised to Rmb28.20 on higher estimates.
Analysis
2Q26 print in line with preliminary results. Estun Automation’s (Estun) 2Q26 revenue grew 4.3% yoy and 11.9% qoq to Rmb1.36b, which is an 11.6% miss vs consensus estimates as the company gave up low-margin orders in favour for profitability. As a result, mix improved and gross margins expanded 6.0ppt yoy and 2.7ppt qoq to 33.1%, a big beat vs consensus at 30.8%. Opex ratio also declined 0.4ppt yoy and 0.2ppt qoq, indicating ongoing improvements in cost controls; core net profit swung to a profit of Rmb51m, vs a core net loss at Rmb22m in 2Q25.
HOLD (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb30.82
Rmb28.20
(8.5)%
Rmb21.20
Analyst
Analyst
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