Beijing Automation (603082.SH) — Strong Order Backlog; Technology Convergence Supports Long-Term Growth
Source: Huajin Securities | Date: November 10, 2025 | Rating: Overweight (initial)
Key Data Snapshot
| Metric | Value |
|---|---|
| Closing price | RMB 37.90 |
| Total market cap | RMB 6.148 billion |
| Free-float market cap | RMB 1.537 billion |
| Total shares | 162 million |
| 12-month price range | RMB 32.00 – 45.35 |
Earnings forecast
| Year | Revenue (RMB bn) | Net profit to parent (RMB bn) | EPS (RMB) | P/E |
|---|---|---|---|---|
| 2023A | 18.64 | 1.55 | 0.96 | 39.6x |
| 2024A | 20.62 | 1.70 | 1.05 | 36.1x |
| 2025E | 21.82 | 1.82 | 1.12 | 33.9x |
| 2026E | 27.25 | 2.27 | 1.40 | 27.0x |
| 2027E | 32.95 | 2.75 | 1.70 | 22.3x |
Performance
First three quarters of 2025
- Revenue: RMB 1.402 billion, -3.51% YoY
- Net profit to parent: RMB 118 million, -3.45% YoY
- Volatility: Project delivery & acceptance timing; revenue recognition is seasonal
2025 Q3
- Revenue: RMB 456 million, -12.33% YoY
- Net profit to parent: RMB 41 million, -17.94% YoY
- Factor: Credit impairment provision RMB 16.3726 million
Business analysis
Order backlog
| Metric | Value |
|---|---|
| Backlog as of Jun 30, 2025 | RMB 5.266 billion |
| vs. 2024 full-year revenue | 2.6× |
| Cash paid for purchases YoY | +35.50% |
Revenue by vertical (2025E–2027E)
| Vertical | 2025E | 2026E | 2027E | CAGR |
|---|---|---|---|---|
| Fiberglass | RMB 432 mn | RMB 609 mn | RMB 810 mn | +36.9% |
| Food & beverage | RMB 481 mn | RMB 546 mn | RMB 623 mn | +13.8% |
| Pharma | RMB 147 mn | RMB 188 mn | RMB 222 mn | +22.9% |
| Machinery & electronics | RMB 255 mn | RMB 310 mn | RMB 375 mn | +21.4% |
| Chemical fiber | RMB 369 mn | RMB 436 mn | RMB 477 mn | +13.6% |
Investment logic
I. Ample backlog; stable growth visibility
- Backlog: RMB 5.266 billion as of Jun 30, 2025, ~2.6× 2024 revenue
- Demand: Cash paid for goods & services +35.50% YoY
- Customers: China Jushi, Mengniu, Yili, Kweichow Moutai, Wuliangye, Sinopharm, and other leaders
II. Smart logistics expanding into new industries
- Core industries: Leading in chemical fiber / fiberglass, F&B, pharma
- New wins: 1H2025 entered tire industry end-to-end production logistics; breakthroughs in baijiu production logistics
- Capacity: Huzhou smart logistics equipment industrialization project expected operational end-2025; proposed 100% acquisition of Suike Intelligent
III. Faster integration of advanced technology
- Equipment:
- 5th-gen “all-gearbox” four-way shuttle, heavy-duty & low-temperature variants
- Strategic cooperation with Donghua University on robotics
- Partnership with Robot Era on humanoids in logistics
- 6th place in medicine-sorting at World Humanoid Robot Games
- Software:
- Next-gen WMS
- Machine vision, scheduling algorithms, digital twin
IV. Overseas breakthrough
- Orders: 1H2025 new overseas orders RMB 140 million (2024 full year < RMB 10 million)
- Partners: Strategic agreement with TMT Machinery (global chemical fiber equipment leader)
- Exports: Italy, Turkey, and other European markets
Profitability
| Metric | 2023A | 2024A | 2025E | 2026E | 2027E |
|---|---|---|---|---|---|
| Gross margin | 17.3% | 17.8% | 18.0% | 18.2% | 18.5% |
| Net margin | 8.3% | 8.3% | 8.3% | 8.3% | 8.4% |
| ROE | 22.4% | 10.9% | 11.0% | 12.1% | 12.8% |
Valuation
Peers (2025E P/E)
| Company | P/E |
|---|---|
| Noblelift | 12.5x |
| Today International | 20.4x |
| BlueSword | 25.4x |
| JingSong | 45.7x |
| Sector average | 26.0x |
| Beijing Automation | 33.9x |
Premium to average reflects strong backlog, faster global expansion, and deeper AI integration.
Risks
- Business model differs from peers
- Goodwill impairment
- Market size or competitive landscape deterioration
- Customer concentration by industry
- Raw material price volatility
Disclaimer: Content sourced from Huajin Securities; for study only, not investment advice.
