Description
hardware flow control. It is an ideal choice in the field of industrial automation.
After experiencing a sharp decline in December 2017, industrial capacity utilization began to show signs of stabilizing. According to empirical data, the industrial
capacity utilization rate is slightly ahead of the profit performance of industrial enterprises. At the same time, the profitability of industrial enterprises is probably
1-2 quarters ahead of the capital expenditure of industrial enterprises. Therefore, the utilization rate of industrial capacity is an important leading indicator that needs
to be paid attention to. It is important to a certain extent. To a certain extent, it indicates the future profit and capital expenditure trends of industrial enterprises.
In 2019Q3, the industrial capacity utilization rate reached 76.4%, which was the same as in 2019Q2. The gradual stabilization of the industrial capacity utilization
rate indicates that the profitability of industrial enterprises is expected to stabilize in the future, and industrial enterprises may usher in a new round of capital expenditure cycle in 2020.
Fixed asset investment in the manufacturing industry continues to bottom out, and the growth rate of fixed asset investment in the 3C field in the downstream
applications of industrial robots continues to pick up. In November 2019, manufacturing fixed asset investment increased by 2.5% year-on-year, and the growth
rate dropped 0.1 percentage points from the previous value. Manufacturing investment growth is still sluggish. Judging from the growth rate
of fixed asset investment in the three major fields of automobiles, 3C, and electrical machinery, which account for the highest proportion of downstream
applications of industrial robots, the cumulative year-on-year growth rates of investment in the automobile and electrical machinery manufacturing industries in
November were -0.4% and -6.8%. Both are in the bottoming
stage; the cumulative year-on-year growth rate of 3C manufacturing investment was 13.8%, an increase of 0.2 percentage points from the previous value,
and the 3C investment growth rate is on a continuous upward path.
The cumulative year-on-year decline in automobile sales has gradually narrowed, and the cumulative year-on-year decline in smartphone shipments has
stabilized. From January to November 2019, the cumulative sales of automobiles in my country were 23.11 million units, with a cumulative year-on-year growth
rate of -9.10%. The decline narrowed 0.6 percentage points compared with the previous ten months. The cumulative year-on-year decline in automobile sales has
narrowed for 6 consecutive months. It is expected that The cumulative year-on-year growth rate for the whole year was
around -8.0%. From January to November 2019, my country”s cumulative shipments of smartphones were 343 million units, with a cumulative year-on-year
growth rate of -3.8%. The decline in smartphone shipments has stabilized, with a significant improvement compared with the same period last year.
It is expected that cumulative shipments throughout the year will be year-on-year. The growth rate is around -3.5%. We believe that the negative growth in automobile
sales may continue to narrow next year, and the cumulative year-on-year growth rate of smartphone shipments is expected to turn positive. There is strong certainty
that the incremental automation demand in these two
downstream application areas of industrial robots will improve.
A few days ago, Yaskawa Electric President Hiroshi Ogasawara pointed out in an interview with Japanese media that China”s population has reached about
1.4 billion, and domestic demand will definitely grow no matter how the Sino-US trade friction develops. If investment recovers, it will be a short-term benefit to related
companies in corresponding fields.
Perspective of listed companies: The industry has hit the bottom, and the structural characteristics are significant
According to the China Merchants Bank Research Institute, 30 listed industrial robot companies were used as samples to calculate the overall
operating income, net profit attributable to parent companies, gross profit margin, net profit margin and operating net cash flow and other indicators
for the first three quarters of 2019, and found that the overall industry profitability The level has entered a downward channel since Q4 2018, and is
currently in the accelerating bottoming stage, which is cross-confirmed with macro data tracking. At the same time, its research found that for companies
with large customers in different downstream sub-fields
within the industry, their profit levels are significantly differentiated.
In 2019Q1-3, the overall industry revenue declined slightly year-on-year, and the negative growth in single-quarter revenue narrowed
significantly. The industry”s overall operating income reached a historical high of 54.298 billion yuan in 2018, but the operating income growth
rate fell from 33.53% in 2017 to 17.57%; in 2019 Q1-3, the industry”s overall operating income was 38.080 billion yuan, year-on-year It fell slightly
by 0.71%. On a quarterly basis, the single-quarter operating income growth center showed a downward trend, but the single-quarter operating income growth rate in 2019Q3
showed signs of narrowing year-on-year decline. Based on the return of industrial robot production in the past two months and the narrowing
of year-on-year declines in sales of automobiles and smartphones in downstream applications, China Merchants Bank Research Institute infers
that the annual industry revenue growth rate may reach single-digit growth.
Display operation panel DSIC111
Display operation panel DSI22
Display operation panel DSHM302
Display operation panel DSHM301
Display operation panel DSHM130
Display operation panel DSHM110
Display operation panel DSHM101
Display operation panel DSGC323
Display operation panel DSFS3001
Display operation panel DSFB112
Display operation panel DSF03SN-S
Display operation panel dse8610
Display operation panel DSDX-B001
Display operation panel DSDX454
Display operation panel DSDX453
Display operation panel DSDX452L
Display operation panel DSDX452
Display operation panel DSDX452
Display operation panel DSDX452
Display operation panel DSDX451L
Display operation panel DSDX451
Display operation panel DSDX404
Display operation panel DSDX404
Display operation panel DSDX403
Display operation panel DSDP451 57160001-X
Display operation panel DSDP301 57160001-LB
Display operation panel DSDP170/57160001-ADF
Display operation panel DSDP170 57160001-AOF
Display operation panel DSDP170 57160001-ADF
Display operation panel DSDP170
Display operation panel DSDP170
Display operation panel DSDP170
Display operation panel DSDP160
Display operation panel DSDP150 57160001-GE
Display operation panel DSDP150
Display operation panel DSDP150
Display operation panel DSDP140C 57160001-MP
Display operation panel DSDP140B 57160001-PU
Display operation panel DSDP140B 57160001-ACX
Display operation panel DSDP140B
Display operation panel DSDP140B
Display operation panel DSDP140A 57160001-KM
Display operation panel DSDP140A 57160001-ACT
Display operation panel DSDP110 57160001-DV
Display operation panel DSDON001
Display operation panel DSDO308 57160001-LV
Display operation panel DSDO305 57160001-CG
Display operation panel DSDO304 57160001-U
Display operation panel DSDO303 57160001-CS
Display operation panel DSDO301 57160001-CC
Display operation panel DSDO301
Display operation panel DSDO140 57160001-DO
Display operation panel DSDO131 57160001-KX
Display operation panel DSDO131
Display operation panel DSDO120 57160001-AX
Display operation panel DSDO120 57160001-AK
Display operation panel DSDO115A 3BSE018298R1
Display operation panel DSDO115A
Display operation panel DSDO115 57160001-NF
Display operation panel DSDO110 57160001-K
Display operation panel DSDO110
Display operation panel DSDI454 57160075-Y
Display operation panel DSDI453 57160075-AB
Display operation panel DSDI452 57160075E
Display operation panel DSDI452
Display operation panel DSDI451 57160075A
Display operation panel DSDI451
Display operation panel DSDI306 57160001-CM
Display operation panel DSDI304 57160001-DB
Display operation panel DSDI303 57160001-CX
Display operation panel DSDI301
Display operation panel DSDI146 3BSE007949R1
Display operation panel DSDI120AV1
Display operation panel DSDI120
Display operation panel DSDI110AV1/3BSE018295R1
Display operation panel DSDI110AV1 3BSE018295R1
Display operation panel DSDI110AV1
Display operation panel DSDI110AU1
Display operation panel DSD036S65U4031
Display operation panel DSCS150
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