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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369-HI-R-0-0-0 GE relay
369-HI-R-0-0-0-0 GE Relay
369-HI-B-M-0-0 GE relay
369-H1-0-M-F-E-0 GE relay
369-H1-0-M-0-0-E GE relay
369-HI-0-B-F-D-0-E GE relay
369-HI-R-M-0-0-0-E GE relay
369-HI-R-M-0-0-0-0 GE relay
369-HI-R-0-0-0 GE relay
369-HI-0-M-F-E-0 GE relay
369-HI-0-M-0-0-0-E GE relay
369-HI-0-M-0-0-0 GE Motor management relay
369-HI-0-M-0-0 GE Motor protective relay
369-HI-0-0-0-0 GE Motor management
DS6800CCIE1F1D GE Power adapter
DS3800HPIB GE Circuit board
DS3800DFXA1B1C GE I/O module
DS215TCQAG1BZZ01A GE Circuit boards
DS215KLDCG1AZZ03A GE Turbine control system
DS215DMCBG1AZZ03A GE High speed electronic drive board
DS200UDSAG1ADE GE Gas turbine control
DS200TCTGG1AFF GE Simplex trip plate
DS200TCRAG1ACC GE Relay output board
DS200TCQCG1BKG GE Overflow plate
DS200TCQAG1BHF GE Analog I/O board
DS200TCPDG2BEC GE switchboard
DS200TCPDG1BEC GE switchboard
DS200TCEBG1ACE GE Emergency overdrive plate
DS200TCEAG1BNE GE Emergency overspeed plate
DS200TCCAG1BAA GE Simulate I/O modules
DS200TBQDG1AFF GE Extension termina
DS200TBQCG1AAA GE Analog terminal board
DS200SLCCG1AFG GE Control system
DS200SLCCG1AEE GE Local area Network (LAN) communication card
DS200SLCCG1ACC GE LAN communication card
DS200SIOBH1ACA GE Output terminal board
DS200SIOBH1ABA GE VME Stand I/O Card
DS200SIOBH1AAA GE I/O card
DS200SDCIG2AHB GE Dc power supply
DS200SDCIG2AEB GE Electrostatic sensitive device
DS200SDCIG1ABA GE Instrument board
DS200SDCCG5AHD GE Drive control card
DS200SDCCG1AGD GE Drive control panel
DS200SDCCG1AFD GE controller
DS200SDCCG1AEC GE Master controller
DS200RTBAG2AFB GE Trunk terminal board
DS200PCCAG1ABB GE Power card
DS200LPPAG1AAA GE Line protection panel
DS200LDCCH1ANA GE microprocessor
DS200L DCCH1AGA GE Drive control
DS200KLDBG1ABC GE Display Board
DS200IQXSG1AAA GE Line protection card
DS200IIBDG1A GE Insulated gate bipolar transistor
DS200FSAAG2ABA GE Power amplifier board
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