Country Daily

报告摘要

• Estun’s 3Q26 results missed on revenue due to seasonality and focus shifting away from low-value orders, but in return, profitability improved with margins expanding 3.8ppt yoy. Full-year revenue and profit guidance had been revised down, but management remained upbeat on 2027’s growth, citing robust overseas orders growth alongside solid embodied robot development. Upgrade to BUY and raise target price to Rmb35.70.