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 LDMTR-01
Display operation panel LDGRB-01 3BSE013177R1
Display operation panel LDGRB-01 3BSE013177R1
Display operation panel LDGRB-01 3AFE61320954P0001
Display operation panel LDGRB-01 3AFE61320954P0001
Display operation panel LDGRB-01
Display operation panel LDGRB-01
Display operation panel LD800HSEEX
Display operation panel LD800HSE 3BDH000320R0101
Display operation panel LD800HSE 3BDH000320R02
Display operation panel LD800HSE
Display operation panel LC1000-S/SP7
Display operation panel LC1000-S/SP7
Display operation panel L110-24-1
Display operation panel L003748-AR 3BSX108237R300
Display operation panel KX8974CV24 HIEE320606R1
Display operation panel KUD181A01 3BHE013431R0001
Display operation panel KUC755AE117 3BHB005243R0117
Display operation panel KUC755AE117
Display operation panel KUC755AE106 3BHB005243R0106
Display operation panel KUC755AE106 3BHB005243R0106
Display operation panel KUC755AE106
Display operation panel KUC755AE105 3BHB005243R0105
Display operation panel KUC720AE01 3BHB003431R0101
Display operation panel KUC720AE01 3BHB003431R0001
Display operation panel KUC720AE01
Display operation panel KUC720AE
Display operation panel KUC711AE101 3BHB004661R0101
Display operation panel KUC711AE101 3BHB004661R0101
Display operation panel KUC711AE101
Display operation panel KUC711AE01 3BHB004661R0001
Display operation panel KUC711AE01 3BHB004661R0001
Display operation panel KUC711AE 3BHB004661R0101
Display operation panel KUC711AE 3BHB004661R0001
Display operation panel KUC711AE 3BHB004661R0001
Display operation panel KUC711AE
Display operation panel KUC321AE HIEE300698R1
Display operation panel KUC321AE HIEE300698R0001
Display operation panel KSD211B101 3BHE022455R1101
Display operation panel KSD211B 3BHE022455R1101
Display operation panel KSD211B
Display operation panel KP3000
Display operation panel KP2500
Display operation panel JM95000205.50
Display operation panel ITCTU11
Display operation panel ITCTU05
Display operation panel ITCTU04
Display operation panel ITCTU03/11
Display operation panel ITCTU03
Display operation panel IT94-3 HESG440310R2 HESG112699/B
Display operation panel IPSYS01
Display operation panel IPSYS01
Display operation panel IPSYS01
Display operation panel IPS21-35AD
Display operation panel IPMON01
Display operation panel IPMON01
Display operation panel IPFLD48
Display operation panel IPFLD24
Display operation panel IPFLD125
Display operation panel IPFLD01
Display operation panel IPFCH01
Display operation panel IPFAN14
Display operation panel IPFAN13
Display operation panel IPFAN12
Display operation panel IPFAN11
Display operation panel IPESW11
Display operation panel IPECB13
Display operation panel IPECB11
Display operation panel IPCHS02
Display operation panel IPCHS01
Display operation panel IPBLK01
Display operation panel IPBLC01
Display operation panel INTKM01
Display operation panel INSPM01
Display operation panel INSOE01
Display operation panel INSIM01
Display operation panel INSEM11
Display operation panel INSEM01
Display operation panel INSCS01
Display operation panel INPTM01
Display operation panel INPPT01
Display operation panel INPCT01
Display operation panel INPCI02
Reviews
There are no reviews yet.