Estun Automation - A Global China Summit takeaways: Management’s focus on quality growth and cash discipline sets a firmer trajectory

研报英文原文证据摘录

Estun Automation - A Global China Summit takeaways: Management’s focus on quality growth and cash discipline sets a firmer trajectory

J P M O R G A N Asia Pacific Equity Research

21 May 2026

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Estun Automation - A

Global China Summit takeaways: Management’s focus Overweight

on quality growth and cash discipline sets a firmer 002747.SZ, 002747 CH

trajectory Price (21 May 26):Rmb28.70

Price Target (Jun-27):Rmb28.00

Estun Automation attended the JPM China Summit on May 20-22, where Infrastructure, Industrials &

management delivered a constructive update on the company’s stepwise progress Transport

in margin expansion and cash flow improvement. The discussion focused on a Karen Li, CFA AC

firmer GPM trajectory, ongoing mix optimisation, and broad-based end-demand (852) 2800-8589

recovery across key verticals. Management reiterated its FY26 target of 5% NPM, karen.yy.li@jpmorgan.com

which remains ahead of consensus expectations, but the Summit provided more Sunny Su

clarity on the operational levers – such as project selectivity, pricing discipline, and (852) 2800 8551

working capital control – that are supporting improved deliverability. Investor sunny.su@jpmorgan.com

sentiment has been notably constructive, with the stock up c.10% today (vs Jenny Qiu, CFA

(852) 2800 8503

CSI300-c1%), bringing the YTD gain to c20% (versus CSI300 +3%), reflecting jenny.qiu@jpmorgan.com

rising confidence in Estun’s execution and a more supportive operating demand

Mufan Shi

backdrop.