The output of industrial robots in March nearly doubled year-on-year, and downstream demand is increasing: In March 2021, the output of industrial robots was 33,100, a year-on-year increase of 92%. According to data from Frost&Sullivan, the global industrial robot market is expected to grow from US$22.2 billion in 2020 to US$38.3 billion in 2024, with a CAGR growth rate of 12.2%. Among them, the Asia-Pacific region continues to dominate the global industrial robot market. It is estimated that by 2024, the revenue will exceed 25.08 billion U.S. dollars. At present, my country is already the world's largest industrial robot market. The epidemic has highlighted the necessity of industrial automation to a certain extent. In terms of production efficiency, industrial robots can also achieve a significant improvement compared with traditional manual labor. At present, many overseas production capacity and orders have been transferred to China, and the demand for industrial robots has also expanded from high-end manufacturing fields such as 3C and automobile manufacturing to small and micro enterprises in the traditional industrial field, greatly stimulating the overall demand for industrial robots. The density of robots in my country is 187 units (per 10,000 people), which is still at a relatively low level, and the application space is broad. At present, domestic industrial robot parts companies and integration companies are actively increasing R&D investment, and provide customized services for downstream with greater demand. The process of domestic substitution will continue, and there will be market opportunities in more segments in the future.
The list of the top 50 global construction machinery manufacturers was released, and XCMG, Sany and Zoomlion ranked third, fourth, and fifth. The Organizing Committee of the Global Top 50 Construction Machinery Summit released the “2021 Global Top 50 Construction Machinery Manufacturers List” in Beijing. XCMG, Sany, and Zoomlion ranked third, fourth, and fifth respectively. Last year's 14.3% rose to 21.6%. The 11 Chinese companies on the list ranked first with total sales of US$507.33 trillion, accounting for 26.5% of the total sales of the top 50. The performance and technology of China's construction machinery products are improving, large-tonnage, high-value-added, and high-tech products are emerging. The market recognition of Chinese brands is significantly improving. The prosperity brought by high-end manufacturing of intelligent manufacturing is expected to continue. It is expected to weaken.
Industry rating and this week’s update of opinions: The domestic manufacturing industry is undergoing a period of transformation and upgrading, and the upgrading of the manufacturing industry will bring broad market space to the industry. Maintain the industry’s “recommended” rating. It focuses on recommending pro-cyclical and import substitution industrial automation, autonomous and controllable semiconductor equipment, carbon neutrality to accelerate the new energy industry and benefit the photovoltaic and lithium battery equipment sectors, urban rail equipment benefiting from new infrastructure, and the gradual recovery driven by energy security Oil service industry.
This week’s key recommendations for individual stocks and logic:
Weihai Guangtai: Continue to benefit from the strong demand for military product procurement during the 14th Five-Year Plan; the pace of procurement in the civil aviation field in the post-epidemic era is expected to fill up, and the civilian product business will maintain rapid growth.
Xinjie Electric: The absolute leader of domestic PLC brands, cutting into higher flexibility and ceiling servo products, and the gross profit margin is increasing quarter by quarter as the proportion of servos increases.
Micro and Chinese companies: The domestic semiconductor supply and demand are unbalanced, the supply gap is large, and the import is dependent. The autonomous control of integrated circuits is imminent, and the import substitution of semiconductor equipment has great potential and market space.
Opt: Machine vision is widely used in the industrial field, and the domestic market has maintained rapid growth; the company has a leading position in the field of light source and light source controller, the core component of machine vision, and has accelerated its layout and research and development in the field of lens and vision control software.
