2026年三季报低于预期，毛利率扩张延续

3Q26 revenue declined 11% YoY to Rmb1.10bn, missing MSe and consensus. 3Q26 NP rose 22% YoY to Rmb19mn, supported by GPM expansion, as Estun pivoted to quality earnings and dropped low-margin orders; however, a higher expense ratio amid weaker revenue offset gains. 9M26 recurring NP was Rmb116mn vs. a Rmb200mn target for full year 2026. Product mix shift offset shipment growth: per MIR, domestic industrial robot shipments rose 19% YoY to 9.8k units in 3Q26, outperforming industry growth of 14%, with market share at 10.7% (+0.4ppt YoY). By product, >20kg six-axis robots fell 14% YoY, while smaller six-axis robots grew 8%. During the October CIIF trip, management noted it expects >20% YoY order growth in 4Q26 and maintained its Rmb200mn recurring NP target for 2026. We apply 50x 2027e P/E to the core business, below its historical two-year forward average of 65x, and 15x to our 2028e sales forecast for the humanoid business. Rating: Equal-weight; Industry View: In-Line;