According to Securities Star News, on November 15, 2024, EFORT (688165) announced that the company would accept institutional research on November 14, 2024, with the participation of CITIC Securities, CITIC Asset Management, Shiyi Investment, Yinhua Fund, and Longquan Investment.

The details are as follows:

Q: Mainly with the reply

Answer: The company is one of the few domestic robot enterprises at the same time layout of core components, machine manufacturing, system integration manufacturers, while the product line covers the high-end manufacturing process of casting, cutting, welding, polishing and grinding, spraying and other main links. The company is also one of the few domestic manufacturers that has laid out the world's cutting-edge industrial robots and intelligent manufacturing upgrading technologies such as next-generation intelligent industrial robots and systems. The company is the first echelon enterprise of China's industrial robots (quoted from the White Paper on the Development of China's Industrial Robot Industry (2020)), which belongs to the first batch of specialized and new "little giant" enterprises in the country, and is the key unit of the national robot industry regional agglomeration and development pilot, the vice chairman unit of the China Robot Industry Alliance, the member unit of the National Robot Standardization Group, and the chairman unit of the G60 Science and Technology Innovation Corridor Robot Industry Alliance. In 2023, the company will be selected as the first batch of science and technology leading enterprises in Anhui Province.

The company has set up R&D centers in China and Italy, and reached strategic cooperation with world-renowned universities and research institutions such as Harbin Institute of Technology and University of Science and Technology of China, presided over, undertaken or participated in more than 30 national science and technology major projects and national key R&D plans of the Ministry of Industry and Information Technology and the Ministry of Science and Technology, participated in the formulation of more than 20 national standards, industry, group and local standards for the robot industry, and established a national enterprise technology center for the robot industry, a national and local joint engineering research center, National postdoctoral research station and Anhui Provincial Technology Innovation Center and other R&D institutions.

2. The company's product series and main application fields.

EFORT has a full range of robot products covering different loads from 3kg to 400kg, with more than 60 types, which can meet the application of different scenarios in various industries such as photovoltaic, 3C, new energy, automobile, furniture, food, etc., such as handling, loading and unloading, palletizing, polishing, grinding, spraying, welding, assembly, etc.

3. What is the company's domestic and foreign revenue structure?

From the perspective of the operation in the third quarter of 2024, the company's domestic and foreign revenue accounted for about 50%, of which more than 90% of the revenue of the main business in China is the robot business; More than 90% of foreign revenue is system integration business, mainly serving overseas auto OEMs, such as Stellantis Group, Volkswagen, BMW, etc.

4. How is the promotion of the company's robots in the automotive industry?

In terms of robot business development, the automotive industry is mainly aimed at the automobile and auto parts industry market; In terms of the application expansion of the robot machine, it focuses on promoting the development of welding, spraying, palletizing and other application scenarios, and focuses on breakthroughs in spot welding, arc welding, painting, gluing, handling and other applications of automobile OEMs and auto parts factories. In 2024, in terms of spot welding applications, the company's heavy-duty spot welding robots have been used in the production lines of many self-owned brand passenger car factories and have been recognized by customers. In terms of spraying application, the company has achieved demonstration applications in the field of spraying of passenger cars, buses and other vehicles, and has achieved batch application and promotion in the spraying fields of automotive exterior parts, interior parts, lights, axles and other auto parts.

5. What is the company's operating situation in the third quarter of 2024 and the reasons for its changes?

Due to the dual impact of intensified market competition and changes in product structure brought about by changes in market demand, as well as the postponement of the company's overseas system integration business due to the postponement of investment plans by overseas automotive OEMs, the postponement of projects in hand, and the disposal of control of the Brazilian subsidiary at the end of last year, the company's operating income in the first three quarters of 2024 decreased compared with the same period last year. However, the company continued to adhere to the resource-focused strategy, and as of the end of the third quarter, the company's industrial robot shipments this year increased by 20.13% compared with the first three quarters of last year, much higher than the overall growth level of the market. The company's platform development, resource focus and cost control measures have been implemented effectively, and the gross profit margin has increased slightly compared with the same period last year, while the company has maintained a high investment in robot sales channels and team capacity building, product and technology research and development, and the company's R&D investment in the first three quarters increased by 2.75 percentage points compared with the same period last year.

6. What are the shipments of industrial robots in the first three quarters of 2024?

As of the end of the third quarter, the company's industrial robot shipments this year increased by 20.13% compared with the first three quarters of last year, much higher than the overall growth level of the market, the increase in shipments mainly comes from electronic manufacturing and general industry, of which electronic manufacturing accounts for about 30%, general industry accounts for more than 40%, in addition, photovoltaic, lithium battery and other new energy declined significantly year-on-year, accounting for about 20%. The company has also made significant breakthroughs in cross-industry applications such as welding, spraying, and palletizing.

7. What is the company's plan to invest in the construction of a super factory?

On the one hand, according to the market forecast of high-tech robots, the sales volume of China's industrial robot market is expected to reach 700,000 units by 2030, and the share of domestic robots will reach more than 80%. On the other hand, the current low-end product homogenization competition situation is severe, and high-end products still have a lot of room for competition, the company is committed to high-end, by further strengthening the new factory temperature, humidity and other environmental standards strict control, improve production efficiency and product quality, to provide high-quality robots to the market. Based on the future market demand and the company's business development plan, the company needs to make capacity reserves for future development. The company will prudently and steadily promote the project according to the market development, phased construction, the first phase of the project is expected to achieve an annual output of 50,000 high-performance industrial robots, and is expected to achieve an annual output of 100,000 high-performance industrial robots after all are completed.

8. What is the autonomy of the company's core components?

The company has basically realized the full autonomy of the controller. The utilization rate of domestic reducer and domestic drive is more than 95%.

9. What is the planning and R&D progress of the company's humanoid robot and dexterous hand projects?

In the first half of 2024, the company and the National Advanced Manufacturing Industry Investment Fund and Wuhu Science and Technology Innovation Fund jointly funded the establishment of Qizhi (Wuhu) Intelligent Robot Co., Ltd., Qizhi Robot focuses on the intelligence and openness of the robot system, and continues to provide intelligent technology base for robot manufacturers and robot end users with disruptive technological innovation, including but not limited to the development of autonomous humanoid robots, dexterous hand projects, IDE projects, EBOX projects, etc. Among them, the humanoid robot prototype is still under development, and it is expected to release the relevant prototype in the first half of 2025. The company's dexterous hand project is in the process of testing the relevant components.

10. What is the R&D mode and investment for the general intelligent base project of Qizhi Robot?

The company and its subsidiaries Qizhi Robotics have established a joint laboratory for embodied intelligence with Tsinghua University and University of Science and Technology of China, and have cooperated with Tsinghua University, University of Science and Technology of China and other well-known universities at home and abroad in the fields of intelligent perception chips, algorithm optimization and test scene construction, and human-like action learning algorithm development. Through various cooperation models, the company will actively attract high-end talents at home and abroad to invest in EFORT's R&D team to consolidate the human capital cornerstone of the company's technical strength; The company will continue to maintain high-intensity R&D investment in the robot business, and will further increase R&D investment in key technologies and platform products.

11. The company's views on the future development trend and price competition trend of the domestic robot industry.

From 2023, the industrial robot industry will face fierce competition, and with the acceleration of the overall competition pattern, price will also become one of the influencing factors affecting order acquisition. In this case, robot manufacturers will be forced to improve their ability to control costs, accelerate the rapid layout and in-depth optimization of the supply chain by robot manufacturers, and the head enterprises will accelerate the integration of upstream and downstream resources and the independent and controllable key links. Therefore, on the whole, the industry reshuffle will accelerate, and the fierce industry competition will continue. Under the current market competition pattern, the industry's leading enterprises will be able to reflect product advantages, technical advantages, market advantages, long-term service capabilities, etc. Judging from the market shipment data in the first three quarters, the share of domestic robot enterprises is increasing, and the effect of orders gathering in domestic robot head enterprises is obvious.

EFORT (688165) main business: R&D, production and sales of industrial robots and their core components and system integration.

EFORT's third quarter report for 2024 shows that the company's main revenue was 1.018 billion yuan, a year-on-year decrease of 28.61%; net profit attributable to the parent company -105 million yuan, a year-on-year decrease of 93.91%; deducted non-net profit of -145 million yuan, a year-on-year decrease of 40.11%; In the third quarter of 2024, the company's single-quarter main revenue was 338 million yuan, a year-on-year decrease of 36.49%; The net profit attributable to the parent company in a single quarter was -22.5848 million yuan, a year-on-year decrease of 670.5%; Non-net profit deducted in a single quarter was -42.1151 million yuan, a year-on-year decrease of 357.36%; The debt ratio was 48.37%, the investment income was -17.045 million yuan, the financial expenses were 22.3621 million yuan, and the gross profit margin was 17.11%.

Margin data shows that the stock has a net financing inflow of 108 million in the past three months, with an increase in the financing balance, and a net outflow of 121,300 with a decrease in the balance of securities borrowing and lending.

The above content is compiled by Securities Star based on public information, generated by intelligent algorithms, and does not constitute investment advice.