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.
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B3EA HENF315147R1 ABB
E3ES ABB
P3EDb HENF452778R1 ABB
O3EX HENF315845R2 ABB
P3EBHENF315223R1 ABB
IISAC01 ABB
NIMP01 ABB
NTR002-A ABB
NTLS01 ABB
INICT01 ABB
G3ENa HENF450268R2 ABB
P5EAa HENF206350R2 ABB
O3EC HENF442581R1 ABB
O3EHa HENF315087R2 ABB
E3ED ABB
E3EP HENF315276R1 ABB
O3EGb HENF315118R2 ABB
O3ED ABB
O3ES HENF445789R1 ABB
E3EB HENF315129R1 ABB
G3ESa HENF318736R1 ABB
8025-235 ABB
CMA123 ABB
COMMANDER310 ABB
Microcomputer type transformer SPAU140C
Microcomputer type transformer SPAD346C
GEC ALSTHOM MVAJ23T1GB0774B
GEC ALSTHOM MVAJ21T1GB0771B
GEC ALSTHOM MVAJ27T1FB0784D
GEC ALSTHOM MFAC34N1AA0001A
GEC ALSTHOM MCTI40N1AB0751G
GEC ALSTHOM MVAJ21L1GB0771B
GEC ALSTHOM MCGG22L1CB0753E
GEC ALSTHOM MBCI01N1AB0761B
GEC ALSTHOM MVAW11B1AB0513A
GEC ALSTHOM MVTU11K1CD0751G
GEC ALSTHOM MVAJ27L1FB0784D
GEC ALSTHOM MAVS01L1AB0501D
GEC ALSTHOM MVAW11B1AB9007A
GEC ALSTHOM MFAC14K1AA0001A
GEC ALSTHOM MCGG62N1CB0753F
GEC ALSTHOM MAVS01L1AB0751D
GEC ALSTHOM MCTI40F1AB0751F
GEC ALSTHOM VAJX11BP5243BA
GEC ALSTHOM MVAJ53H1LB0856A
GEC ALSTHOM MVTT14B1BA0773C
GEC ALSTHOM 3BE101
GEC ALSTHOM MVAA14B1AA0785C
GEC ALSTHOM MVUA11B1BD0784B
GEC ALSTHOM MCHN02D1AB0005A
GEC ALSTHOM MVAX12B1DA0753A
GEC ALSTHOM MVAX31C1DF0754A
GEC ALSTHOM MCHN02D1AB0004A
GEC ALSTHOM MCGG22D1CB0753C
GEC ALSTHOM MVAJ13D1GB0780A
GEC ALSTHOM MVAJ23B1AB0757B
GEC ALSTHOM MCGG52H1CB0753C
Robot spare parts DSQC633 ABB
Robot spare parts 3HAC022286-001/04 ABB
DSQC633 3HAC022286-001/04 ABB
DSQC627 3HAC020466-001 ABB
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