Estun Automation - A: Embedding humanoid and cobot growth earlier than planned, as Midea’s upcoming KUKA listing reshapes peer landscape

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Estun Automation - A: Embedding humanoid and cobot growth earlier than planned, as Midea’s upcoming KUKA listing reshapes peer landscape

rgan.com

collaborative robots, humanoid robots, and key components, with products J.P. Morgan Securities (Asia Pacific) Limited

covering 3–35kg payload cobots and related parts, serving downstream sectors Jenny Qiu, CFA

such as autos, home appliances, 3C electronics, and food/logistics. This adjacency (852) 2800 8503

is well positioned to support Estun’s “high-end application + solutions” strategy, jenny.qiu@jpmorgan.com

provided integration and commercialization progress as planned. J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

Mufan Shi

Stock view: Estun’s share price is up c.72% YTD (vs. CSI300 +8%), reflecting (852) 2800-8502

robust investor conviction in the robotics theme and the company’s improved mufan.shi@jpmorgan.com

execution on cash generation and margin delivery. The acquisition of the humanoid J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

robot business is worth noting as a potential catalyst for a shift in valuation Morgan Broking (Hong Kong) Limited

methodology toward P/S multiples. With the stock currently trading at c.6x P/S Beatrice Lam

FY27E (not taking into account the new humanoid business which should have (852) 2800-8738

beatrice.lam@jpmorgan.com

limited impact), Estun appears attractively valued compared to other humanoid J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

robot peers, which trade at 11x P/S, especially given its established track record in Morgan Broking (Hong Kong) Limited

industrial robotics and its clear roadmap for profitability and growth. Maintain

OW.

• Estun’s earlier than expected acquisition announcement for Codroid