纵横研报
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工业自动化

08Reports
·工业自动化 ·内部研究

Estun Automation: A Good Company at a Bad A-Share Price

Estun Automation is a Chinese full-stack industrial-automation group whose robot and intelligent-manufacturing-systems business now supplies 81.8% of 2025 revenue and grew 31.8% year on year, even as the legacy automation-components segment shrank 8.7%. Gross margin has only partly recovered to 29.5%, the top five customers took 37.2% of nine-month 2025 revenue, and the Shenzhen line trades above a 250x trailing P/E, roughly 2.5 times richer than the newly listed Hong Kong shares on a per-share basis. Rating Watch: domestic share gains and a stronger post-listing balance sheet are real, but the A-share price already discounts a cleaner margin and cash-conversion story than the filings currently support.

002747.SHE Estun Automation Co., Ltd. #Industrial Robotics#Motion Control#A+H Listing#Valuation Premium#Margin Recovery#China Automation
Watch
·工业自动化 ·内部研究

Belimo Holding: A Premium HVAC Compounder Priced for an AI-Cooling Runway

Belimo is the Swiss pure-play leader in HVAC field devices (the actuators, control valves, sensors and meters that regulate heating, cooling and ventilation), selling through contracting and retrofit channels at about 60% of sales and OEM channels at about 40% without competing with the integrated building-automation giants it supplies. In 2025 sales rose 23.3% in local currencies to CHF 1,120.8 million with a 20.8% EBIT margin and 27.8% ROIC, as AI data-center liquid cooling at about 17% of sales became a second growth engine on top of a durable energy-efficiency retrofit franchise, yet at roughly 61x trailing earnings the stock sits near the top of its own historical range. Rating Watch: a genuinely excellent niche compounder whose price already discounts excellence plus a long AI-cooling runway, with a more attractive entry only below roughly CHF 480.

BEAN.SW Belimo Holding AG #HVAC controls#building automation#data-center cooling#liquid cooling#quality compounder#valuation#Switzerland
Watch
·工业自动化 ·内部研究

THK: A Category-Defining Linear-Motion Franchise Re-Rated on Restructuring and a Still-Unbooked Robotics Option

THK is the Japanese precision-component maker that commercialized the world's first LM Guide and still leads in linear-motion hardware (LM guides, ball screws, actuators) sold into machine tools, electronics, and factory automation. After exiting a low-return automotive business and adopting an ROE-above-10% policy, continuing-operations earnings are recovering toward 2026 guidance of revenue around 276 billion yen and operating income around 31 billion yen, yet at 7,802 yen the stock trades near 38.5x forward EPS and 3.3x book, pricing in both the restructuring and a robotics optionality the filings do not yet quantify. Rating Hold: a real industrial franchise whose stock has run ahead of delivered execution, with an ideal buy zone of 3,900 to 4,100 yen.

6481.TSE THK Co., Ltd. #Linear Motion#LM Guide#Ball Screw#Industrial Automation#Robot Components#Cyclical#Valuation
Hold
·工业自动化 ·In-house Research

Omron Corporation: A Company in Transition, Fairly Priced

Omron is a Japanese automation group whose profit engine is Industrial Automation (sensors, controllers, motion, safety, and vision), cushioned by a steadier healthcare leg built on a global lead in home blood-pressure monitors. FY2026 continuing-operations sales reached ¥767.4 billion at an operating margin under 8%, far below Keyence and Fanuc, while the planned sale of Device & Module Solutions concentrates the portfolio on automation and healthcare. Rating Hold: a genuine but cyclical franchise improving into a cleaner shape, yet at ¥5,830 it already prices in a recovery that has not broadened beyond AI-linked demand, leaving no margin of safety.

6645.TSE OMRON Corporation #Industrial Automation#Factory Control#Healthcare#Portfolio Restructuring#Japan#Cyclical
Hold
·工业自动化 ·In-house Research

Yaskawa Electric: Servo Recovery at a Full Price

Yaskawa Electric is a century-old Japanese automation supplier whose profit engine is AC servo motors and drives, with a global industrial-robot arm and a company-estimated 16% global AC servo-drive share. Its latest fiscal year (ended 2026-02-28) was still an earnings trough (revenue 542.1 billion yen, operating profit only 47.3 billion yen, margin about 8.7%), yet the shares more than doubled off a 52-week low of 2,807 yen to about 7,046 yen, leaving the stock near 50x trailing earnings, above FANUC, ABB, and Omron, even as owner earnings stay thin because capex surged to 46.2 billion yen. Rating Hold: durable servo economics support a real cyclical recovery, but the stock already prices much of the earnings rebound while owner earnings remain depressed at the current level.

6506.TSE YASKAWA Electric Corporation #Industrial Automation#Servo Motors#Robotics#Japan#Cyclical
Hold
6954.TSE logo
·工业自动化 ·内部研究

发那科 FANUC 深度研究

发那科是全球工厂自动化龙头，靠 CNC、机器人与遍布百国的终身服务网络赚取高质量周期现金流。FY2025 营收 8,578 亿日元、营业利润率 21.4%、账上现金充裕且无有息负债，是高护城河强周期低财务风险的核心资产。研报评级持有：现价 6,950 日元已把恢复与物理 AI 期权计入、安全边际为零，质地好但不宜追价。

6954.TSE 发那科株式会社 FANUC CORPORATION #工业自动化#CNC#工业机器人#物理AI#周期股#日本制造
持有
·工业自动化 ·内部研究

汇川技术 Inovance 深度研究

汇川技术是中国工控平台龙头，靠工业自动化与新能源汽车电驱双主线赚取设备与系统利润。2025 年自动化业务体量与汽车接近却贡献约七成毛利，整体毛利率从 31.7% 降到 28.1%，增长质量正被重写。研报评级持有：现价 67.16 元已接近中性情景低端、安全边际为零，是好公司但价格不再慷慨。

300124.SHE 深圳市汇川技术股份有限公司 #工业自动化#新能源汽车电驱#工业机器人#国产替代#平台型成长#估值
持有
SIE.XETRA logo
·工业自动化 ·内部研究

Siemens AG(SIE.XETRA) 横纵研报

Siemens AG(西门子)是全球最大的工业自动化与数字化龙头,慕尼黑总部、Xetra 主上市,四大引擎:Digital Industries(自动化软硬件)、Smart Infrastructure(电网/楼宇/数据中心电力)、Mobility(轨交)、持股约 67% 的 Siemens Healthineers(医疗,已启动分拆去并表)。FY2025(截至 2025-09)收入 €78.9B(comparable +5%)、归母净利 €10.4B(+16%,含 Innomotics 处置一次性收益)、Industrial Business 利润率 15.4%;2025-03 以 USD 10.6B 收购 Altair 切入工业 AI/数字孪生。

SIE.XETRA Siemens AG / 西门子股份公司 #工业自动化#数字孪生#工业4.0#智能基础设施#轨道交通#工业AI#Altair
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