高端装备“扬帆出海”系列（一）：三论工业机器人：突围

Industry Investment Rating - The report maintains a "Recommend" rating for the industrial robotics industry, highlighting the potential for growth driven by labor shortages and industrial upgrades [1][5] Core Views - Labor shortages are the core driving force behind the development of the industrial robotics industry [1][4] - Strong downstream application sectors act as accelerators for industrial robotics growth [1][4] - Government policy guidance and support are crucial backbones for the industry's development [1][4] - The domestic industrial robotics market in China has experienced a "tenfold growth" from 27,000 units in 2012 to 282,000 units in 2022, with a focus on overseas expansion as the next growth phase [1][4] Key Company Analysis FANUC - FANUC, founded in 1972, has become a global leader in factory automation, with a product portfolio spanning CNC systems, industrial robots, and machine tools [31][32] - The company's core competitive advantages include self-supply of key components, a vertically integrated supply chain, and a strong focus on overseas markets [31][32] - FANUC's revenue and profits exhibit cyclical fluctuations, with industrial robots becoming a pillar business, accounting for 48% of total revenue in 2023 [46][48] - Overseas markets are the primary growth driver, with overseas revenue accounting for 87% of total revenue in 2023 [48][49] Domestic Leaders - Estun: Ranked first in domestic industrial robot shipments in 2023, with a high self-sufficiency rate in core components [1][4] - Inovance Technology: A domestic leader in industrial automation, offering integrated robotic solutions [1][4] - EFORT: Strengthening its welding, spraying, and general platform products to enhance international influence [1][4] Market Trends and Opportunities - The global industrial robotics market continues to grow, with China being the largest market, accounting for 52% of global shipments in 2022 [62][63] - The "machine replacement" trend is accelerating in China due to rising labor costs and aging demographics, with industrial robot costs now lower than manufacturing wages in some regions [59][60] - Domestic brands are gaining market share, increasing from 32.1% in 2021 to 45.1% in 2023, driven by advancements in core component localization and controller technology [1][4] Strategic Recommendations - Focus on domestic industrial robotics leaders such as Estun, Inovance Technology, and EFORT, which are well-positioned to benefit from the "machine replacement" trend and industrial upgrades [1][5] - Overseas expansion is a key strategy for domestic brands to seek new growth opportunities, particularly in markets like Japan, South Korea, and Southeast Asia [1][4]