Estun Automation - A First Take: 2Q26 profit beat with margin recovery story gains traction

研报英文原文证据摘录

Estun Automation - A First Take: 2Q26 profit beat with margin recovery story gains traction

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

15 July 2026

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Estun Automation - A Overweight

002747.SZ, 002747 CH

First Take: 2Q26 profit beat with margin recovery story Price (14 Jul 26):Rmb38.40

gains traction Price Target (Jun-27):Rmb50.00

Our First Take: Estun Automation released preliminary 2Q26 results on July 14

after market close, delivering a quarterly net profit surprise to the upside, which

also marks the fourth consecutive quarter of profit-making, a more established

trend to convince the market about its margin recovery story. In terms of recurring

profit, Estun managed to achieve Q/Q growth of 149% as per the mid-point, easing

market concerns over the sustainability of its profit growth trajectory given high

volatility over the past few years. While it did not disclose the top line, we estimate Infrastructure, Industrials &

2Q26 sales to have risen ~20% Y/Y on the back of a monthly order trend towards Transport

>20% Y/Y, implying an NPM level of 4.3%, a solid step towards its FY26 full-year Karen Li, CFA AC

target of 5%. Maintain OW. The stock is up ~60% YTD, outperforming MSCI (852) 2800-8589

China’s 11% decline, reflecting improved investor conviction in Estun’s karen.yy.li@jpmorgan.com

profitability trajectory and improved execution. Sunny Su

(852) 2800 8551

sunny.su@jpmorgan.com

Key Positives Neil Zhang

(852) 2800-8598